SEC tears into every aspect of Elon Musk's defense, says one of his main arguments against contempt 'borders on the ridiculous.'
Attorneys for the Securities and Exchange Commission on Monday blasted Tesla Inc. Chief Executive Elon Musk’s defense over whether he should be held in contempt of court, calling one of his main arguments “ridiculous.”
— Elon Musk February 20, 2019 The SEC claimed that violated an agreement from last fall, when Musk settled an SEC fraud investigation over another tweet. As part of that deal, Musk agreed that Tesla would have oversight and pre-approval over his tweets that are material to the company. He also agreed to pay a $20 million fine — Tesla was also fined $20 million — and gave up his seat as Tesla chairman.
“Musk’s contention — that the potential size of a car company’s production for the year could not reasonably be material — borders on the ridiculous,” the SEC said.
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