Elon Musk reaches deal over tweets about taking Tesla private

Elon Musk must step down as Tesla chair and pay a fine after reaching a deal with US regulators over tweets he posted about taking the firm private.

It follows Thursday's decision by the Securities and Exchange Commission (SEC) to sue Mr Musk for alleged securities fraud.

Under the deal, Mr Musk will remain as Tesla CEO but has to step down as chairman for three years.

Both he and Tesla will also have to pay a $20m (£15m) fine.

- BBC