Tesla CEO Elon Musk arrives at Manhattan court where judge will weigh SEC contempt case
NEW YORK - A federal judge in Manhattan began considering on Thursday whether Tesla Inc Chief Executive Elon Musk should be held in contempt for violating a fraud agreement, the latest twist in a high-profile battle between the billionaire and the government.
The SEC on Feb. 25 accused Musk of violating his October 2018 settlement by posting material information about Tesla on Twitter six days earlier, without first seeking approval from company lawyers.SEC SAYS MUSK HAD NO EXCUSE They have also said the SEC had conceded during settlement talks that Musk did not need pre-approval for all tweets about his Palo Alto, California-based company.
On Wednesday night, Tesla repeated its Jan. 30 vehicle delivery forecast, but said first-quarter deliveries had fallen 31 percent from the prior three months to about 63,000. “It seems pretty clear that this particular tweet was not run through the scrubbing system that Tesla was supposed to have in place,” said Stephen Diamond, who teaches securities law at Santa Clara University School of Law.A contempt finding by the judge could subject Musk to new sanctions such as a higher fine or removal from Tesla’s board or as chief executive, legal experts said.
The settlement resolved an SEC lawsuit that accused Musk of violating securities laws by tweeting last Aug. 7 that he had “funding secured” to take Tesla private at $420 per share.
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