company: The settlement allows Musk to remain CEO of the electric car company but requires him to relinquish his role as chairman for at least three years, according to Nine News Australia. Tesla must hire an independent chairman to oversee the company. To improve your experience update it here News World Tesla, Musk settle US govt suit for US40m9 40am Sep 30, and its CEO Elon Musk have agreed to pay a US40 million A55.37m fine and make a series of concessions to settle a government lawsuit alleging Musk duped investors with misleading statements about a proposed buyout of the company. The Securities and Exchange Commission announced the settlement on Saturday, just two days after filing a case seeking to oust Musk as CEO. Musk, a billionaire, and Tesla, a company that ended June with US2.2 billion in cash, each are paying US20 million to resolve the case. Investors fretted about the company's ability to cope without Musk, a charismatic entrepreneur whose penchant for coming up with revolutionary ideas as drawn comparisons to one of Silicon Valley's most revered visionaries, Apple co-founder Steve Jobs. The deal could remove one cloud that hangs over Tesla.
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