Elon Musk shoots down United States regulator's complaint about his Tesla tweet
15 March, 2019, 02:26 | Author: Eric Barnett
The top US securities regulator received permission from a federal judge on Tuesday to respond to Tesla Inc Chief Executive Elon Musk's arguments that his Twitter post about the electric vehicle maker's production volume did not violate his recent fraud settlement. The SECsaid that a tweetMusk sent on February 19th about the company's production targets for 2019 violated the settlement between Musk and the SEC a year ago.
Lawyers representing Tesla chief Elon Musk have responded to the Securities and Exchange Commission's motion to have the executive held in contempt for allegedly violating a settlement agreement.
In December, Musk said in a "60 Minutes" interview that: "I do not have respect for the SEC". Based on the Model 3, the mid-sized SUV will sit below the Model X, and while details are still scarce, we can make some educated guesses about what the auto could look like. It's not entirely clear what the outcome will be if Musk is held in contempt. The company claims that its new V3 Supercharger, once rolled-out extensively, will cut down the amount of time spent by customers on charging their auto by half. Tesla stated that the people holding the reservation will possibly be getting the auto in near 4 weeks. As the SEC investigated Musk's claim, the agency discovered Musk hadn't run the tweet by a company lawyer before he sent it, a violation of the terms of the settlement past year. He added that more detailed specs and pricing as well as test rides will be available at the reveal event on Thursday.
Musk's legal professionals argued this push was an "invitation to trample on Musk's First Modification rights and grant the SEC far broader powers than approved by Congress".
Musk called the regulator the "Shortseller Enrichment Commission" on Twitter after the settlement, and tweeted that "something is broken with SEC oversight" just one day after the agency started pursuing the contempt order. The SEC request that Musk be held in civil contempt "for a single, immaterial tweet that dutifully complied with the Order" is incorrect on the facts and on the law, the filing argued.Musk merely put his "shorthand gloss" on Tesla production numbers consistent with information already public and in a manner that was "celebratory and forward-looking", according to his attorneys. Tesla declined to comment on the report. He was forced to step down as Chairman of Tesla for three years, agreed to submitting any public statements (including tweets) with material information about the company to an in-house lawyer for screening, and made to pay a $20 million fine. It's also worth noting that Tesla has missed production goals in the past.
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