The SEC sued Musk last month, alleging securities fraud after the Tesla chief tweeted "false and misleading information" about potentially taking Tesla private, implying he had secured the necessary funding. The SEC intends to distribute the penalties to affected investors, it said.
A few days after the September 29 settlement, Musk dubbed the SEC the "Shortseller Enrichment Commission" in a tweet and sarcastically praised the agency's work. As part of the settlement, Tesla must appoint two more independent directors to its board and implement procedures to oversee Musk's online communications - including his Twitter account.
SEC settlements like the one with Tesla have generally been rubber stamped by courts in recent years.
Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla.
"Tesla and Mr. Musk believe that a prompt resolution of these actions through settlement is in the best interest of investors and should be approved", Tesla said in a statement within the joint filing Thursday.
He resigned from the board of Sky this week, following Comcast's successful bid for the European satellite broadcaster.
"I would still have reservations about the time he would be able to allot to this", Keatinge said, referring to the possibility of Murdoch as Tesla chairman.
Tesla shares plunged the following trading day and closed down 5.1 per cent on April 2. Musk's August 7 tweets caused the company's stock price to spike over 6 percent. The deal with the SEC eased uncertainty over Tesla's future because the agency's lawsuit initially sought to bar Musk from serving as an officer or director of a public company, a prospect that rattled investors.
Reuters reports that James Murdoch, the outgoing CEO of 21st Century Fox, is in line to replace Tesla CEO Elon Musk as chairman of the Tesla board, a position which Musk was forced to resign from following a settlement with the Securities Exchange Commission.