) Chief Executive Elon Musk shot back against U.S. securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker’s production volume did not violate his fraud settlement and he cannot be held in contempt.
“This contempt action, following Musk’s sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning and unprecedented overreach on the part of the SEC,” the filing said.The settlement between Musk, Tesla and the SEC resolved an SEC lawsuit over claims Musk made on Twitter in August that he had “funding secured” to take Tesla private at $420 per share. The SEC called those tweets “false and misleading” and a go-private deal never materialized.
Tesla has backed off a plan to close all its U.S. stores and said it will instead raise prices of its higher-end vehicles by about 3 percent on average. Moreover, Musk has exhibited self-censorship in dramatically reducing the volume of tweets since the settlement, they wrote, adding that the SEC’s request, if granted, would raise free speech issues.
FILE PHOTO: Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo
TV The SEC thinks they are above the law. A lot of blood, sweat, and tears behind the bill of rights, and they think they can trample it over a grudge. Shame on the SEC, they are supposed to protect the shareholders, not destroy wealthy over an immaterial tweet after trading hours.
TV Has any seen realDonaldTrump and elonmusk in the same room together?
TV TheJusticeDept GOP DNC WhiteHouse IMO they are not going to stop until they destroy elonmusk & steal all Tesla Tech+IP for the shorters & speculators behind CNBC Cramer & his gangsters. Everybody knows they are in collusion w/ some inside SEC. What a sad day for America.
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