The only African billionaire in U.S. has been forced to quit job


South African-born entrepreneur, Elon Musk, has to step down as Tesla chair and pay a fine in a deal with U.S. regulators over his twitter posts which suggested that he was taking the firm private.

This comes on the back of the decision by the Securities and Exchange Commission (SEC) to sue Mr Musk for alleged securities fraud on Thursday.

The new deal reached on Saturday means that Musk will remain as Chief Executive Officer of electronic car maker Tesla but will relinquish his chairman title for three years and pay a $20m fine.

Musk has 45 days to leave his role as Tesla chairman and will also have to comply with company communications procedures when tweeting about the firm, news site BBC reports.

Elon Musk — CNBC.com

In August this year, Musk tweeted that he was…

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