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Elon Musk, co-founder and chief executive officer of Tesla Inc., pictured in December, has been accused by the Securities and Exchange Commission of violating a settlement over last year's misleading tweets. Robyn Beck/AP hide caption

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Robyn Beck/AP

Even after massively increasing production of the Model 3, Tesla still hasn't managed to offer the car at its touted price of $35,000. David Zalubowski/AP hide caption

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David Zalubowski/AP

Tesla's Challenge: Leaving Behind The Lap Of Luxury

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A man stands outside a Tesla dealership in Berlin on Jan. 4. On Friday, Tesla announced it would lay off 7 percent of its workforce, cutting some 3,000 jobs. Sean Gallup/Getty Images hide caption

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Sean Gallup/Getty Images

Robyn Denholm was named the new chair of Tesla's board to replace Elon Musk. Tesla hide caption

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Tesla

Tesla Names New Chair As Elon Musk Steps Down

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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

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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People look at cars at a Tesla showroom in New York City. Tesla CEO Elon Musk, reportedly under scrutiny by federal regulators for earlier statements, says Saudi Arabia's sovereign wealth fund is looking to diversify away from oil with a bigger investment in the electric car company. Spencer Platt/Getty Images hide caption

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Spencer Platt/Getty Images

Tesla Motors CEO Elon Musk is considering taking the company private, saying it would be less distracting that the "enormous pressure" of meeting quarterly financial targets. Stephen Lam/Reuters hide caption

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Stephen Lam/Reuters

8 Years After Going Public, Elon Musk Wants To Take Tesla Private

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The interior of a Tesla Model X 75D semi-autonomous electric vehicle is shown in January 2017. The company's autopilot system has been engaged at the time of a number of accidents, including a crash that killed the driver in California in March, but the company emphasizes the system can't be relied on to prevent collisions. Ted S. Warren/AP hide caption

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Ted S. Warren/AP

The driver of the Tesla Model S told police the car was in Autopilot mode as it rammed into a Utah fire department truck on May 11 in South Jordan, Utah. South Jordan Police Department via AP hide caption

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South Jordan Police Department via AP