Attorneys for Tesla CEO Elon Musk are accusing the SEC of “concerning and unprecedented overreach.”
Attorneys for Elon Musk on Monday accused the Securities and Exchange Commission of “concerning and unprecedented overreach” in their effort to ask a federal judge to hold the Tesla Inc. chief executive in contempt of court.
In the Feb. 19 tweets in question, Musk said: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” clarifying a few hours later: “Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.” — Elon Musk February 20, 2019 The SEC claimed that violated an agreement from last fall, when Musk settled an SEC fraud investigation over another tweet. As part of that deal, Musk agreed that Tesla would have oversight and pre-approval over his tweets that are material to the company. He also agreed to pay a $20 million fine — Tesla was also fined $20 million — and gave up his seat as Tesla chairman.
In Monday’s filing, Musk’s attorneys said the case was much ado about nothing. “Musk correctly used his discretion to determine that his … tweet was not material and did not contain information that could reasonably be considered material,” they wrote. “Here, the tweet was simply Musk’s shorthand gloss on and entirely consistent with prior public disclosures detailing Tesla’s anticipated production volume.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla's Elon Musk could be suspended as CEO in latest SEC scuffle, securities lawyers saySecurities lawyers, some of whom worked at the SEC, said Elon Musk's tweets about Tesla production look like a clear violation of his agreement with the agency, and that he could face a suspension or further consequences.
Read more »
Elon Musk's lawyers shoot down SEC filing against Tesla CEOTesla CEO Elon Musk shot back against U.S. securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker's production volume did not violate the court's judgment.
Read more »
Tesla's Musk nears deadline to respond to SEC contempt bidTesla Inc Chief Executive Elon Musk has until the end of the day on Monday to ex...
Read more »
MUSK FILES HIS DEFENSE: Says SEC seeks to violate his First Amendment rights, and its filing 'smacks of retaliation and censorship'The SEC gave Tesla CEO Elon Musk a few weeks to argue that he was not in contempt of a court order — now Musk has fired back defiantly.
Read more »
Elon Musk asks Pentagon for his security clearance back during review of pot-smoking incidentMusk, who is also CEO of Tesla, refiled security form SF-86, the person said, following his apparent use of marijuana on a podcast last year, which the U.S. Air Force began looking into in September.
Read more »
Elon Musk always thought SpaceX would 'fail' and he'd lose his PayPal millionsElon Musk on SpaceX: 'I always thought we would fail' via CNBCMakeIt
Read more »
Tesla’s Elon Musk, facing contempt charges, says semi-secret meeting was a mistakeTesla refused to release recording or transcript of an invitation-only meeting where profits and production forecasts were discussed. Elon Musk said the company's media team is 'fixing' the 'mistake.' More from russ1mitchell:
Read more »
Elon Musk firm pitched to build transit system in Las VegasLAS VEGAS (AP) — Entrepreneur Elon Musk's dream of an express tunnel transit system could finally become a reality in Las Vegas after major setbacks in other cities. Las Vegas' tourism...
Read more »