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Elon Musk is stepping down as chairman of Tesla as part of a settlement reached with the Securities and Exchange Commission. The man behind companies like Tesla, SpaceX, and The Boring Company will be allowed to remain CEO, but he must vacate his position as chairman of the board within 45 days and cannot seek re-election for three years. Tesla has also agreed to pay a $20 million fine as part of the settlement stemming from a tweet he posted announcing that he had secured funding to take Tesla private.
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