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Bengaluru: Tesla Inc Chief Executive Officer Elon Musk will purchase company stock worth $20 million in the next open trading session, the electric carmaker said in a filing on Wednesday.

The news comes weeks after Tesla and Musk agreed to pay $20 million each as fine as part of a settlement with the US Securities and Exchange Commission.

Tesla said the purchase is ‘separate and apart from the settlement’ between Musk, Tesla and the SEC.

Shares of the company rose 2% in premarket trading.

The government lawsuit threatened Tesla and Musk with a long fight that could have undermined its operations and ability to raise capital.

However, Musk settled with SEC and agreed to step aside as Tesla’s chairman for three years, heading off the threat that he would be forced out of company management completely.

The settlement was approved by a US judge on Tuesday.

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