Tesla, Inc.'s Elon Musk agreed on Saturday to settle the securities fraud charges brought against him last week by the US Securities and Exchange Commission (SEC).

With no admission (or denial) of wrongdoing by Musk or Tesla, the deal, if approved by the courts, will see Musk and Tesla each fined $20m, and Musk himself will step down from his position as chairman of the board whilst remaining as CEO of the tech giant.

The SEC charges were brought after Musk tweeted on 7 August that he was considering taking Tesla private at $420/share (a fair premium on its then current trading price, which opened the day at $343.84). Share prices surged after the tweet, allegedly costing short sellers in the region of $1.3bn, and the SEC complained that Musk knew how uncertain the transaction was and that it lacked an adequate basis in fact.