Judge approves settlement between SEC and Tesla founder Elon Musk

A judge on Tuesday approved a settlement between the federal government and Tesla over claims that founder Elon Musk exaggerated when he claimed to have secured funding to take the electric carmaker private, prompting a run-up in the company’s stock.

The agreement with the Securities and Exchange Commission will require Musk to relinquish his role as chairman of the Tesla board, and he and the company will have to pay separate $20 billion fines. Shortly after the deal was reached, the 47-year-old entrepreneur referred to the SEC on Twitter as the “Shortseller Enrichment Commission,” a reference to Musk’s long-standing criticism of investors betting against the company’s stock.