FILE PHOTO: Tesla Motors CEO Elon Musk reveals the Tesla Energy Powerwall Home Battery during an event in Hawthorne, California, U.S., April 30, 2015. REUTERS/Patrick T. Fallon/File Photo
October 16, 2018
(Reuters) – A U.S. judge on Tuesday approved the settlement between the Securities and Exchange Commission, Tesla Inc <TSLA.O> and its Chief Executive Officer Elon Musk.
Musk agreed to pay a $20 million fine and step aside as Tesla’s chairman for three years to settle charges that could have forced his exit from Tesla.
The company also accepted a $20 million fine, despite not being charged with fraud.
(Reporting by Munsif Vengattil in Bengaluru; Editing by Arun Koyyur)