U.S. SEC receives permission to respond to Elon Musk’s defence of Tesla tweet GlobeBusiness
The top U.S. securities regulator received permission from a federal judge on Tuesday to respond to Tesla Inc Chief Executive Elon Musk’s arguments that his Twitter post about the electric vehicle maker’s production volume did not violate his recent fraud settlement.
The SEC had asked the court to hold Musk in contempt, saying his Feb. 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company’s preapproval.The renewed public battle between Tesla’s chief executive and the SEC adds pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000.
Lawyers for Musk said the tweet complied with the company’s communication policy for senior executives and was a “proud and optimistic restatement of publicly disclosed information.”
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