Elon Musk fraud settlement approved by USA judge


Judge Alison Nathan of the US District Court for the Southern District of NY approved the deal, as reported by Reuters, which now resolves claims of securities fraud.

It featured a photo of Musk "passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks". At 12:43 AM on October 14th, Elon Musk tweeted about Your Name, a 2016 romantic drama anime, saying simply "Love Your Name".

Tesla said the purchase is "separate and apart from the settlement" between Musk, Tesla and the SEC.

Musk's last tweet for that day truly solidified his love for anime culture when he said it was "time to create a mecha", or a giant fighting anime robot. The company was not charged as part of the lawsuit, which had sought to prohibit Musk from serving as CEO of a public company. James Murdoch comes in place of Elon Musk who had to step down from his post of the company's Chairmanship in the previous month.

The settlement will require Musk to pay $20 million in fines to the SEC for his tweet about having funding secured to take Tesla private. He recently owned some 42.8 million shares, according to FactSet, good for more than 25% of the company's outstanding stock.

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Tesla received over 450,000 reservations for its first mass-market electric vehicle since the company began taking deposits on March, 31 2016.

A Tesla spokesperson confirmed the settlement, but said the automaker would make no further comment on the matter.

Musk released pictures of the Model 3 after 1 million miles of testing and has impressed even critics.

Watch Tesla trade in real time here.