Tesla rose 3.7 per cent at 10:20 a.m.in NY trading.
With the trademark application for the Teslaqula being the only such endeavor Tesla made all year, some might say the auto company has officially gone off track. Murdoch, who joined Tesla's board as independent director a year ago, has experience in working with media companies but none in leading a company that makes electric vehicles. According the CNBC, Musk just filed a trademark with the intent to use under the U.S. Patent and Trademark Office.
It was first reported that Musk threatened to step down as CEO of Tesla if its board forced him to accept the SEC's settlement, but he apparently reversed course and agreed to resolve the allegations.
In its lawsuit, the SEC said Musk calculated the 420/share based on a 20%premium over that day's closing share price and because of the 420 number's slang reference to marijuana.
Until now, Tesla has operated as a niche producer of luxury electric vehicles, with a charismatic, showman CEO who regularly interacts with fans on his Twitter account.
In the earlier tweet, he had mentioned, "Elon was found passed out against a Tesla Model 3, surrounded by "Teslaquilla" bottles, the tracks of dried tears still visible on his cheeks".
However, Mr. Musk refuted the claims of FT's report stating that they were not true but refusing to comment any further. Last week, Musk said the Boring Company would sell interlocking, Lego-style bricksmade from rock and soil displaced by the company's tunnel-digging machines.