Elon Musk and the Securities and Exchange Commission reached an agreement on fraud charges that were filed on Thursday.
Musk gets to keep his job as CEO but must resign within 45 days as chairman for three years, according to a statement released by Saturday by the regulator.
He’ll also have to pay a $20 million fine and have Tesla appoint two new independent directors. Tesla will pay another $20 million.
The SEC sued the billionaire for his explosive August tweet about a buyout of the electric-car company he founded.