Tesla's Elon Musk and SEC to square off in a Manhattan court via ReutersTV
NEW YORK - Elon Musk’s job as Tesla Inc’s chief executive appeared safe on Thursday as a federal judge in Manhattan urged the billionaire to settle contempt allegations by the U.S. Securities and Exchange Commission over his use of Twitter.
“What this is to the SEC is strike two, and if there is another transgression they might seek a director and officer bar,” said Peter Henning, a law professor at Wayne State University in Detroit and a former SEC lawyer. “They are just trying to send a message: be more careful.” Musk declined to discuss the hearing as he left the courthouse, surrounded by a horde of reporters, photographers and television cameras, but said “I feel very loved here.”In a statement provided later by Tesla, Musk said: “I have great respect for Judge Nathan, and I’m pleased with her decision today. The tweet in question was true, immaterial to shareholders, and in no way a violation of my agreement.”Tesla’s share price tumbled 8.
Four hours later, Musk corrected himself, saying annualized production would be “probably around” 500,000 by year end, with full-year deliveries totaling about 400,000.
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