SEC Slams Musk For Failing to Adhere To Tweet Approval Rule

SEC says Musk defense 'borders on the ridiculous'

Last month, The Securities and Exchange Commission has asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive previous year, which requires him to get the approval of the Tesla board of directors before tweeting anything that could "be material to investors".

The Securities and Exchange Commission has approached a Manhattan court accusing Tesla chief executive Elon Musk of violating an agreement with the regulator that required him to seek approval from the company's board for any tweet that might affect Tesla's share price.

Going forward, new updates on Musk's ongoing legal battle with the SEC might keep Tesla investors on their toes.

The response follows the SEC's allegation that Musk's February 19 tweet about Tesla's production numbers was a violation of the agreement, and thus was a contempt of court. That order stems from a settlement reached between the SEC and Tesla in September over Musk's now-infamous "funding secured" tweet a year ago in which he said he was prepared to take the company private at $US420 per share. "As long as a statement submitted for pre-approval is not false or misleading, Tesla would presumably approve its publication without prior restraint on Musk", they wrote.

The last month has been busy for Tesla (TSLA). "The SEC requests that this court hold Musk in contempt and impose an appropriate remedy to ensure future compliance". Musk's lawyers promptly responded to the claims and asked for an extension to file a factual response no later than Friday.

Facebook blocked over 1.2 million New Zealand shooting videos at upload
The Google-owned video platform had tweeted saying they were working vigilantly to remove any violent footage of the attack. Facebook has faced criticism for not preventing broadcast of the livestream.

Why Wendy Williams Is Living in a Sober House
Williams talked about her everyday routine and how she has learned to battle her addiction , according to Entertainment Tonight . At the end of her show, Williams stood among her audience members and tearfully admitted what she had been going through.

Reality TV star 'Mama June' arrested on drug charges
The rep could not verify whether June remained in custody or what her arraignment date would be. Reality television star June "Mama June" Shannon has been arrested on drug charges in Alabama.

In a one-page letter to the judge, Hueston said the SEC raised new allegations in its reply, which he contends is improper. The SEC called the revelation "stunning".

He has said that the tweet was "celebratory and forward-looking" and that it did not contain any news that was not already available to the public.

The SEC accuses Musk of failing to have his tweets vetted and, instead, "unilaterally" deciding what is material information. Musk argued that he had used his own judgment to determine that his tweets did not contain material information-and that therefore the tweets didn't require review by Tesla's legal department.

It has learned since the publishing of the controversial February tweet that not only had Mr Musk not sought approval for that specific tweet - he has not sought approval for any of his social media posts since the settlement.

As of the closing on March 18, Tesla stock has fallen 15.8% in March.

Related News:

Most liked

Pixel 3a and Pixel 3a XL are Likely Google's New Mid-Range Phones
Compared side-by-side with the regular Pixel 3, the phones look nearly the same (save for the Lite's slightly larger bezel). The latest Android Q Beta 1 update revealed the names for the mid-range Pixel devices as Google Pixel 3a and Pixel 3a XL .

Ariana Grande's Tattoo for Pete Davidson Just Evolved - See It Now
Not only can fans see the pop star perform songs from her two new albums during the tour , but they can also register to vote. And fans were, understandably, extremely emotional while listening to his music as they waited for Grande to take the stage.

Christchurch shootings: NZ cabinet backs action on gun laws
Ms Ardern also announced that an inquiry will look into the lead-up to the bloodshed, and what might have been done differently. The Bangladesh cricket team, now on tour in New Zealand , narrowly avoided being caught up in the attacks.

Browne And Maguire Named In Mick McCarthy's Ireland Squad
I did say that "If I need you and I called you.' and I think the final answer was 'We'll see" so it wasn't a no. McCarthy has also been in touch with Daryl Murphy about the Nottingham Forest striker coming out of retirement.

Soda, sports drinks tied to higher risk of early death
However, drinking four or more artificially sweetened drinks a day was associated with a higher risk of death among women. But it's likely that both the added sugars and calories in these beverages play a role, Malik said.

New DNA evidence claims to unveil identity of Jack the Ripper
Researchers say new DNA evidence may unmask Jack the Ripper, the infamous murderer who went on a killing spree through Victorian London .

Super Worm Spring Moon Ushers In First Day Of Spring
The March full moon is also known as a "full sap moon" - a reference to the time of year when sap starts to flow from maple trees. A super moon occurs when a full moon or new moon coincides with the moon's position at its closest to earth.

Blake Bortles agrees one-year deal with LA Rams
Bortles is finalizing a deal to sign with the Los Angeles Rams, according to ESPN's Jeff Darlington . The Rams are coming off a Super Bowl appearance, where they lost to the New England Patriots.

Disney completes $71B acquisition of much of Fox entertainment
The company issued the announcement early Tuesday, which is the same day it finalized its split from 21st Century Fox. Fox News and Fox Business are now part of the newly created Fox Corporation.

French minister named her cat Brexit because he’s indecisive, report says
The ruling, which overturned May's strategy to revive her Brexit deal at the 11th hour, appeared to blindside 10 Downing Street. May could not reintroduce her Brexit deal to Members of Parliament for the third time unless it has been substantially changed.

Germany's Deutsche Bank, Commerzbank to hold talks on merger
Deutsche Bank has a market value of some 16 billion euros ($18.1 billion), while Commerzbank weighs in at about 9 billion euros. The merger of two massive German lenders - Deutsche Bank and Commerzbank - is being greeted with much fanfare in the markets.

Kazakh president says resigning after 3 decades in office
Nazarbayev, who won a 2015 election with nearly 98 percent of the vote, was widely expected to seek another term in 2020. He has extended his tenure by landslide victories in successive elections and plebiscites.

Netflix confirms that it won’t be part of Apple’s new service
These are incredible , large, well-funded companies with very significant efforts. The iPhone-maker is likely to introduce its video-streaming services on March 25.

Stanford study shows Apple Watch can effectively detect heart conditions
Participants downloaded an app, which intermittently checked their heart rate pulse sensor for irregularities. Fifty-seven percent of those who received these notifications did seek further medical attention as a result.

Nicollette Sheridan Slams Former 'Desperate Housewives' Co-Star Felicity Huffman
He recently spoke to Parade about the seemingly grueling application process his eldest daughter was going through. She was a student at the University of Southern California as of the fall of 2018.