The U.S. securities watchdog's request that a federal judge hold Tesla Inc ...
FILE PHOTO: Tesla CEO Elon Musk leaves Manhattan federal court after a hearing on his fraud settlement with the Securities and Exchange Commission in New York City, U.S., April 4, 2019. REUTERS/Shannon Stapleton TPX IMAGES OF THE DAY - RC1F37624090/File Photo
SEC Commissioner Robert Jackson, a Democrat, told reporters at a conference in Washington that the SEC was reasonable in suggesting greater oversight of Musk’s communications, including the threat of new fines if he backslides. The SEC had asked U.S. District Judge Alison Nathan to hold Musk in contempt over a Feb. 19 tweet in which the agency said he had improperly posted material information about Tesla’s vehicle production outlook without seeking approval from its lawyers.
The SEC, which had sued Tesla, asked the company in September to consider removing Musk. The CEO agreed to step down as Tesla’s chairman in an agreement that also required preapproval of Musk’s written communications that could be material to the company, such as volumes of cars produced or other information likely to change the value of its securities.
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