Elon Musk reaches SEC agreement on his Twitter usage

30 April, 2019, 04:26 | Author: Gerard Cortez
  • Tesla self driving cars autonomous robo taxis automotive

Some analysts perceived the presentation as a way to deflect attention from questions about demand, margin pressure, increasing competition and even Musk's ongoing battle with US regulators. The agreement must be approved by U.S. District Judge Alison Nathan, who has presided over the case.

Earlier in February, the SEC asked to hold Musk in contempt of court for allegedly violating a previous public disclosure settlement.

The questionable tweet was related to Tesla production figures and appeared to contradict figures represented in an earlier letter to the company's shareholders.

Musk's lawyers have argued that the February tweet did not contain new information that was material to investors, and that Musk did not need pre-approval for all tweets about Tesla under the settlement. If the settlement sticks this time around, it might be the best news Elon Musk has gotten all year. But if there was any question over specifically what those terms entailed, there shouldn't be now.

The new agreement requires Mr Musk to get approval in advance from "an experienced securities lawyer" employed by Tesla, which is based in Palo Alto, California, before he issues any written communication on a wide range of financial topics.

Okay, we'll see about that.

Launches in Japan, Australia, New Zealand, and Hong Kong will follow "shortly thereafter", Musk said.

"This is a clear win for Elon Musk", said Dan Ives, an analyst at Wedbush Securities in NY.

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The SEC sued him for misleading investors, leading to a $40m settlement.

Tesla's $1.8 billion junk bond sank half a cent to yield 8.42%, more than 3 percentage points above the bond's coupon rate of 5.3%.

The source also noted that Tesla has 10 employees onsite to supervise the construction of what is likely to be the most-watched construction site in the world. He corrected that a few hours later, after consulting with the internal lawyer, with a tweet saying deliveries would reach only about 400,000.

Tesla's Gigafactory 3 in Shanghai, China, is on track to roll the first Model 3 off the production lines in September of this year.

The Company's financial condition, statements, or results, including earnings or guidance.

Overall company revenue in the period rose 33 percent to $4.5 billion in a year-over-year comparison, but fell far short of Wall Street forecasts.

But Mr Musk's legal troubles over social media do not end with the SEC.


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