Elon Musk and the SEC resolve dispute over the Tesla’s CEO’s tweets
Tesla Inc. electric automobiles sit charging at a Tesla Supercharger station in Zaltbommel, Netherlands, on Monday, April 1, 2019. With 5,315 new cars registered, Tesla’s Model 3 accounted for 29 percent of the new sales.
In the filing, the two sides said they agreed to make amendments to a deal they struck last year, laying out more clearly what communications require oversight and approval for Musk. The SEC asked U.S. District Judge Alison Nathan to hold Musk in contempt, alleging a Feb. 19 tweet from Musk -- which claimed Tesla would deliver half a million vehicles this year -- violated the terms of an earlier securities fraud agreement that required Musk’s tweets concerning company news to be pre-approved by the agency. The tweet was misleading, the SEC argued, because Tesla was on track to produce up to 400,000 vehicles in 2019.
A federal judge in New York had ordered the parties to meet over the course of two weeks to settle the matter, but they requested extensions after the initial filing deadline.
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