Elon Musk turns to army of Tesla volunteers to hit targets

Elon Musk to Resign as Chair of Tesla Board but Remain CEO

Musk, whose tweets on August 7 on a plan to take Tesla private that was later abandoned, has tweeted only once since the settlement was announced - posting a music video by rap group Naughty by Nature.

The settlement requires that Tesla appoint two new independent directors and establish a committee of independent board members.

The SEC, in a complaint to the court, claimed that Elon Musk had failed to abide by the anti-fraud provisions of the federal securities laws.

Analysts hoped the deal would cap several months of volatility around Tesla's shares driven by a series of tweets and public pronouncements by Musk, and allow investors to focus on the company's efforts to ramp up production. NY time, clawing back Friday's 14 percent plunge.

At the same time, Tesla has also settled new charges of "failing to have required disclosure controls and procedures relating to Musk's tweets", and will also pay a penalty of $20m.

In the Chicago suburb of Highland Park, more than 75 people crammed into Tesla's service center and another 50 or so waited outside. The tweets had no basis in fact, and the ensuring market chaos hurt investors, the SEC said. Tesla was hit with a $20 million fine of their own.

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Under the agreement - which Clayton said was "in the best interests of our markets and our investors, including the shareholders of Tesla" - Musk will be ineligible to serve as chairman of the board for a period of three years and will be replaced by an "independent chairman", according to the SEC.

"This weekend is the pivot point", he said, describing it as watershed moment not just for the company but for the shift away from the internal combustion engine.

Musk will get to keep his job as chief executive officer and remain on the company's board, but must resign as chairman within 45 days and can't be re-elected to the role for three years as part of the accord reached Saturday with the Securities and Exchange Commission.

"Both sides have pulled back, taken a deep breath and realized that in the interest of the company, its shareholders, they need to put this behind them", said Stephen Crimmins, a former SEC enforcement lawyer who's now a partner at Murphy & McGonigle.

"The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", SEC co-director of enforcement Steven Peikin said.

Tesla shares took a steep dive last Friday, plunging 13.90% amidst news of the SEC's lawsuit against the outspoken CEO.

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