Elon Musk Tweets Out Another Tesla Forecast in Midst of SEC Talks

Jeannie Matthews
April 16, 2019

The financial markets regulator in February asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive a year ago, which requires him to get the approval of the Tesla board of directors before tweeting anything that could "be material to investors".

The SEC states Musk violated the settlement when he tweeted without the approval of a lawyer about Tesla's automobile production in February. That claim wasn't true, and sent Tesla's stock soaring initially.

Musk should be "enabled to step back from having to feel so driven to comment", Anderson said on March 5. The portfolio manager for Tesla's largest shareholder after Musk said the CEO may better serve the company by being less outspoken.

Musk later backed off the idea of taking the company private, but regulators concluded he had not lined up the money to pull off the deal.

After that, and as part of a settlement agreement between them, Musk personally paid a $20 million fine.

Much of the discussion Thursday based around whether the SEC rules offer a means to to ascertain whether or not would be material to investors and, thus, need preapproval.

The order comes after Nathan urged both sides to agree at a hearing on Thursday in NY that Musk attended.

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In a subsequent tweet, Musk said these changes will start on May 1. "He said that his client" really does what he is told".

Tesla also stated it delivered 63,000 vehicles at the quarter, down 31% from 2018's fourth quarter.

Tesla shares (TSLA) fell as much as 1.7 percent to $263.03 as of 9:38 a.m. Monday in NY trading.

The SEC sought to oust Musk out of his role as CEO and chairman within his August tweet.

Tesla recently made Autopilot a standard across its vehicles. On the other hand, there is a reason for the company making such move.

Musk's lawyers say his tweet that Tesla would produce around 500,000 vehicles this year didn't need pre-approval because it wasn't new information that would be meaningful to investors.

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