SEC claims Elon Musk violated 2018 settlement with new Tesla tweet
27 February, 2019, 01:43 | Author: Manuel Hopkins
The Securities and Exchange Commission is coming down hard on Tesla CEO Elon Musk for violating the terms of his agreement with the regulatory body, according to a report released on Monday by Bloomberg.
Tesla's stock price fell in after-hours trading on Monday.
Almost four and a half hours later, Musk clarified the tweet, saying that he meant that Tesla would actually be at a sustained production rate that meets its long-promised 10,000 vehicles per week goal.
Tesla CEO Elon Musk'sTwitter habit has sparked gyrations in the stock market.
Indeed, Tesla's top legal eagle, Dana Butswinkas, announced he was leaving the company after just two months - a day after Musk's misleading tweet.
It's the latest in a series of ups and downs caused by Musk's Twitter habit. Back in January, Tesla said it was aiming to hit a goal of turning out about 10,000 cars a week sometime between the end of 2019 and the middle of 2020.
"Musk's unwillingness to follow the rules is part of what you have to be willing to accept as an investor in Tesla".
"Musk has thus violated the court's final judgment by engaging in the very conduct that the pre-approval provision of the final judgment was created to prevent", it said.
In that interview, Musk revealed that no one at Tesla was screening the tweets he posts to his account, which now has 25 million followers.
Musk agreed to step down as Tesla's chairman, and both he and Tesla agreed to pay $20 million civil fines.
Only more aggravating was the requirement that Musk seek approval from a newly-created overseer charged with reviewing anything he posts to social media, including Twitter.
The SEC also pointed out that during the same interview, Musk declared: 'I want to be clear. The SEC is claiming that Musk violated the settlement when he made an "inaccurate" statement on February 19, tweeting "Tesla made 0 cars in 2011, but will make around 500k in 2019". However, in December he revealed on the USA edition of 60 Minutes that that nobody is approving his tweets. "Who knows?" He added: "Nobody's ideal".
The order by U.S. District Judge Alison Nathan in Manhattan came hours after the billionaire criticized SEC oversight as "broken", in the wake of the regulator's request on Monday night that he be held in contempt.
Now it's up to the justice system to decide whether to take Musk to task over an ill-turned tweet.
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