Last month, Mr Musk and Tesla both agreed to pay a fine in order to settle a lawsuit that was brought against them by the SEC.
The SEC claimed that the CEO had misled his investors when he had tweeted that he had succeeded in securing money to take Tesla private.
While Mr Musk will remain the CEO of Tesla, he was forced to relinquish his position as chairman.
The company not only will add a new independent board member to take over as chairman, but they will also have more oversight on the CEO’s communications that he has with the public, such as tweets.
On Monday this settlement was approved by a federal judge.
Now, just a month after a deal was made with the SEC and the fines were paid, Mr Musk has agreed to buy $20million (£15.2million) worth of stock as a way to reimburse the company for the fines that it had paid.
This was not the first time the Tesla CEO had invested in stock from the car company.
In May and June, Mr Musk had also bought some of their stock.
While in the previous instances Mr Musk bought the shares through the open market, the ones he will buy for the reimbursement will be directly from Tesla.
Therefore, this money will go directly to Tesla.
While Tesla did not say that the stock purchase was a reimbursement, the amount purchased matches that from the settlement fine.
Mr Musk’s payment increased Tesla’s stake by less than a percent, 0.2 percent.
While the shares did rise upon the announcement, they ultimately dropped after it was announced that an executive was leaving the company.
Tesla’s Vice President of Engineering Gilbert Passin had apparently left the company months ago.
The reason for his departure is unknown.
Mr Passin had been with the company for over eight years when they first stated to produce the Model S.
He had also worked with Toyota, Volvo Trucks and Mack Trucks.
The director of field performance engineering as well as the senior vice president of engineering have both left he company as well.
The chief accounting officer left after less than a month at the company.