Elon Musk reaches deal with SEC over Twitter use

Elon Musk reaches deal with SEC over Twitter use

Elon Musk and United States stock market regulators told a U.S. court on Friday that they have reached a deal to settle their differences over the Tesla chief executive's Twitter use.

The billionaire will require a sign-off from an "experienced securities lawyer" for tweets on a wide range of issues, from Tesla production forecasts to sales numbers, specified by the US Securities and Exchange Commission (SEC). Musk said he hadn't violated the agreement. The agreement was reached after Nathan essentially ordered the two to figure it out after the SEC asked the judge to hold Musk in contempt for a February tweet.

The two sides wound up in court on April 4, where judge Nathan ordered them to put their "reasonableness trousers on" and try to settle their difference outside the courtroom. The SEC argued the tweet did not receive the necessary pre-approvals mandated in the earlier settlement - a result of Musk abruptly tweeting previous year that he was considering taking Tesla private at $420 per share. But weeks later, regulators announced that he and Tesla had agreed to settlement deals that saddled them with $40 million in fines and required Musk to step down as the company's chairman.

Musk lawyers claim that the February tweet did not contain information that is important to investors and that the defendant does not need prior approval for all Tesla tweets within the established rules.

Musk corrected himself several hours later by "clarifying" that what he meant to say was that Tesla would be producing vehicles at an annualized rate of 500,000 for 2019. The SEC maintains it hurt investors who bought the stock after the tweet but before they had accurate information.

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The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Mr Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government. By reaching a compromise, Musk would avoid more penalties while the SEC would affirm the Tesla CEO's obligation not to release misleading information on social media.

Wednesday, Tesla posted a worse-than-expected loss of $702-M for the Quarter.

In addition to RHD order pages for the Model 3 going live, Tesla has also extended its current referral program from 1,500km of free Supercharging for anyone using a referral code when purchasing any Tesla vehicle to 7,500km.

The company attributed its disappointing financial results to Model 3 shipping delays, particularly in Europe and China.

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