Elon Musk gets off the ropes with SEC settlement, but Tesla still has a bruising fight ahead

It looked like it was curtains for Elon Musk.

The Securities and Exchange Commission charged Tesla Inc.’s chief executive with fraud, and it seemed to some like an airtight case: Musk tweeted to his 22 million followers Aug. 7 that he had a deal to take the company private at a premium price, though no such deal existed.

But a swift settlement of the government’s lawsuit — with Musk staying on as CEO as part of the agreement — has given the embattled entrepreneur another shot at fixing the ailing Tesla.

The company he’ll continue to helm is beset with troubles and facing significant challenges, including penalties stemming from the legal settlement announced Saturday.

Musk and Palo Alto-based Tesla agreed to pay a total of $40 million to settle the case, and he will give up his chairmanship for at least three years. The electric-car maker also is required to install an independent chairman and two new board members, though Musk will remain on the board, according to terms of the settlement.

Read the entire article at LAtimes.com