Misleading

Tesla CEO Elon Musk violated SEC agreement with misleading tweet, agency says

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Tesla’s CEO may have violated an agreement with the Securities and Exchange commission with a misleading tweet last week, the agency said in a court filing on Monday.

The SEC accused Elon Musk of violating the terms of an August settlement with an “inaccurate” tweet last week about the company’s manufacturing projections and asked a judge to hold him in contempt of court, according to the filing.

“Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people,” the SEC said in a filing with the U.S. District Court for the Southern District of New York. “Musk has thus violated the court’s final judgment by engaging in the very conduct that the pre- approval provision of the final judgment was designed to prevent.”

 

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