On his way out the door, Musk told reporters that he was "impressed" with Judge Nathan's analysis.
The company did not provide an update on how many $US35,000 Model 3 orders it received.
In other Elon Musk news, in November past year he inspired Bring Me The Horizon frontman Oli Sykes to release a Musk-inspired jacket, through his label Drop Dead clothing.
The October securities fraud settlement stemmed from tweets by Musk in August about having the money to take Tesla private at $420 per share.
The SEC said the earlier tweet contrasted with Tesla's 30 January forecast that it would deliver about 400,000 vehicles this year.More news: Donald Trump promises 'epic' trade deal with China
Musk's lawyer, John Hueston, countered that the "ambiguity" of the settlement made "the hard penalty of contempt" unfair.
Tesla was not accused of contempt. Analysts had predicted Tesla would come closer to replicating third-quarter results, but the quarterly delivery figure fell short of even their tempered expectations. Musk's privatization plan was at best in an early stage, however, and financing was not in place.
Nathan pressed Crumpton during the hearing to define the conditions under which Musk should seek approval before he tweets, and drew attention to ambiguity surrounding the rules the SEC sought to enforce.
"Being a Tesla shareholder in recent years has been one of those sensations that usually has one reaching for the travel sickness tablets".
The legal battle has not stopped Musk from being an outspoken critic of the SEC. The SEC determined that the initial tweet was not approved by Tesla before it was sent, according to the filing.
Musk entered the courthouse with a laugh when reporters asked if he respected the SEC.