Both Elon Musk and SEC in 2018, had resolved to an agreement that Musk must always receive pre-approval of any social media posts with information that's "material" to shareholders, with Tesla agreeing to establish a board committee to oversee those posts.
A federal judge on Tuesday gave Tesla's irascible Chief Executive Elon Musk two weeks to explain why he should be spared from being held in contempt for violating a settlement with USA regulators.
Musk tweeted on February 19 that "Tesla made 0 cars in 2011, but will make around 500k in 2019". After that tweet posted, the lawyer "immediately arranged to meet with Musk and draft the corrective statement that Musk tweeted over four hours later".
The SEC motion filed this week could throw the electric vehicle maker into chaos at a time when it is under pressure to repay hundreds of millions of dollars in loans due in coming months.
In a tweet after the SEC filing, Musk said the SEC overlooked a comment he made on the company's January 30 earnings call that Tesla may make as many as 500,000 of its Model 3 sedans this year.
A tweet has gotten Elon Musk in hot water with the Securities and Exchange Commission (SEC) yet again. Musk has openly taunted the SEC before, including calling it the "Shortseller Enrichment Commission" and telling "60 Minutes" in December that he didn't "respect" the agency.
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Jeremy Corbyn said he had "lost count" of the prime minister's explanations for her "grotesquely reckless" Brexit delays. "It's within our grasp to leave with a deal on March 29 and that's where all of my energies are going to be focused".
The federal judge on Tuesday gave Musk until March 11 to show why he should not be held in contempt of court.
"Something is broken with SEC oversight", Musk wrote Friday morning, replying to a tweet by a Twitter user who had expressed empathy for Musk in his dealings with the stock-market regulator.
That followed his Monday night tweet, after the contempt motion was filed, that the "SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k", and added: "How embarrassing".
Musk faces potential punishment if he is found to be in contempt.
Lawyers for Tesla and Musk did not immediately respond to requests for comment. Both Feb. 19 tweets occurred while the USA stock market was closed.
Shares of Tesla, off about 10% in 2019, closed Tuesday about flat at $297.86, suggesting that investors are putt only moderate stock in the latest news amid everything else that might be on their minds. He and the company paid fines of $20 million each as part of the settlement and Musk agreed to step down as chairman while remaining CEO.