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

Elon Musk

‘Teslaquila’: Elon Musk Dropping Own Agave Brand

On April Fool's Day, Musk tweeted, "Despite intense efforts to raise money, including a last-ditch mass sale of Easter Eggs, we are sad to report that Tesla has gone completely and totally bankrupt".

A US judge on Tuesday approved the settlement between the Securities and Exchange Commission, Tesla Inc. and its Chief Executive Officer Elon Musk.

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

The company will also pay a $20 million fine, despite not being charged with fraud.

Under the deal, Musk will relinquish his role as Tesla's chairman for three years and pay a $20 million fine.

Under the settlement announced on Sept.29, Tesla must appoint an independent chairman, two independent directors and a board committee to control Musk's communications.

Even after Musk agreed to settle his securities-fraud case with the Securities and Exchange Commission, he went on to tweak the government and short sellers on Twitter. The tweet claimed "funding secured" as Musk floated the idea of taking the Silicon Valley automaker private at $420 per share.

After electric cars, space rockets, tunnel-boring technology and high-speed transportation systems, Elon Musk appears to be branching into booze.

Tesla Motors has submitted a trademark application in the U.S. for its own brand of the popular alcohol, termed, amusingly: 'Teslaquila'.

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