Musk to buy $20 million worth of Tesla stock

Teslaquila’ Elon Musk Dropping Own Agave Brand Musk tweet

A judge approved Tesla CEO Elon Musk's settlement with the Securities and Exchange Commission over allegations that Musk committed fraud when he said he had secured the funding needed to take Tesla private. He has brought the world an easy payment system with PayPal, the ability for civilians to go to space with SpaceX, intelligent electric cars with Tesla, and clean energy with SolarCity.

Thursday SEC filed the lawsuit after a proposed settlement with Mr. Musk fell apart.

However, Musk settled with SEC and agreed to step aside as Tesla's chairman for three years, heading off the threat that he would be forced out of company management completely.

The Tesla chief executive is now under pressure to reveal his successor as chairman of the electric auto and energy company after a deal was rubber-stamped by a court in Manhattan.

Musk is Tesla's biggest shareholder by far. Musk said the film was great but that he also loved "Princess Mononoke" from the same studio and director. The SEC quickly opened an investigation by questioning Musk, Tesla's board and other executives.

Tesla shares plunged the following trading day and closed down 5.1 percent on April 2. The move means investors can draw a line under a tough period for the firm that followed Musk's use of Twitter to inform of a potential plan of taking business private.

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

Tesla apparently expects its next-generation Autopilot hardware to be ready for production early next year. Tesla has until November 13 to appoint an independent chairman.

Bloomberg reported the agreement was made final in Manhattan on Tuesday.

Watch Tesla trade in real time here.

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