Tesla Inc Chief Executive Elon Musk has reached a deal with the U.S. Securities ...
NEW YORK - Tesla Inc Chief Executive Elon Musk has reached a deal with the U.S. Securities and Exchange Commission to settle a dispute over Musk’s use of Twitter, according to a court filing on Friday.
If it is approved by a judge, the deal means the Tesla founder no longer faces the prospect of being held in contempt for violating an earlier settlement with the agency that required him to submit any of his public statements that would be material to investors for prior review. The SEC sued Musk last year after he tweeted on Aug. 7 that he had “funding secured” to take Tesla private at $420 per share. The agency said the tweet, which sent the electric automaker’s share price up as much as 13.3 percent, violated securities laws. Musk’s privatization plan was at best in an early stage and financing was not in place.
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