Elon Musk, the Securities and Exchange Commission (SEC), and Tesla Inc. have have submitted a joint filing in support of a settlement to recent problems, after Musk tweeted negatively about the initial settlement proposal.
Musk and the company will pay $20 million to regulators, and Musk has agreed to step down as Chairman but remain Chief Executive Officer. The SEC said Musk misled investors with tweets this past summer by saying he was considering taking Tesla private and had secured funding. The SEC charges against Musk last week knocked about $7 billion off the company's market cap, bringing down its market value to $45.2 billion, below General Motors' (GM) $47.5 billion.