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| Elon Musk reaches deal over tweets about taking Tesla private | |
| (35 minutes later) | |
| 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 must step down as chairman for three years. | |
| Both he and Tesla will also have to pay a $20m (£15m) fine. | |
| Under the terms of the deal, he will also have to comply with company communications procedures when tweeting about the firm. | |
| The fraud allegation relates to his August tweet in which he said he was considering taking Tesla off the stock market and into private ownership. | |
| He wrote he had "funding secured" for the proposal, which would value Tesla at $420 per share. | |
| The SEC said those claims were "false and misleading". | |
| "In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source," the regulator said. | |
| Mr Musk initially responded to the charges by saying the action was "unjustified" and he acted in the "best interests of truth, transparency and investors". |