The Tesla CEO continued his public taunting of the SEC Tuesday, one day after the agency asked a judge to hold him in contempt.
Tesla CEO Elon Musk revived his public ridicule of the Securities and Exchange Commission on Tuesday, a day after the agency asked a federal judge to hold the billionaire in contempt for violating the terms of a recent settlement agreement.to tweets questioning the SEC’s motion.
The SEC is accusing Musk of breaking a deal to seek preapproval of any potentially market-moving tweets about the car company when he tweeted on Feb. 19 that Tesla would make about 500,000 cars this year. Four hours later, Musk tweeted that he “meant to say” the company’s weekly production rate would equal up to about 500,000 on an annual basis but that the total car deliveries this year would be closer to about 400,000.
The first tweet had not been preapproved as required, the SEC said in a motion filed in New York’s U.S. Southern District Court. Instead, Tesla’s attorneys saw the tweet after it was published and then reached out to Musk to draft a corrective second tweet.In a letter to the SEC included in the motion, Tesla said that Musk’s initial tweet about production levels was in line with what the company had told investors during a January 2019 call and was “intended to recapitulate” that information.
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