Tesla has named a new chair to replace Elon Musk, after the CEO agreed to step down from the company's board as part of a settlement with the Securities and Exchange Commission.
Musk's successor as chair, effective immediately, will be Robyn Denholm, a Tesla board member and technology executive.
It all started with an Aug. 7 tweet. In it, Musk said he was considering taking Tesla private at $420 a share — and had funding secured.
The SEC accused him of manipulating the market and sued him in late September for making "false and misleading" statements to investors.