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Elon Musk refers to the court to fight with the SEC




SEC accuses Musk of violating a settlement agreement reached last year, and it was required that he obtain pre-approval for social media on the electric car company.

Musk's appearance in the Manhattan court surprised the crowd. Judge Alison Nathan is tasked with weighing the SEC's request to keep Musk contempt. It is unclear when Nathan will speak.
If she is sitting with regulators, Musk can meet another hefty fine and further limitations on his social media use. The judge could exercise Musk from the CEO, although she is not expected to rule so hard. Nathan can also evict the settlement with the SEC, effectively reopening the agency's lawsuits against Musk and Tesla.

SEC claims that Musk violated its deal in 201[ads1]8 when he said in a February 19 tweet that Tesla will make around 500,000 cars in 2019 Hours later he wrote another tweet saying the company will actually deliver 400,000 cars this year.

 Why Tesla Needs Elon Musk

Musk's standoff with the SEC began last year when he claimed in a tweet that he "considered" to take Tesla privately at $ 420 per share and that he had secured funding for the deal. It sent the Tesla shelf.

But the secretary later said that the funding was not actually secured, and the agency accused him of a case for misleading investors. Musk initially signed that he would fight the agency, but weeks later, the regulators announced that he and Tesla had agreed to settle agreements that saddled them with $ 40 million in fines and demanded Musk to go down as the company's leader. He retained the role of CEO.

  Elon Musk arrived at the federal court in Manhattan before the hearing.
In a December interview with "60 minutes" Musk also said that he would not allow all his tweets to be proofread, even though he insisted that he planned to comply with the settlement terms out of "respect" for the "court system."

After he posted the wrong tweet in February, the SEC turned back by submitting a new suit and asked a federal judge to hold him in contempt. The agency claimed that Musk had "not done a diligent or good faith effort" to comply with the settlement and pointed to his interview "60 minutes" as evidence that he did not take the terms seriously.

The escalating situation and other irregular behavior of Musk left many investors wondering what it would mean for Tesla if the famous CEO was discontinued from the company. A barclays analyst suggested that Tesla's share has a $ 130 "Muscle Prize" that may disappear if he leaves.

Elliot Lutzker, a securities lawyer at Davidoff Hutcher & Citron LLP and a former SEC prosecutor, said on Thursday he believes the court will consider Tesla's well-being by deciding whether or not to punish Musk.

"The court will not harm Tesla shareholders," said Lutzker CNN Business in an email on Thursday. "I don't think the court will keep him in contempt. Rather, it will likely lead to greater fines."



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