A federal judge is approving a settlement between Elon Musk and federal regulators over his infamous tweet about taking Tesla private. This had to be done with a view to settle fraud charges slapped on the company by United States financial regulators.
Tesla executives will also have to supervise his communication with the public, which takes place mainly via Twitter, where his personal account has 23m followers.
In a company statement after the tweet, Musk said Saudi Arabia's sovereign wealth fund, which recently invested in the company, had brought up taking private multiple times for nearly two years. But as CNBC points out, Tesla filed it with an "intent to use" which indicates that it has a good faith intention to utilise it in the future. Nevertheless, less than 40 minutes after his tweet about Your Name, Musk tweeted the message "It is time to create a mecha".
Musk can't be chairman for at least three years, although Tesla can request extensions for the board and chairmanship changes, according to court filings.
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Neither have spoken publicly about the end of their romance although Grande has talked on social media about suffering from anxiety.
The settlement has been approved by U.S. District Judge Alison Nathan in Manhattan.
Shares of Tesla closed down $12.97, or 4.4 percent, at $281.83, and fell another 2.1 percent to $276 following Musk's tweet after market hours.
Ever since Elon Musk's now infamous tweet on August 7, 2018, Tesla's stock price has been on a roller coaster ride. The deal also calls for a new chairman to be appointed, and the naming of two new independent directors. Given his accomplishments with Tesla and SpaceX, and the fact that he's an engineer, Musk could just make every giant robot and Gundam fan's fantasy a reality.