Markets

Elon Musk, SEC reach agreement over Tesla CEO's Twitter usage

Elon Musk, SEC reach agreement over Tesla CEO's Twitter usage

Elon Musk has agreed to let a social media minder approve his tweets under a new deal with America's stock market regulator.

Musk and the Securities and Exchange Commission attained the arrangement, they detailed in federal court in Manhattan.

The development comes in response to SEC's filing against Musk in contempt of a fraud settlement a year ago after the CEO tweeted details about Tesla production numbers that were not vetted by the electric vehicle company's attorneys, CNBC reported on Thursday.

They said the SEC was violating Mr Musk's First Amendment rights to free speech.

In February, Musk tweeted that Tesla "will make around 500k in 2019".

The settlement, which allowed Musk to remain as CEO, required him to obtain pre-approval from Tesla counsel before making written communications "that contain, or reasonably could contain, information material to Tesla or its stockholders".

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Despite his concerns, Pochettino affirmed that his side will not lose focus on the top-four race when they take on the Hammers. Like it would be if it was the opposite. 'We can not say now that the players were thinking about Tuesday, ' he said.

The new settlement strikes a much more moderate position from both sides in that specific topics are explicitly off-limits without prior approval from an "experienced securities lawyer", but are not as overly broad as information "material" to Tesla's operations.

Tesla's latest and more affordable electric vehicle, the Model 3, will finally be available to order in the United Kingdom from early May, according to the firm's chief executive Elon Musk. It also includes any "nonpublic legal or regulatory findings or decisions", as well as any topic the company or its board "may request" if they think pre-approval "would protect the interests" of shareholders. The agreement must be accepted by U.S. District Judge Alison Nathan, who has presided over the situation. In other words, the SEC seems to be satisfied with getting Musk to start seeking legal review for his tweets the way the agency thought Musk had been doing since last time.

Elon Musk and the SEC finally put aside differences and came to an agreement on what the Tesla CEO can and can't say.

That's what set off the SEC's contempt complaint.

His tweet sent Tesla's stock surging. Hours later, he clarified that Tesla hoped to reach a 500,000 car-per-year production rate by the end of 2019 and deliver 400,000 cars this year. It follows an October agreement that required him to step down as chairman and pay $20 million (Dh73m) to settle charges that he defrauded investors with false claims on Twitter in August about a possible bid to take the company private, which was quickly abandoned.


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