SEC asks federal court to hold Elon Musk in contempt
Tesla CEO Elon Musk in Chicago on June 24, 2018. Credit: AP/Kiichiro Sato
SAN FRANCISCO — Stock market regulators are asking a federal court to hold Tesla CEO Elon Musk in contempt for violating an agreement requiring him to have his tweets about key company information reviewed for potentially misleading claims.
The request made Monday in New York resurrects a dispute between the Securities and Exchange Commission and Musk that was supposed to have been resolved with a settlement reached five months ago.
The SEC had sued Musk for using his Twitter account to announce he had secured financing for a potential buyout of Tesla, something regulators alleged wasn't true.
Musk agreed to having future tweets that could affect Tesla's stock be pre-approved. But the SEC contends Musk didn't do that in a Feb. 19 tweet projecting the number of cars Tesla will make this year.
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