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Elon Musk’s settlement still on track despite tweet mocking the SEC

WASHINGTON—Elon Musk remains committed to settling fraud charges with the Securities and Exchange Commission, according to a legal filing Thursday, despite recently mocking the case against him.

Musk’s lawyers and the SEC submitted a joint legal filing Thursday that argues why a federal judge should approve separate settlements with the executive and Tesla Inc. TSLA, -1.81% which requires them to pay $20 million each in fines over statements he made on Twitter that regulators said were misleading. U.S. District Judge Alison J. Nathan had asked the two sides to explain why the deal should be approved.

The deal also calls for Musk to step down as Tesla’s chairman and for the company to add two new independent directors.

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