A federal judge on Friday authorized the U.S. Securities and Exchange Commission to distribute $40 million from its 2018 settlements with Tesla Inc and Chief Executive Officer Elon Musk, after Musk accused the regulator of dragging its heels.
Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERSThe company and law firm names shown above are generated automatically based on the text of the article. We are improving this feature as we continue to test and develop in beta. We welcome feedback, which you can provide using the feedback tab on the right of the page.
NEW YORK, March 25 - A federal judge on Friday authorized the U.S. Securities and Exchange Commission to distribute $40 million from its 2018 settlements with Tesla IncU.S. District Judge Alison Nathan in Manhattan approved the distribution plan that the SEC proposed on March 9. Her approval came after Musk said the SEC had ignored its "court-ordered duty" by waiting nearly 3-1/2 years to make the payout to investors in his electric car company.Musk and Tesla had each paid $20 million civil fines, and Musk stepped down as Tesla's chairman, to resolve SEC claims that Musk defrauded investors by tweeting on Aug. 7, 2018 that he had "funding secured" to take Tesla private.
The available funds have since grown to about $41.2 million including interest, according to the SEC.Musk is seeking to throw out his 2018 agreement with the SEC, which requires that a Tesla lawyer pre-approve his tweets if they could be material to investors. The SEC opposes Musk's request. It is also investigating Musk's Nov. 6, 2021 tweet asking his followers whether he should sell 10% of his Tesla stake, to cover tax bills on stock options.The cases are SEC v Musk, U.S. District Court, Southern District of New York, No. 18-08865; and SEC v Tesla Inc in the same court, No. 18-08947.
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