SEC (Security and Exchange Commission) filed a complaint on Tesla’s CEO, Elon Musk, after a “false and misleading” tweet on Twitter, according to USA Today. Elon Musk must resign as chairman of Tesla, and is required to pay a $20 million fine. He has been given 45 days to step down from his chairmanship for about three years. On Saturday, September 30, Elon Musk reportedly settled fraud charges from the SEC. The SEC has announced, according to the New York Post, that Musk will remain as chief executive of the company, although (within 90 days) Tesla will have to add two new independent directors.

Last month, Musk tweeted that he planned to keep his company private. The tweet read, “Am considering taking Tesla private at $420. Funding secured.”

“This matter reaffirms an important principle embodied in our disclosure-based federal securities laws. Specifically, when companies and corporate insiders make statements, they must act responsibly, including endeavoring to ensure the statements are not false or misleading and do not omit information a reasonable investor would consider important in making an investment decision,” SEC Chairman Jay Clayton issued in a public statement.