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Elon Musk finally had his day in court. And it looks as though, barring any surprises, he will continue as CEO of Tesla. The SEC and Musk's lawyers will be hammering out a revised copy of their settlement agreement over the next two weeks as ordered by the judge - because the first one worked out so well.
"I have great respect for the justice system," Musk hilariously said upon arrival, according to CNBC.
Bloomberg - Judge - Nathan - Bench - EST
According to Bloomberg, Judge Nathan took the bench at almost exactly 2PM EST this afternoon and each side was given 45 minutes to argue, an amount that's generally longer than most oral arguments of its kind, perhaps due to the high profile of the case.
SEC attorney Cheryl Crumpton led off by arguing that Musk "recklessly tweeted out information that has no basis in fact." When asked about what other Tweets might have violated the SEC agreement, the SEC said that they had not made a determination on other posts but that they're looking at the Feb. 19 tweet as the "clearest" example of a violation.
SEC - Minutes - Argument - Tesla - Conduct
The SEC continued, about 20 minutes into its oral argument, saying: “Tesla’s conduct is also troubling to the SEC. This court ordered Tesla to implement a mandatory pre-approval process, but they are apparently fine with Mr. Musk making up his own procedure. Tesla still seems unwilling to exercise any meaningful control over the conduct of its CEO".
“It wasn’t until we saw the Feb. 19 tweets that we were confronted with the obvious evidence of non-compliance," the SEC argued.
Order - Production - Numbers - SEC - Minutes
"He violated the order because he was wrong that the production numbers he tweeted had already been released," the SEC continued about 35 minutes into their argument. "It doesn’t require a willful violation for him to be found in civil contempt."
"This was a tweet...
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