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The Securities and Exchange Commission has settled charges with Tesla CEO Elon Musk over his aborted bid to take the company private, with the billionaire expected to remain as the helm of the company but relinquishing his chairman title and getting slapped with a hefty fine.

As part of the settlement, which is still subject to court approval, Musk will also pay a civil penalty of $20 million and give up his role as chairman of the board for at least three years. Additionally, Tesla will also pay a $20 million fine, and appoint two new independent directors to the board.