• 3 hours Three Stocks To Watch Ahead Of Earnings Season
  • 7 hours Markets Flat As Bulls And Bears Battle It Out
  • 9 hours The Mining Industry Still Has a Human Rights Problem
  • 1 day 5 Billionaires Booted From Their Own Companies
  • 1 day Can Toyota's Hydrogen Car Take On Tesla?
  • 2 days Why Universal Basic Income Won't Work
  • 3 days Is This The Real Golden State?
  • 3 days Blockchain Firm Pushes For Ethical Mining
  • 4 days America’s Working Class Are Footing All The Bills
  • 4 days Market Volatility Sends Investors Scrambling Into This Asset Class
  • 4 days How Much Energy Would It Take To Power The Death Star?
  • 5 days A Tweet About Hong Kong Could Cost The NBA $4 Billion
  • 5 days World's Largest Miner Doubles Down On Renewables
  • 5 days Nasdaq Cracks Down On Small Chinese IPOs
  • 6 days Is There Any Reason To Be Bullish About Netflix?
  • 6 days Precious Metals See Record Inflows As Investors Hedge Against Teetering Economy
  • 6 days NYU Professor: Tesla Could Lose 80% Of Its Value
  • 7 days Uber To Offer On Demand Employment
  • 7 days SoftBank Reeling After Questionable WeWork Investment
  • 7 days Opportunity Arises In The Democratic Republic Of Congo
Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. News
  3. Breaking News

Musk Draws SEC Attention With Another Controversial Tweet

Tesla

Just two months after he tweeted a production figure forecast, Tesla’s chief executive has done it again just days after he had to appear in court because the Securities and Exchange Commission accused him of violating an agreement to first ask the board of directors for approval of any tweets that might move Tesla stock.

Bloomberg reports that the tweet comes amid concern about the future performance of the company after reports that Tesla and Panasonic were shelving their plans to expand the production capacity of the Nevada gigafactory.

The tweet was actually a reply to another network user’s tweet in a discussion regarding the future value of electric cars and Tesla's in particular. However, if the SEC is watching Musk as closely as its reaction to his previous tweet suggests, chances are it will again try to get him in line with the help of the court system.

The financial markets regulator in February asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive last year, which requires him to get the approval of the Tesla board of directors before tweeting anything that could “be material to investors.” Related: How Long Will Stock Market Euphoria Last?

The tweet that prompted the SEC move said that Tesla will manufacture half a million cars this year. The tweet, however, was quickly followed by another one, clarifying that “Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.” 

The judge was not impressed, however, and told both sides to “Take a deep breath, put your reasonableness pants on, and work this out,” giving them until this Thursday to settle their differences out of court. If they fail to do so, Judge Alison Nathan will rule on the contempt charge.

By Irina Slav for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment