The SEC has asked a federal judge whether Elon Musk should be held in contempt of a settlement deal because of a tweet he made last week
that"Tesla made 0 cars in 2011, but will make around 500k in 2019." Hours later, Musk sent a follow-up tweet indicating that the company will actually deliver just 400,000 cars this year.
Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.His October 2018 settlement with the SEC mandates that he receive pre-approval of any social media posts with information that's"material" to shareholders. Tesla agreed to establish a board committee to oversee those posts.
SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k. How embarrassing ... 🤗However, the settlement agreement stipulates that any edits to pre-approved language need to be approved again by Tesla's committee. And even if it were verbatim, Musk would have needed new approval, because pre-approval expires after two days.
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