SEC asks judge to hold Tesla CEO Elon Musk in contempt for violating deal

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Elon Musk and the SEC are battling it out again, with the SEC asking a judge to hold the Tesla CEO in contempt following his tweets on the company's manufacturing numbers. Here's what five experts say to watch next:

Shares of Tesla fell Tuesday after the Securities and Exchange Commission asked a judge to hold Elon Musk in contempt for violating its settlement deal. The stock fell as much as 3 percent before paring losses to close a just a fraction of 1 percent down. The SEC cited an"inaccurate" February 19 tweet about production, Bloomberg first reported. On that date, Elon Musk tweeted — then revised — projections for full-year Tesla manufacturing numbers.

Previously, the SEC settled charges with Musk and Tesla over the CEO's aborted bid to take the company private last fall, with the billionaire remaining at the helm of the company but relinquishing his chairman title and getting slapped with a $20 million fine. As part of the settlement, Musk was supposed to get pre-approval for future tweets.

Source: Law Daily Report (lawdailyreport.net)

 

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