Elon Musk pooh-poohs SEC’s complaint about his Tesla tweet
The SEC wants a court to hold Musk in contempt, saying his February 19 tweet violated a September fraud settlement barring him from sharing material data about Tesla on social media
San Francisco/Bengaluru — Tesla CEO Elon Musk shot back at US securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker's production volume did not violate his fraud settlement and that he could not be held in contempt. Musk's "single, immaterial" tweet to his more than 24-million Twitter followers claiming the electric vehicle-maker would produce about 500,000 cars in 2019 also complied with company's communication policy for senior executives, a condition of the settlement, lawyers for the Tesla chief wrote in a filing in federal court in Manhattan. The US Securities and Exchange Commission (SEC) had asked the court to hold Musk in contempt, saying his February 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company's pre-approval. “This contempt action, following Musk's sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning an...
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