https://phys.org/news/2018-09-elon-musk-resign-chair-tesla.html

"The settlements, which are subject to court approval, will result in comprehensive corporate governance and other reforms at Tesla—including Musk's removal as chairman of the Tesla board—and the payment by Musk and Tesla of financial penalties" of $20 million each, the Securities and Exchange Commission said in a statement.

The SEC had charged Musk with securities fraud, alleging that he misled investors when he tweeted on August 7 that he had "funding secured" to privatize the electric automaker at $420 a share.