A federal judge overseeing a legal settlement between the SEC and Tesla CEO Elon Musk wasted little time in saying she’ll allow the regulator to respond to “new factual assertions” made by the colorful billionaire’s lawyers
wasn’t vetted in advance by Tesla lawyers, as terms of the deal require. Attorneys for Musk argued in their March 11 court filing that the tweet didn’t contain material information since the production figures were essentially revealed in Tesla’s fourth-quarter earnings materials and during its January 30 conference call.
“Musk correctly used his discretion to determine that his 7:15 pm tweet was not material and did not contain information that could reasonably be considered material,” his defense team said. “Second, even if Musk were incorrect in his judgment that the tweet was not nor reasonably could be considered material—a view shared by Tesla and reflected by the market’s nonreaction—he cannot be held in contempt unless there is evidence that he did not diligently attempt to comply with the Order.
He kept his management job, but the settlement forced him to give up the chairman role, pay a combined $40 million of fines with Tesla, add two independent directors to the company’s board and agree to have social media posts containing material Tesla information reviewed in advance by company lawyers.,” was inaccurate and was later updated: “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.
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