"As a result of Musk's false and misleading statements and material omissions", said the lawsuit, "investors who purchased Tesla stock in the period after the false and misleading statements but before accurate information was made known to the market were harmed".
The settlement will strengthen Tesla's corporate governance practices in several meaningful ways.
Shares of Tesla jumped during Monday's trading session, after falling on Friday over concerns the billionaire businessman would be ousted from his leadership roles.
"We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday)", Musk wrote in a mail to employees on Saturday.
It revealed facts based on emails, documents and interviews that private lawyers haven't gained access to yet, giving them a better chance of withstanding Tesla and Musk's attempts to get the shareholder suits thrown out, legal experts said.
Cardi B To Turn Herself In Over Alleged Strip Club Attack
She also says the rhymer accused her of having an affair with Offset in June when they crossed each other's paths in Atlanta. Jade and Baddie G say they suffered injuries after being hit with bottles, chairs and a hookah smoking device.
Tesla in recent years has become one of the most valuable American vehicle maker, with its stock worth more than $50 billion. Andrew Doane, who has a Model S sedan, Model X crossover and Model 3 auto and is president of the Tesla Owners Club of the Mid-Atlantic region, mustered club members to pull shifts at delivery hubs in Virginia and Maryland, and worked one himself.
Automotive news website Electrek reported here on Monday that Tesla had produced 53,000 of its Model 3 sedans in the third quarter, up from 28,578 in the previous three months and making good on a promise in August it would produce 50,000 to 55,000 of the cars.
The settlement with the SEC won't be the end of the matter, though, as Musk is also facing a series of class action lawsuits relating to the tweets.
"The total package of remedies and relief announced today are specifically created to address the misconduct at issue by strengthening Tesla's corporate governance and oversight in order to protect investors", said Stephanie Avakian, co-director of the SEC's Enforcement Division.
If you weren't already aware, it would be enough to fool you into thinking he hadn't just agreed to a settlement with securities regulators that includes Elon forking over a penalty of $20 million as well as agreeing to step down as Tesla's chairman.