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Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
Source: Reuters
BUSINESS NEWS MARCH 18, 2019 / 8:25 PM / UPDATED 4 HOURS AGO
Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
(Reuters) - Chief Executive Elon Musk has never sought pre-approval for a single tweet about Tesla Inc since striking a court-approved deal about how to communicate important information about the electric vehicle maker, the top U.S. securities regulator told a judge on Monday.
The Securities and Exchange Commission is doubling down on the government’s demand to find the Tesla CEO in contempt of a previous fraud settlement that required him to have the company pre-approve any tweets that could materially impact the automaker.
The ongoing public battle between Tesla’s chief executive and the SEC piles pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000.
The SEC said a Feb. 19 tweet that Musk sent to his more than 24 million Twitter followers claiming the electric vehicle-maker would build around 500,000 cars in 2019 was “a blatant violation” of the agreement.
-snip-
Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
(Reuters) - Chief Executive Elon Musk has never sought pre-approval for a single tweet about Tesla Inc since striking a court-approved deal about how to communicate important information about the electric vehicle maker, the top U.S. securities regulator told a judge on Monday.
The Securities and Exchange Commission is doubling down on the government’s demand to find the Tesla CEO in contempt of a previous fraud settlement that required him to have the company pre-approve any tweets that could materially impact the automaker.
The ongoing public battle between Tesla’s chief executive and the SEC piles pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000.
The SEC said a Feb. 19 tweet that Musk sent to his more than 24 million Twitter followers claiming the electric vehicle-maker would build around 500,000 cars in 2019 was “a blatant violation” of the agreement.
-snip-
Read more: https://www.reuters.com/article/us-tesla-musk-sec/elon-musk-never-sought-approval-for-a-single-tesla-tweet-u-s-sec-tells-judge-idUSKCN1R001J