Elon Musk in trouble with SEC over another tweet

Investor's Corner					Tesla Gigafactory 3 foundation prep underway as China mobilizes its workforce														 /YouTube

The Securities and Exchange Commission asked a federal judge to hold Tesla Inc. It noted specifically that he violated a fraud settlement by tweeting material information without preapproval. It was down as much as 5% during extended trading Monday.

The SEC seized on the initial tweet, and within days investigators were asking Tesla whether the tweet had been pre-approved. According to the SEC complaint, Musk failed to do so and proceeded to tweet out inaccurate information to his millions of followers.

"Musk has not made a diligent or good faith effort to comply with the provision of the Court's Final Judgment requiring pre-approval of his written communications about Tesla".

Even under the SEC scrutiny, Musk continues to tweet with seemingly little restraint. However, it is interesting timing. It alleged that he "published a series of false and misleading statements to millions of people, including members of the press, using the social media platform Twitter".

Elon Musk, notorious for making controversial statements on his personal Twitter account, is facing a new round of regulatory trouble for his latest tweet.

"Am considering taking Tesla private at $420".

The SEC's move puts Musk in legal peril once again.

Since agreeing to the settlement, Musk has repeatedly antagonized Wall Street's main regulator. That's likely chump change for the billionaire.

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When pressed how Tesla officials could know whether his tweets might be violating the SEC settlement if they were not readying them before they were posted, Mr Musk replied: "Well, I guess we might make some mistakes".

"I want to be clear".

And in a December interview with CBS's "60 Minutes", Musk said he did not have respect for the SEC.

The only tweets that would have to be, say, "reviewed" would be if a tweet had a probability of causing a movement in the stock [price].

The SEC added that Musk's claim to be restating comments in the call "is not credible" because the information in the two missives was "obviously different".

In a filing on Monday, the SEC said that in a tweet on February 19 Musk had broken a promise made previous year to have his public statements vetted by the company's board, part of the deal.

Tesla's general counsel Dane Butswinkas, hired as an outside counsel to help settle the case with the SEC, resigned a day after Musk made the tweet to which the new SEC case refers. A legal document filed in the Southern District of NY asks a judge to hold Musk in contempt of court for the February 19 tweet.


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