Tesla Chairman, Elon Musk has reached a deal with regulators to step down as Chairman of electric car company, Tesla for three years.
The South African born businessman was caught in a tweet row after revealing he will take Tesla off the stock market and make it a privately owned business.
This didn’t go down well with regulators and Tesla and Musk were fined $20million.
In the in new deal, Musk will retain his position as Chief Executive Officer but his influence will reduce as he will have an “independent chairman” also running the affairs of the company.
Musk said he was merely working on the principles of ‘truth and transparency’.
It’s not the first time the Paypal owner will put himself in trouble after caught smoking marijuana in a podcast.
Though, he smoked it in California, where marijuana is illegal, it caused a dip in Tesla’s stock with a 9% decrease in the value of shares sold by the company, after a public outcry.