claiming that he had secured funding. In September 2018 the U.S. Securities and

Exchange Commission (SEC) charged him with securities fraud,

 alleging that his tweets were “false and misleading.” Later that month

Tesla’s board rejected a proposed settlement from the SEC,

 reportedly after Musk threatened to resign. However,

news of the rejected deal sent Tesla’s stock plummeting, and the board quickly

 the terms of which included Musk stepping down as chairman for at

 least three years and that his tweets were to be pre-approved by