Elon Musk does it again with his tweets!
Elon Musk is well-known for his tweets that usually bring up some controversy or the other. This time, the CEO of Tesla has made a tweet that has brought the SEC to war against him again.
A contempt order has been filed by the U.S. Securities and Exchange Commission against Musk. The order mentions that a fraud settlement has been violated by Musk through his tweet.
Elon Musk is known for his tweets that get him into trouble.
On August 7, Musk tweeted that he considered taking Tesla private. On September 27, he was sued by the SEC to abstain from serving as director of any public company and to pay a monetary fine. On September 29, Musk agreed to pay a fine of $20 million fine and agreed to step down as chairman of Tesla. On October 4, Musk aggravates the SEC calling them as Shortseller Enrichment Commission. On Feb 19, Musk a corrected a prediction made by him on the number of cars Tesla would make in 2019.
Currently, on Feb 25, the SEC has asked a judge to hold CEO Musk in contempt, saying that he violated a settlement on Feb 19, when he wrote that Tesla made zero cars in 2011, but will make 500k in 2019.
Elon Musk has been taunting the SEC with his tweets and has faced the contempt of the SEC.
The SEC had asked Tesla CEO to develop a process by which all of his tweets should be pre-approved, so that market-moving information may not mislead the public
In December, Musk had told 60 Minutes that he did not respect the SEC.
The legal wrangling continues and so do the tweets by the Tesla CEO.
It is interesting to note that Dane Burswinkas, the famous trial lawyer has been appointed as general counsel of Tesla, instead of Todd Maron.