Elon Musk to square off with SEC in court at contempt hearing via ReutersTV
Musk has countered that the information in his Feb. 25 tweet was not material, and did not need to be vetted. The SEC has not accused Tesla of contempt.The battle concerns a tweet that Musk sent to his more than 24 million Twitter followers: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” meaning 500,000 vehicles.
Musk’s lawyers countered that the earlier tweet merely restated a forecast he had given on Jan. 30, when he said Model 3 production could total 350,000 to 500,000 vehicles. Its share price was down more than 8 percent on Thursday afternoon, after earlier falling as much as 10.7 percent. In the October 2018 settlement, Musk agreed to step down as chairman of Tesla, which agreed to adopt procedures to oversee his communications and pre-approve written communications that could be material to the company.James Cox, a Duke University law professor, said Musk’s importance to Tesla could be a factor in how Nathan rules.
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