Former SEC prosecutor Elliot Lutzker believes the agency won't remove Musk as CEO, but he'll face a fine significantly larger than $20 million.
div > div.group > p:first-child"> The Tesla CEO had his day in court Thursdayfor a hearing in his ongoing battle with the Securities and Exchange Commission. This time, the financial regulators alleged Musk broke the terms of a prior settlement agreement by posting material company information on Twitter earlier this year. Musk claims he did nothing wrong.
The latest round the legal battle started on Feb. 19, when Musk tweeted to his more than 24 million Twitter followers:"Tesla made 0 cars in 2011, but will make around 500k in 2019." So, to hit the low end of its guidance, Tesla would need to deliver 297,000 additional vehicles to customers in 2019, or an average of 99,000 per quarter. That's more than Tesla has ever delivered in any quarter — its record is 90,700 during the last quarter of 2018.
CNBC asked former Lutzker, now a corporate and securities partner at Davidoff Hutcher & Citron, for his take on the case. If no agreement is reached: If the SEC and Musk cannot reach an agreement, Lutzker predicts the court will try to thread the needle and punish Musk without hurting Tesla shareholders.
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