ML-Implode News - Here's how Tesla's Elon Musk got a worse deal than the SEC first offered

The "extraordinarily generous" offer on the table Thursday morning would reportedly have allowed Musk to remain CEO and give up his chairmanship for just two years. But before the final meeting, Musk threatened Tesla board members that he would resign immediately if they approved the settlement, the Times said. The board backed off and rejected the settlement, and later praised Musk's leadership and integrity -- at Musk's own demand, according to the Times.
That led the SEC to sue for securities fraud late Thursday, raising the risk that Musk could be ousted as both chairman and chief executive if the regulators won in court.
...
On Saturday, a settlement was agreed upon that was harsher than the terms Musk faced just two days before -- while Musk could remain CEO, he was barred from being chairman for three years, and his fine doubled to $20 million. Tesla will also pay a $20 million fine, and be required to add two independent directors, as well as a new independent chairman. Neither Musk nor Tesla admitted guilt in the settlement.

Relevant:

Here's how Tesla's Elon Musk got a worse deal than the SEC first offered