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Musk to step down as Tesla chairman in SEC settlement

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Elon Musk and Tesla reached a $20 million settlement with the U.S. Securities and Exchange Commission.

The terms of the settlement require Musk to step down as chairman in 45 days, though he'll stay on as CEO.

The SEC alleged Musk made "false and misleading" statements regarding plans to take Tesla private.

Read more from Quartz.

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