Elon Musk’s settlement with the SEC approved by judge, sending shares higher

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US District Judge Alison Nathan in Manhattan signed off on the accord Tuesday after the electric-car maker, Musk and the regulatory agency said in a detailed joint filing that the deal was in the best interest of investors.

The surprising tweet caused Tesla's share price to rise quickly, before dropping almost 30 percent. Company founder Tesla and the Commission on securities and exchange Commission (SEC) entered into a pretrial agreement against inventor fraud charges.

With the trademark application for the Teslaqula being the only such endeavor Tesla made all year, some might say the vehicle company has officially gone off track.

Elon Musk has had his recent share of bad luck and predicaments from a certain lawsuit from a British diver to being asked to step down as CEO of Tesla, his own company, after making a disastrous marijuana reference for his girlfriend.

If Tesla does release its branded Tequila, Musk will join a growing list of high profile figures entering the sector.

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As per the settlement announced on Sept.29, Tesla must appoint an independent chairman, two independent directors and a board committee to set controls over Musk's communications.

"Just want to [say] that the Shortseller Enrichment Commission is doing incredible work".

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

A Tesla spokesperson confirmed the settlement, but said the automaker would make no further comment on the matter. However, the lower priced version is not yet available, as Tesla is building the more expensive, long-range and performance versions of the Model 3 first. Nevertheless, less than 40 minutes after his tweet about Your Name, Musk tweeted the message "It is time to create a mecha".