WATCH: Elon Musk shoots down U.S. regulator's complaint about his Tesla tweet via ReutersTV
) Chief Executive Elon Musk shot back against U.S. securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker’s production volume did not violate his fraud settlement and he cannot be held in contempt.
“This contempt action, following Musk’s sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning and unprecedented overreach on the part of the SEC,” the filing said.The settlement between Musk, Tesla and the SEC resolved an SEC lawsuit over claims Musk made on Twitter in August that he had “funding secured” to take Tesla private at $420 per share. The SEC called those tweets “false and misleading” and a go-private deal never materialized.
Tesla has backed off a plan to close all its U.S. stores and said it will instead raise prices of its higher-end vehicles by about 3 percent on average. Moreover, Musk has exhibited self-censorship in dramatically reducing the volume of tweets since the settlement, they wrote, adding that the SEC’s request, if granted, would raise free speech issues.
FILE PHOTO: Tesla CEO Elon Musk attends the Tesla Shanghai Gigafactory groundbreaking ceremony in Shanghai, China January 7, 2019. REUTERS/Aly Song/File Photo
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Elon Musk said Tesla should not have lowered the price of AutopilotElon Musk said on Tuesday that Tesla should not have temporarily lowered the price of Autopilot, its semi-autonomous driver-assistance system.
Read more »
Elon Musk’s lawyers say SEC is overreaching in seeking contempt rulingAttroneys for Elon Musk on Monday accused the Securities and Exchange Commission of “concerning and unprecedented overreach” in their effort to ask a federal judge to hold the Tesla Inc. chief executive in contempt of court.
Read more »
Elon Musk blindsided Tesla staffers with plan to close stores, sources sayTesla Chief Executive Elon Musk caught many employees by surprise with his announcement last week that the electric-car maker would close most of its physical stores and shift to online-only sales, according to three people familiar with the matter.
Read more »
Elon Musk says Tesla will raise prices and slow down store closuresElon Musk announced Sunday night that Tesla will raise vehicle prices by about 3 percent, and keep more stores open than previously planned.
Read more »
Top Tesla Shareholder Says Elon Musk ‘Doesn’t Need to Be CEO’Baillie Gifford, Tesla’s largest outside shareholder, is open to a different role for the company’s founder and CEO.
Read more »
Elon Musk's lawyers shoot down SEC filing against Tesla CEOTesla CEO Elon Musk shot back against U.S. securities regulators on Monday, arguing in a filing that his recent tweet about the electric vehicle maker's production volume did not violate the court's judgment.
Read more »
MUSK FILES HIS DEFENSE: Says SEC seeks to violate his First Amendment rights, and its filing 'smacks of retaliation and censorship'The SEC gave Tesla CEO Elon Musk a few weeks to argue that he was not in contempt of a court order — now Musk has fired back defiantly.
Read more »