Mark Cuban reportedly urged Tesla’s Musk to settle SEC fraud charges

Musk’s dispute with the SEC originated on Aug. 7, when Musk said he was considering taking Tesla private at $420 a share, and that he had already secured the funding.

Cuban, who owns the Dallas Mavericks basketball team, once won his own five-year dispute with the agency on charges of insider trading. He called Musk at the request from one of Musk’s lawyers, the Journal reported. The call apparently played a major role in changing Musk’s mind, the Journal said.

Musk settled with the SEC on Saturday, agreeing to $20 million in fines for himself and another $20 million for Tesla, and agreeing to step down as chairman for at least three years.

On Thursday, the judge in the case requested a joint letter from Musk and the SEC explaining why the court should approve the settlement.

WATCH: Three expert on the future of Tesla after Musk settled with SEC

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