Tesla CEO Elon Musk's settlement with SEC approved by judge

Cornelia Mascio
Ottobre 17, 2018

Tesla chief executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016.

The mercurial American entrepreneur saw Tesla shares drop the next day, closing down some 5 percent.

The settlement has been approved by U.S. District Judge Alison Nathan in Manhattan.

The company also accepted a $20m fine, despite not being charged with fraud.

The SEC alleged last month that Musk misled investors with his August 7 tweet that funding had been "secured" to take Tesla private at $420 a share, which sent shares skyrocketing and short-sellers facing massive losses.

On Oct. 4, just hours after Nathan ordered him and the SEC to explain why their settlement was fair and reasonable, Musk appeared to mock the SEC on Twitter.

"Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the company, wrote.

Tesla has filed an official trademark application for Elon Musk's "Teslaquila." . Specifically, Musk called out a goal of one million miles, the same number which the posted drive unit is said to have driven. Shortly after, Musk tweeted a "visual approximation" of the alcohol, branded with the Tesla's logo and in its signature typeface. Tesla has until November 13 to appoint an independent chairman.

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