Tech

Tesla failed police Tweets Elon Musk, SEC says: Report

Loading...

  • The SEC told Tesla that Elon Musk twice violated the court’s order regarding his Twitter use, In the Wall Street Journal reported.
  • A 2018 deal between Musk, Tesla and the SEC has prompted Tesla lawyers to approve Musk’s tweets about the deal.
  • Musk’s tweets about Tesls ’solar roof production and share price violated that order, the SEC told the company.
  • See more stories on the Insider activity page.

The Securities and Exchange Commission told Tesla last year that CEO Elon Musk twice violated a court order requiring the company to approve his tweets, In the Wall Street Journal he reported Tuesday.

In 2018, Musk and Tesla came to a close agreement with the SEC to resolve allegations that Musk had committed a fraud by tweeting that he had secured funding to take Tesla private, when in fact he had not. As part of this settlement, Musk and Tesla each paid $ 20 million and agreed to have Tesla’s lawyers review in advance Musk’s social media posts.

But according to the Journal, the SEC wrote to Tesla in 2019 and 2020 to tell the company that two of Musk’s tweets – about the company production levels of solar roofs and his stock price he had violated the court’s order.

Tesla told the agency that the two tweets were “entirely aspirational” and a “personal opinion” expressed by Musk, respectively, and therefore did not require pre-approval, according to the Journal.

“In the face of Mr. Musk’s repeated refusals to submit his covered written communications on Twitter to Tesla for preliminary approval, we are very concerned about Tesla’s repeated determinations that there has been no violation of the policy due to of alleged carve-outs, ”the SEC wrote in response, The Journal reported.

Loading...

Tesla did not respond to a request for comment on this story.

Tesla’s surveillance of Musk’s tweets has repeatedly drawn the SEC’s wrath. The agency has accused Tesla as early as February 2019 of violating the order of the court, That back on Tesla’s promise to build 500,000 cars by the end of the year, leading the court to order both parties to agree on which issues need pre-approval.

Musk has also sparred with other regulatory agencies seeking to enforce behavior by the company, including restarting operations at a California store in violation of the local pandemic order, disputes with the National Transport Security Council over fatal crash with a Tesla, and avoiding safety regulations at work in Nevada.




Source link

Loading...

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button