Well, that was fast.

Late this week the Securities and Exchange Commission announced civil charges against Tesla CEO and Chairman, Elon Musk. Turns out as of today the civil matters have been settled. According to reports, this still will require court approval.

Elon Musk will have to pay $20 million in fines as will Tesla. In addition, Musk will have to forfeit his position as chairman of Tesla for at least three years. He can still remain the company's CEO, however.

Keep in mind, there is still a criminal investigation ongoing related to his activity on Twitter.

As Tesla is being held responsible for not better managing Musk's tweeting activity, it will have to undergo what's being called "comprehensive corporate governance and other reforms."

Stay tuned for more breaking news.

The Securities and Exchange Commission settled charges with Tesla CEO Elon Musk over his aborted bid to take the company private, with the billionaire remaining as the helm of the company, but relinquishing his chairman title and getting slapped with a hefty fine...

...As part of the settlement, which is still subject to court approval, Musk will also pay a civil penalty of $20 million and give up his role as chairman of the board for at least three years. Additionally, the SEC imposed a $20 million fine on Tesla, which will also be expected to appoint two new independent directors to the board...

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BREAKING! Tesla's CEO, Elon Musk Is OUT...Kinda...

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