The stock price of electric carmaker Tesla has soared after founder Elon Musk settled fraud charges with the U.S. Securities and Exchange Commission. <br /> Shares went up more than 17 percent on Monday, making back nearly all of the losses that occurred last Friday in the wake of the SEC's lawsuit against Musk. <br />The SEC claimed Musk had mislead investors when he tweeted he secured funding to take Tesla private. <br />Both sides agreed to a settlement over the weekend, which requires Musk to step down as the firm's chairman for at least three years, although he will be allowed to stay on as CEO. <br />Both Musk and Tesla will also have to pay 20 million-dollar fines.<br />Neither Musk nor Tesla is required to admit any wrongdoing as part of the settlement, which is subject to court approval. <br />
