Cuban spent about 15 minutes on the phone urging Musk to reconsider his position after Musk rejected the SEC's original settlement offer on Sept. 27 that would have required a $10 million fine and step down as chairman for two years. The deal settled charges that Musk made false and misleading statements about having secured the funding to take Tesla private.
Tesla was not available for comment to CNBC or the Wall Street Journal.
Musk had said he had turned down the initial offer because he felt he would not be true to himself by settling the case. The SEC formally brought charges hours later.