Embattled Tesla CEO Elon Musk has reached a settlement with the SEC over his misleading tweets about taking the company private, CNBC reports. Musk and Tesla will each pay a $20 million fine—about one tenth of one percent of Musk’s nearly $20 billion fortune—and Musk will step down as chairman of the company’s board for at least three years, while retaining his position as CEO. Tesla will also be required to appoint two new independent directors to its board and undergo additional changes to its corporate governance. The settlement still requires court approval.