Elon Musk steps down as Tesla Chairman after Controversial Tweet

Elon Musk steps down as Tesla Chairman after Controversial Tweet

Tesla did not immediately respond to a request for comment.

Although Musk, with the support of his company, claimed that he had done nothing wrong, the two have both stated that they will settle the allegations out of court without admitting or denying the allegations.

But several experienced litigators said on Monday that, while the DOJ probe is separate, the SEC's settlement could mark the end of official action against Tesla and Musk.

As part of the settlement with the SEC, Tesla will also appoint an independent chairman and two independent directors, responding to calls on Wall Street to relieve the pressure on Musk and provide more balance in the carmaker's management.

However, the CEO of Tesla, of course, Elon Musk may resume this position within 3 years and managed to remain as the CEO of Tesla.

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It revealed facts based on emails, documents and interviews that private lawyers haven't gained access to yet, giving them a better chance of withstanding Tesla and Musk's attempts to get the shareholder suits thrown out, legal experts said. "The resolution is meant to prevent further market disruption and harm to Tesla's shareholders", said SEC enforcement division co-director Steven Peikin.

On Saturday, the SEC made a public announcement that it had reached a settlement out of court with Elon Musk and Tesla. The basis of the SEC's suit was that Elon didn't have funding secured at all and was potentially misleading investors.

"This matter reaffirms an important principle embodied in our disclosure-based federal securities laws", a statement from the SEC read.

Tesla analyst Garrett Nelson of CFRA Research upped his rating on the stock Monday morning to Hold, after downgrading it on Friday to Sell. "Nor did it have sufficient processes in place to that Musk's tweets were accurate or complete".

However, the Justice Department is still probing Musk's tweets, and lawsuits by investors and short-sellers over the false information are also still ongoing. Musk also announced on Twitter that the automaker will start enabling some of its full self-driving features in August with Autopilot version 9, but the upgrade isn't available for everyone yet.

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