Elon Musk has agreed to step down as chairman of Tesla’s board for three years as part of an agreement with the SEC to resolve a securities fraud case. He will also pay a $20 million fine, the New York Times reported.

Tesla and Musk became the subject of an SEC lawsuit for fraud and misleading investors two days ago as a result of Musk’s Aug. 7 tweet that he had “funding secured” for a buyout of the tech company at $420 per share.