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Home / Business / Tesla's Elon Musk Violated Settlement Related to Tweets, SEC says: NPR

Tesla's Elon Musk Violated Settlement Related to Tweets, SEC says: NPR



Elon Musk, co-founder and CEO of Tesla Inc., pictured in December, has been accused of the Securities and Exchange Commission for breaking a settlement over last year's misleading tweets.

Robyn Beck / AP


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Robyn Beck / AP

Elon Musk, co-founder and CEO of Tesla Inc., depicted in December, has been charged by the Securities and Exchange Commission to break a settlement over last year's misleading tweets.

Robyn Beck / AP

The Securities and Exchange Commission asked a federal judge to keep Tesla Inc., CEO Elon Musk, despised to violate a court ruling limiting what he could publish about the company's performance.

In a lawsuit on Monday, the SEC claimed that Musk had violated a settlement reached last year and that he had to get approval from company officials before publishing statements that could affect Tesla's share price.

On February 1

9, Musk tweeted as "Tesla made 0 cars in 2011, but will make around 500k in 2019." .

In another tweet about four hours Musk said later, "Saying annual production rate by the end of 2019 probably around 500k, that is, 10k cars / week. Deliveries for the year are still meant to be about 400k. "

In his lawsuit, the SEC claimed that Musk had been forced to have the first tweet checked and approved before sending it.

"He again published inaccurate and material information about Tesla to his over 24 million Twitter followers, including press releases, and made this inaccurate information available to anyone with internet access," the SEC said.

Musk's legal issues run until August 2018 when he publicly ran the idea of ​​taking Tesla privately, suggesting a stock price and saying financing for the plan was "secured". But later he withdrew the sentence.

The SEC case was alleged that Musk had misled investors. In the settlement, Musk held control of Tesla, but he was cut off by the chairman's title and ordered to pay a $ 20 million fine.

He also agreed to get approval before tweeting messages about the company. In its filing, the SEC said the claim was "clear and unambiguous".

A spokesman for the company did not immediately respond to requests for comment.


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