The SEC, which has tangled several times with Musk, suggests it's keeping a closer eye on executives' comments on social media about their companies.
This week’s warning from stock regulators probably doesn’t indicate a re-examination of Musk’s past comments, said John Coffee, a professor of business law at Columbia University. “The SEC will probably only sue Musk for future statements, not past ones.” “Corporate officers cannot say whatever they want on social media without regard for the federal securities laws.”Milton’s claims about Nikola were certainly outrageous.
“Milton lied about nearly every aspect of his business,” Manhattan U.S. Attorney Audrey Strauss said on Thursday. “I do not think Musk has approached the reckless absurdity of Milton with his statements about producing hydrogen and rolling a non-functional truck downhill,” said Coffee. Separately, Musk is contending with an investor lawsuit in Delaware that alleges he made misleading statements to justify Tesla’s 2016 purchase of solar panel installer SolarCity. To promote that deal, he arranged an event at Universal Studios in Hollywood to promote solar roof tiles that would become a major business for Tesla as a result of the acquisition.
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