Elon Musk and SEC settle a dispute over Telsa CEO's tweets.
Elon Musk and U.S. securities regulators have settled their dispute over the Tesla CEO's tweets, with Musk agreeing to having his future communications regarding the electric-car maker pre-approved by a company-employed expert.
The deal means Musk would no longer face the threat of being held in contempt as the SEC has demanded. The agency had alleged that Musk violated a previous settlement requiring his tweets to be approved by a lawyer if they disclose important company facts. Musk's attorneys contended his tweet that Tesla would produce about 500,000 vehicles this year didn't need approval because it wasn't new information that would be meaningful to investors. They said the SEC was violating Musk's First Amendment rights to free speech.
It is more specific and detailed than the previous accord regarding the affected topics. Those range from Tesla's financial condition and results through potential mergers, sales numbers, new business lines and changes in control or top executive positions.
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