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Home / Business / Federal judge sets April 4 date for hearing in SEC lawsuit against Elon Musk

Federal judge sets April 4 date for hearing in SEC lawsuit against Elon Musk



Judge Alison Nathan on Tuesday arranged a hearing on April 4. It is unclear when she should speak.

Nathan's mission is to weigh the SEC's request that Musk be disdained for breaking a settlement agreement reached last year, which required him to receive social media pre-approval post on the electric car company.

On February 19, Musk tweeted that "Tesla made 0 cars in 2011, but will make around 500k in 2019." Hours later, he reported a follow-up tweet indicating that the company will actually deliver only 400,000 cars this year.

Although Musk corrected his mistake, the regulators said he "had again published inaccurate and material information about Tesla to his over 24 million Twitter followers," according to court records.

SEC sued Musk last month and claimed he had violated an agreement reached in October in October and that he received pre-approval of postings with "material" information to shareholders. Tesla agreed to establish a board committee to monitor these posts.

Tesla admitted that Musk did not receive prior approval from anyone on that committee for his February post, but the company has since claimed that he did not

Musk maintains that he has diligently tried to follow the court decision and that the SEC's request is a violation of his constitutional right to freedom of expression.

The fight between Musk and SEC dates back to August 201

8, when Musk tweeted that he had secured funding to take Tesla privately at $ 420 per share. Tesla's stock increased after his announcement.

However, Musk had not secured the funding, according to the SEC, and in September, the government filed a lawsuit stating that he wanted investors. Tesla and Musk were both fined $ 20 million as part of the settlement, and Musk was forced to go down as Tesla's leader. He is still Tesla's CEO.

If Musk is found guilty of contempt, legal experts say he can get a fine, further restrictions on his social media use and his removal as Tesla CEO. Nathan can also evict the settlement with the SEC, effectively reopening the agency's lawsuits against Musk and Tesla.


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