JUDGE ORDERS MUSK INTO A ROOM WHILE REGULATORS BERATE HIM ABOUT HIS TWEETS

The Daily Caller | 3/1/2019 | Staff
marisha (Posted by) Level 3
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A federal judge decided Friday that Tesla CEO Elon Musk must meet with federal regulators for about an hour so they can resolve their problems, chief among them the mercurial billionaire’s Twitter behavior.

Judge Alison Nathan’s decision comes after a hearing Thursday when Musk’s lawyers and Securities and Exchange Commission (SEC) prosecutors got into verbal spats over what constitutes a material disclosure on Twitter. The SEC asked a judge in February to hold Musk in contempt for violating the terms of an agreement requiring Tesla to pre-approve his tweets.

Musk - SEC - Probe - October - Wrongdoing

Musk agreed to resolve an SEC probe in October 2018 without admitting or denying wrongdoing. The plan called for their combined $40 million in penalties to be distributed to affected shareholders. He told his Twitter followers in August of that year he secured “funding” to take the company private at $420 per share, far more than the company was worth at the time of the tweet.

SEC regulators said he violated the agreement when he tweeted that Tesla would make around 500,000 cars in 2019. Musk later corrected the tweet, saying he “meant to say” weekly production would be equal to half-a-million cars. (RELATED: Tesla’s First Quarter Deliveries Tumble As Musk Struggles To Expand Into China)

Reasons - Record - Argument - Yesterday - Parties

“For the reasons stated on the record at oral argument yesterday, the parties are...
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