Tesla Inc Chief Executive Elon Musk has until the end of the day on Monday to ex...
Tesla Inc Chief Executive Elon Musk has until the end of the day on Monday to explain why he should not be held in contempt for recent tweets that U.S. securities regulators say violated a September fraud settlement.
The renewed public battle between Tesla’s CEO and the SEC adds pressure on Musk, the public face of the electric vehicle-maker who is struggling to make it profitable after cutting the price of its Model 3 sedan to $35,000. A lawyer for Tesla and Musk told the SEC that the CEO believed the substance of the tweet had been pre-approved and disseminated when the company released fourth-quarter earnings in January.
Musk had called the regulator the “Shortseller Enrichment Commission” after the settlement, and tweeted that “something is broken with SEC oversight” just one day after the SEC started pursuing the contempt order. Hours later, U.S. District Judge Alison Nathan set a March 11 deadline for Musk to respond.
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