According to Business Insider, Tesla CEO Elon Musk initially said he would resign if Tesla's board accepted a settlement offered by the Securities and Exchange Commission. The SEC filed a lawsuit against Musk over "false and misleading statements" he tweeted about taking the company private in August.
According to reports, the SEC initially offered the Tesla board a settlement prior to filing the suit, but Musk demanded the board reject the settlement and back him, or he would resign on the spot.