The top U.S. securities regulator received permission from a federal judge on Tu...
- The top U.S. securities regulator received permission from a federal judge on Tuesday to respond to Tesla Inc Chief Executive Elon Musk’s arguments that his Twitter post about the electric vehicle maker’s production volume did not violate his recent fraud settlement.
The SEC had asked the court to hold Musk in contempt, saying his Feb. 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company’s preapproval. On Monday, Musk argued in a filing that his “single, immaterial” tweet to his more than 24 million Twitter followers claiming the electric vehicle-maker would produce around 500,000 cars in 2019 did not violate that agreement.
Musk corrected his tweet four hours later to say that the “annualized production rate” at year-end 2019 would probably be about 500,000, with deliveries expected to be about 400,000.
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