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Tesla CEO Elon Musk has agreed to step down as chairman of the electric-car company as part of a settlement to resolve a securities fraud charge lobbed by the SEC on Thursday. Patrick T. Fallon/Bloomberg via Getty Images hide caption

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Patrick T. Fallon/Bloomberg via Getty Images

At Shiru Cafe in Providence, R.I., students "pay" for coffee, but not with money. Chaiel Schaffel /Rhode Island Public Radio hide caption

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Chaiel Schaffel /Rhode Island Public Radio

Facebook Says Hackers Accessed Information Of 50 Million Users In Latest Data Breach

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SEC Lawsuit Seeks To Remove Elon Musk As Tesla CEO Or Officer In Any Public Company

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Purdue Pharma, maker of the opioid OxyContin, has a subsidiary that won a patent for a treatment for opioid addiction. Bloomberg via Getty Images hide caption

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Bloomberg via Getty Images

The U.S. Securities and Exchange Commission filed a lawsuit Thursday against Tesla CEO Elon Musk, accusing him of securities fraud. Kiichiro Sato/AP hide caption

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Kiichiro Sato/AP

SEC Sues Tesla CEO Elon Musk

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G√ľnther Oettinger, commissioner of the digital single market for the European Union, in a presentation on copyright reform on December 9, 2015 in Brussels. Thierry Monasse/Corbis via Getty Images hide caption

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Thierry Monasse/Corbis via Getty Images

Uber announced its settlement with 50 U.S. states and the District of Columbia, paying a penalty and promising to make its data security more robust. Here, Uber CEO Dara Khosrowshahi is seen at an event in New York earlier this month. Richard Drew/AP hide caption

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Richard Drew/AP