WASHINGTON/SAN FRANCISCO—Tesla Inc and Elon Musk have agreed to pay $20 million each to financial regulators and the billionaire will step down as the company’s chairman but remain as chief executive, under a settlement that caps a tumultuous two months for the carmaker.
The securities fraud agreement, disclosed by the U.S. Securities and Exchange Commission on Sept. 29, will come as a relief to investors, who had worried that a lengthy legal fight would only further hurt the loss-making electric car company.
