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Home / Business / Elon Musk defends tweets in SEC's contempt procedures – TechCrunch

Elon Musk defends tweets in SEC's contempt procedures – TechCrunch



Tesla CEO Elon Musk claimed on Friday that his Twitter use did not violate a settlement agreement with the US Securities and Exchange Commission, and that the agency's request to get him in contempt is based on a "radical interpretation" of The secretariat has given a judge to hold Musk contempt to break an agreement that was reached last year over Musk's now infamous "funding secured" tweet. Under this agreement, Musk will approve Tesla's Board before communicating potentially important information to investors.

Musk claims he did not break the deal and that the problem lies in the SEC's interpretation, which he describes as "almost wrong at all levels." The filing also reveals new details about the conciliation negotiations, especially that the SEC sent Musk a draft agreement that would have instructed him to obtain prior approval for all public statements related to Tesla, in any format.

Musk and Tesla never agreed on these terms. Instead, Musk states that the agreement requires him to comply with Tesla's own policies, which will require prior approval for "written communications that contain or may reasonably contain information material to the company or its shareholders."

The barb is traded through the trial is the last in an escalating battle between the billionaire entrepreneur and the SEC that began in August last year when Musk tweeted that he had "funding secured" for a private takeover of the company to $ 420 per share. The SEC filed a complaint in the Federal Court in September claiming that Musk lied.

Musk and Tesla joined the SEC last year without admitting that it was illegal. Tesla agreed to pay a $ 20 million fine; Musk had to agree to go down as a Tesla leader for a period of at least three years; The company had to appoint two independent directors to the board; and Tesla was also told to initiate a way to monitor Musk's public statements about the company, including via Twitter.

But the fight was resolved last year after Musk sent a tweet on February 1

9 that Tesla would produce "Around" 500,000 cars this year, correcting itself hours later to clarify that he believed the company would produce at an annual rate of 500,000 cars after the turn of the year.

SEC claimed that the tweet sent by Musk broke their deal. Musk has said the tweet was "intangible" and followed the settlement.


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