Mexican Media Brands
Judge Asks Musk, SEC to Resolve Twitter Tiff
A federal judge in New York City has given Tesla Inc. CEO Elon Musk and the Securities and Exchange Commission two weeks to settle their dispute over Musk’s impulsive tweets about the electric car company.
#regulations
Share
A federal judge in New York City has given Tesla Inc. CEO Elon Musk and the U.S. Securities and Exchange Commission two weeks to settle their dispute over Musk’s impulsive tweets about the company.
If they fail, Judge Allison Nathan says, she will rule on the SEC’s claim that Musk violated the terms of an October settlement about similar issues.
Last year’s dispute began in August when Musk tweeted that he might take Tesla private and inaccurately claimed he had funding arranged to do so at $420 per share.
Musk settled the dispute by paying a $10 million fine, stepping down as chairman and agreeing to have his tweets reviewed by a board committee. At the time, an unrepentant Musk said the fine and an identical one paid by Tesla were “worth it.” Nathan opined that stiffer sanctions might be appropriate for future violations to make violations “not worth it.”
The SEC says Musk violated last year’s settlement in February by grossly overstating Tesla’s 2019 production target for its Model 3 electric car. Tesla concedes that none of Musk’s tweets has been reviewed since the agreement.
RELATED CONTENT
-
Study: How States Should Update Traffic Laws for Autonomous Cars
U.S. states should require that all automated cars have a licensed driver on board, suggests a study by the Governors Highway Safety Assn.
-
Tesla Maxes Out on Tax Credit as U.S. Sales Reach 200,000
Tesla Inc. says it will deliver its 200,000th electric vehicle in the U.S. this month, thereby triggering a phase-out of the $7,500 federal tax credit its vehicles have enjoyed.
-
Toyota Targets 2021 Launch for V2V Tech in U.S.
Toyota Motor Corp. plans to expand its vehicle-to-vehicle communication technology to the U.S. by 2021 and offer it across most Toyota and Lexus models in the country by mid-decade.