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The US Securities and Exchange Commission (SEC) said on Saturday that carmaker Tesla and Chief Executive Elon Musk had agreed to pay $20 million each under a settlement that will also see the billionaire step down as chairman after a tumultuous two months for the company. He will remain as the auto maker's CEO.

On top of the $20 million fine, Tesla, which is also settling, will pay a $20 million penalty. Neither Musk nor Tesla admitted or denied the SEC's findings as part of the settlement.

At issue is an August 7 tweet from Musk that said he was "considering taking Tesla private at $420" and asserted that he'd secured funding for the move.

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He wrote he had "funding secured" for the proposal, which would value Tesla at $420 per share.

"In truth and in fact, Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source", the regulator said.

'The resolution is meant to prevent further market disruption and harm to Tesla's shareholders'. The complaint alleges that Tesla notified investors that Musk's Twitter account would be used as a "means of announcing material information about Tesla", but the company failed to have "disclosure controls or procedures in place to determine whether Musk's tweets contained information required to be disclosed in Tesla's SEC filings".

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Bank of America's main scenario is for oil prices next year of around US$80 a barrel, according to the note. USA crude futures were up 37 cents at $72.45 a barrel, close to their highest since mid-July.

Musk is now required to step down as chairman of Tesla within 45 days, and he is not permitted to be re-elected to the post for three years.

Stephanie Avakian, Co-Director of the SEC's Enforcement Division said: 'The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors'.

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