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The SEC believes that Tesla failed twice to check Elon Musk’s Tweets

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Illustration for the article titled Elon Musk Is In fact Pissing the SEC Off With His Tweets

Photo: Pascal The Secretary / Staff (Getty Images)

Regulators at the The Securities and Exchange Commission sent Tesla two separate notices CEO Elon Musk is on the fine ice for his tweets in the last few years, u Wall Street Journal reported Tuesday, warning that recent positions of the entrepreneur they were in violation of a 2018 settlement agreement send that lawyers signed on their social networks reflections on the company.

One of the tweets in particular examined is a Musk missing in May 2020, in which he wrote that Tesla’s stock price was “Too high imo.” Twenty minutes after Musk posted the tweet, Tesla’s shares – valued at low pressure $ 760 a share before the post – infamous he took a tumble, falendu at $ 722, a five percent decrease. Other regulators of the tweets say running the deal was a response published in July 2019 in which Musk proclaimed that Tesla was mirendu to make 1,000 solar roofs per week at the end of that year and «Sputting together the production line quickly, ”in an effort to meet that goal.

According to the SEC, Tesla’s lawyers were unable to properly verify the two tweets, which both escape on the Commission’s attempts to reduce it public messages they belong to “Production numbers or sales or delivery numbers.»

“In the face of Mr. Musk’s repeated refusals to submit his covered written communications on Twitter to Tesla for approval, we are very concerned about Tesla’s repeated determinations that there has been no violation of the policy due to allegations. carve-outs, ”the SEC wrote in its May 2020 report letter.

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SEC scrutiny increased the enforcement agency follows an enforcement action took against Tesla in 2018 in which he said Musk had committed a fraud after tweeting, “secured financing,” in reference to a potential acquisition of the company. (The funding had, incidentally, was not assured by that writing.) In response, the agency accused Musk with security fraud, and he and Tesla each paid $ 20 million each to settle the case out of court, in addition to Musk agreeing to resign from his role as president at Tesla and having the lawyers vet his public statements about society going forward.

Musk, for his part, has been openly antagonistic verse regulators in recent years, at times appears to burla the restrictions that have been placed on them.

“SEC, three acronym letters, the middle word is from Elon,“He tweeted in July 2020.


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