The SEC slams Elon Musk for failing to have 'a single' Tesla tweet checked
about the company’s production wasn’t vetted in advance by Tesla lawyers. His attorneys argued in a March 11 court filing the February tweet didn’t contain material information.
The securities regulator said Musk interprets the October deal “as not requiring pre-approval unless Musk himself unilaterally decides his planned tweets are material. His interpretation is inconsistent with the plain terms of this Court’s order and renders its preapproval requirement meaningless.” It reiterated a request that Nathan find Musk in contempt of the agreement “and order all necessary and appropriate relief to enforce its terms.
The ongoing case was sparked by Musk’s self-inflicted social media wounds, when he tweeted in August 2018 that he had “funding secured” to take Tesla private. That turned out to be false and the SEC charged him with securities fraud. Although the SEC hasn’t requested a specific punishment for violating the deal, it initially sought Musk’s removal as Tesla CEO and chairman in a lawsuit it filed in September 2018.
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