Tesla CEO Elon Musk is set off to resign as Tesla Chairman after a catastrophic chain of events triggered by tweeting that he was “considering taking Tesla private at $420. Funding secured.”

The Securities and Exchange Commission later determined that Musk provided no financing details and he had never finalized any kind of deal with the Saudi sovereign wealth fund behind the ostensible buyout.

Earlier to this week, SEC slapped him with fraud charges for making “false and misleading” statements and not complying with regulatory requirements. According to the Washington Post- Tesla chief executive Elon Musk agreed on Saturday to pay a $20 million fine and step down as board chairman as part of a settlement with the Securities and Exchange Commission.

Tesla will separately pay another $20 million and agreed to add two new independent directors to its board and monitor the billionaire’s public communications more closely.

Under the settlement, Musk will resign as chairman of the automaker within 45 days and be barred from that position for three years. But he will remain Tesla’s CEO and does not have to admit wrongdoing as part of the deal.

The SEC wrote in a statement, “The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle.”

The settlements are subject to court approval.

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