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Home / Business / Elon Musk concludes deal with the SEC, which requires stronger monitoring of his bad tweets

Elon Musk concludes deal with the SEC, which requires stronger monitoring of his bad tweets



Tesla boss Elon Musk beckons as he leaves Manhattan Federal Court on Thursday, April 4th. 2019.
Photo: Richard Drew (AP)

Elon Musk has made an agreement with the Securities and Exchange Commission after he had a dispute over his bad tweets, and what he can say about this platform after being accused to have violated the terms of an earlier agreement. It looks like Musk (really) needs to clarify some of his Tesla tweets with a lawyer.

The agreement reached between Musk and the agency was filed in federal court in Manhattan and must be approved next US District Judge Alison Nathan. The agreement was reached after Nathan basically ordered the two to find out after the SEC demanded that the judge should despise Musk for a February tweet.

The problematic tweet in question related to Tesla's production figures and appeared to contradict the figures presented in an earlier letter to the company's shareholders. While Musk corrected the seemingly mislabeled production number in his original tweet hours later, the SEC told the court that Musk "did not apply for or receive prior approval before publishing this tweet, which was inaccurate and inaccurate to more than 24 million people."

The agency considered the tweet of Musk as a violation of the agreement he had over the past year with the Tesla CEO over his now-infamous "420-Tweet" had achieved the privatization of the company. The settlement required Musk to receive approval for some of his statements about Tesla's activities in addition to paying a $ 20 million fine and resigning Tesla's CEO.

According to the New York Times, one of Musk's lawyers, John Hueston, at a hearing this month, said that ambiguity about restrictions on Musk's tweets created a "bleak policy." But whether or not there was a question of exactly what these terms meant should not exist now.

This week's subscribers must obtain "prior written approval from a trained securities attorney (up to 19459031)" of any written notices that relate to financial statements, statements, transactions, legal decisions, forecasts, estimates, or otherwise. Like the Company or the majority of independent Directors, they may request that they consider that communication on such additional matters is prior to approval of the interests of the Company's shareholders. "

Yes, we'll see about it.


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