Elon Musk's lawyers said that the U.S. Securities and Exchange Commission f...
NEW YORK - Elon Musk’s lawyers said that the U.S. Securities and Exchange Commission failed to satisfy its heavy burden of showing that the Tesla Inc chief executive should be held in contempt, and the tweet prompting its contempt motion was both proper and “not material.”
Musk is trying to avoid being held in contempt for violating his October 2018 fraud settlement with the SEC, for having tweeted at 7:15 p.m. EST on Feb. 19 to his over 24 million Twitter followers that Tesla could build around 500,000 vehicles in 2019.Musk’s settlement, including $20 million civil fines for both him and Tesla, resolved an SEC lawsuit over an Aug.
But in Friday’s filing, Musk’s lawyers said the SEC had conceded during settlement talks that Tesla-related tweets were not subject to a broad pre-approval requirement.
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