Elon Musk Plans to Buy Another $20 Million in Tesla Stock

A federal judge has approved the settlement between Tesla chief executive Elon Musk and the Securities and Exchange Commission.

An order by U.S. District Judge Alison Nathan asked the SEC and Tesla to submit a joint letter explaining why the court should approve the consent judgment.

Despite what appears to be Musk's irritation in light of the case, the deal has now been agreed and will be followed through.

Billionaire Elon Musk, business tycoon and investor, revealed he is a fan of anime after he tweeted his plan to build a giant robot.

Tesla said the purchase is "separate and apart from the settlement" between Musk, Tesla and the SEC. Experts said the tweet could be viewed, problematically, as a denial of wrongdoing by Musk, but they said it wasn't likely to derail the deal. The company will pay US$20 million and Musk will also pay US$20 million.

Tesla says the new chip, developed in-house, is the first designed specifically to run such artificial-learning neural networks and that it uses the same connectors and dimensions as the Nvidia chip the company now uses, so owners can have it swapped directly. Under terms of the settlement with the US regulators, Musk is not allowed to be re-elected as chairman for three years and Tesla has to appoint two new independent directors to its board.

Musk wasn't required to admit wrongdoing under the settlement. "That's our goal. And I think we've made really good progress in that direction." said Musk during a 2015 quarterly earnings call.

Tesla confirmed the settlement by declined to comment further.

Additionally, Tesla's board must appoint an independent chairman and directors without direct ties to Musk.

"Am considering taking Tesla private at $420".

Musk released pictures of the Model 3 after 1 million miles of testing and has impressed even critics. Tesla says drivers are supposed to keep their hands on the wheel at all times when using the system.

  • Wendy Palmer