SAN FRANCISCO -- Tesla CEO Elon Musk and the electric car company have agreed to pay a total of $40 million 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 Saturday, just two days after filing a case seeking to oust Musk as CEO.
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The settlement will require Musk to relinquish his role as chairman for at least three years, but he will able to remain as CEO.
DEVELOPING: More details will be added to this report as they become available.
KABC
Elon Musk remarked that diver Vernon Unsworth was a "pedo" in a tweet that has since been deleted. (KABC)