Elon Musk Is Indeed Pissing the SEC Off With His Tweets

Regulators at the Securities and Exchange Commission have transmit Tesla two separate warnings about CEO Elon Musk being on slight methamphetamine hydrochloride for his tweet in recent geezerhood , theWall Street Journalreported Tuesday , admonish that the entrepreneur ’s late posts were in encroachment of a 2018 colonisation agreement mandating that lawyers bless off on his societal media musings about the fellowship .

One of the tweet under finicky scrutiny is one Musk dashed off in May 2020 , in which he wrote thatTesla ’s stock price was“too mellow imo . ” Twenty minutes after Musk write the tweet , Tesla stocks — valued at roughly $ 760 a share prior to the post — infamously took a spill , dangle down to $ 722 , a five pct decrease . The other tweet regulator say run afoul of the agreement was a reply published in July of 2019 in which Musk proclaim that Tesla was aiming to make 1,000 solar roof per calendar week by the end of that year and “ spool up production bloodline rapidly , ” in an effort to meet that goal .

According to the SEC , Tesla ’s lawyers run out to decently vet both tweets , which both run afoul of the Commission ’s attempts to curtail public message that pertain to “ output numbers or sales agreement or delivery numbers . ”

Photo: Pascal Le Segretain / Staff (Getty Images)

“ In the face of Mr. Musk ’s repeated refusal to submit his hide written communications on Twitter to Tesla for pre - approval , we are very concerned by Tesla ’s repeated determination that there have been no insurance policy infraction because of purported carve - out , ” the SEC wrote in its May 2020 letter of the alphabet .

The ramped up SEC examination follows an enforcement natural process the oversight agencytook against Tesla in 2018 in which it alleged that Musk had intrust fraud after he tweet , “ financing secured , ” in reference to a potential buyout of the company . ( The backing had , incidentally , not been secure as of that writing . ) In response , the agencycharged Musk with securities fraud , and he and Tesla each paid $ 20 million from each one to subside the pillow slip out of court , in addition to Musk agreeing to relinquish his chairman role at Tesla and have lawyers vet his public assertion about the party going forward .

Musk , for his part , has been openly counter towards regulators in late years , at multiplication come along to bemock the limitation that have been localize upon him .

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