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SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

wsj.com

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Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#11

Post by javagram »

jordz wrote: post #6

Can the SEC really do this given the content of this tweet? Surely they can’t seek approval for every tweet about Tesla? What if he says he’s driving home from “the Tesla factory”. Does this count as a breach if he didn’t seek approval?

Musk and his lawyers agreed to the terms of the settlement.

The only reason he had to settle in the first place was because he tweeted false, market-moving information via twitter. Maybe Elon should have considered the consequences then.

Why didn’t he just hand over his twitter password to a social media manager and stop tweeting once he lost millions of dollars over the last tweet?

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#12

Post by lovich »

jordz wrote: post #6

Can the SEC really do this given the content of this tweet? Surely they can’t seek approval for every tweet about Tesla? What if he says he’s driving home from “the Tesla factory”. Does this count as a breach if he didn’t seek approval?

Elon specified that this Twitter account is a place to find official Tesla announcements. He could have said it was his private opinions but once he said it was official hes bound by those rules

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#15

Post by nopriorarrests »

jordz wrote: post #6

Can the SEC really do this given the content of this tweet? Surely they can’t seek approval for every tweet about Tesla? What if he says he’s driving home from “the Tesla factory”. Does this count as a breach if he didn’t seek approval?

Tesla formally said in 2013 that Musk's personal Twitter account was one of the ways "we announce material information to the public about our company, products and services and other issues."

https://www.sec.gov/Archives/edgar/data/1318605/000119312513...

For additional information, please follow Elon Musk’s and Tesla’s Twitter accounts: twitter.com/elonmusk and twitter.com/TeslaMotors

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#16

Post by Rebelgecko »

jordz wrote: post #6

Can the SEC really do this given the content of this tweet? Surely they can’t seek approval for every tweet about Tesla? What if he says he’s driving home from “the Tesla factory”. Does this count as a breach if he didn’t seek approval?

It's only for tweets that are "materially relevant" to Tesla's investors. I don't know if the CEO visiting the factory qualifies as relevant to investors, but any comments about production rates certainly would, since ramping up production seems to be one of Tesla's biggest struggles. The fact that he said something untrue about production rates (overstating previous predictions by 25%) certainly doesn't help.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#17

Post by heavenlyblue »

jordz wrote: post #6

Can the SEC really do this given the content of this tweet? Surely they can’t seek approval for every tweet about Tesla? What if he says he’s driving home from “the Tesla factory”. Does this count as a breach if he didn’t seek approval?

His tweet would be more like “I am driving home from factory that is still open at 20:00 and all workers are there”, when it closed at 18:30. Moreover, given his history I am absolutely seeing why a single tweet is enough to start a litigation against him.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#18

Post by bostonpete »

a-wu wrote: post #7
darkpuma wrote: post #5

Earlier quoted context omitted.

Was that particular tweet the offender, or the two subsequent tweets? > "Tesla made 0 cars in 2011, but will make around 500k in 2019" > "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 article seems to suggest it was tweets about projected numbers. Edit: From the filing: > "On February 19, 2019, Musk tweeted, “T…

According to the filing posted by another user, the first one.

That's incorrect if you read the SEC filling the problem was that he was projecting 2019 production publicly

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#19

Post by mlindner »

spectramax wrote: post #3

At this point, the board of directors should just demand deletion of his Twitter account. I admire Elon for his vision, and actually also admire his radical style despite of its unpopular image - I watched the video where he smoked pot on the radio show. It was a really amazing conversation about future of humanity. He just needs to stop tweeting. You may say it’s fixing the symptom, but here if we take Twitter away,…

Your comment should have stayed dead, I don't know how you revived it. The board of directors demanding he delete his Twitter account is pointless. He would just refuse.

Secondly, this has nothing to do with the FCC.

Thirdly, your personal hatred of Twitter is completely off topic.

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