SEC again ask for more time to reach deal over Tesla CEO's Twitter use
Musk was found in contempt of a fraud settlement last year
Elon Musk, founder, CEO and lead designer at SpaceX and co-founder of Tesla, speaks at the International Space Station Research and Development Conference in Washington, US, July 19, 2017. PHOTO: REUTERS
Tesla Chief Executive Elon Musk and the US Securities and Exchange Commission on Thursday sought a second delay and requested to provide the court with another joint submission on or before April 30, indicating whether they have reached an agreement to settle a dispute over Musk’s use of Twitter, both parties said in a court filing.
Tesla prepares to offer Model 3 leasing to boost demand
The SEC in February sought to have Musk found in contempt of a fraud settlement last year after the CEO tweeted details about Tesla production numbers that were not vetted by the electric vehicle company’s attorneys.
Instead, US District Court Judge Alison Nathan in Manhattan ordered Musk and the SEC to try to resolve the dispute on their own. The parties have already requested one extension.
Top Tesla shareholder says Musk ‘doesn’t need to be CEO’: Barron’s
The SEC sued Musk last year for making fraudulent statements after he tweeted on August 7 that he had “funding secured” to take Tesla private at $420 per share. The parties later settled and Musk agreed to step down as chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company. Musk’s lawyers have argued that the February tweet did not contain new information that was material to investors.
Tesla prepares to offer Model 3 leasing to boost demand
The SEC in February sought to have Musk found in contempt of a fraud settlement last year after the CEO tweeted details about Tesla production numbers that were not vetted by the electric vehicle company’s attorneys.
Instead, US District Court Judge Alison Nathan in Manhattan ordered Musk and the SEC to try to resolve the dispute on their own. The parties have already requested one extension.
Top Tesla shareholder says Musk ‘doesn’t need to be CEO’: Barron’s
The SEC sued Musk last year for making fraudulent statements after he tweeted on August 7 that he had “funding secured” to take Tesla private at $420 per share. The parties later settled and Musk agreed to step down as chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company. Musk’s lawyers have argued that the February tweet did not contain new information that was material to investors.