This had to be done with a view to settle fraud charges slapped on the company by U.S. financial regulators.
Neither Musk nor Tesla admitted or denied wrongdoing as part of the settlement. This was in response to Mr. Musk's tweet stating his intention of taking the company private due to availability of secured funding.
Tesla shares jumped more than 4 percent on the news.
According to a new report from The Verge, Tesla will launch its new custom AI chip in about six months.
Mr. Musk and Tesla will each pay a separate $20 million penalty.More news: Witches are planning to put a hex on Brett Kavanaugh
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The tweet came less than four hours after U.S. District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by October 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest. "And the name change is so on point!" Hammers must appear after a significant decline or when prices are oversold (which appears to be the case with TESLA INC) to be valid.
Billionaire entrepreneur Elon Musk may be going into the liquor business.
Tesla shares have plunged 30% from their August 7 high - when the go-private saga began.
Tesla and Musk, the company's CEO, agreed to pay a total of $40 million in fines in the settlement Tuesday. Murdoch, who joined Tesla's board as independent director past year, has experience in working with media companies but none in leading a company that makes electric vehicles.
But what really made the Twitter discussion productive was when someone asked Musk if he has watched "Neon Genesis Evangelion", an anime about psychologically disturbed teenagers piloting giant "mecha" robots.