The SEC has tried for several years to get Elon Musk to behave more like a typical corporate leader. It hasn’t worked.
, settling the case for a combined $40 million and changes to the company’s corporate governance. As part of the deal, it also fashioned a unique way to restrain Mr. Musk’s social-media habit: forcing the company to preapprove any statement by its CEO that could move markets., in 2019 and 2020, arguing that some of Mr. Musk’s tweets should have undergone the required oversight. Tesla disagreed, telling the SEC that his messages weren’t within the scope of the agreement.
“Because Elon is so intertwined with this company, any serious enforcement action against Musk has the potential to harm the company and shareholders,” said David Rosenfeld, a former SEC official now teaching law at Northern Illinois University. “It could end up being counterproductive. Musk has been poking the bear because he knows he can get away with it.”
Many small shareholders revel in Mr. Musk’s willingness to stiff-arm regulators. Others are weary of the spectacle. Ross Gerber, chief executive of Gerber Kawasaki Wealth and Investment Management, a Tesla shareholder, said he would like to see the company’s board of directors step in to moderate Mr. Musk’s behavior on Twitter.
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