It's called Neomeris sometimes called Spindleweed.
From the book "Reef Invertebrates" by Anthony Calfo and Bob Fenner...
"...They are not inclined to spread prolifically in the aquarium but can be maintained with stable water quality."
"...this alga is not actively cultivated and serves little purpose beyond ornamentation. They are quite adaptable to a wide range of light including modest levels. Neomeris can be found toward 100 feet at depth, in low light or shade, and often away from the reef."