Elon Musk in trouble with SEC over another tweet

Investor's Corner					Tesla Gigafactory 3 foundation prep underway as China mobilizes its workforce														 /YouTube

The US financial regulator has asked a NY judge to hold Tesla boss Elon Musk in contempt for violating a settlement over social media comments.

Tesla did not respond immediately to a request for comment on the reported lawsuit.

The SEC found Musk's "misleading tweets" had caused Tesla's stock price to jump by more than 6% on August 7, 2018.

Musk agreed to having future tweets that could affect Tesla's stock be pre-approved.

In a court filing Monday, the SEC argued that Musk had violated a settlement reached previous year which required him to get approval from company officials before making any public statements that might impact Tesla's stock price.

The SEC cites the message tweeted by Musk on February 19 about Tesla's plans to manufacture 500,000 vehicles this year.

Four hours after his February 19 tweet, Musk corrected himself, saying annualized production would probably be around 500,000 by year end, with full-year deliveries totaling 400,000.

The criticism continued on Tuesday, when Musk tweeted in the early morning: "Something is broken with SEC oversight".

In court papers filed in NY on Monday, the SEC said the tweet was inaccurate and in breach of Mr Musk's agreement.

The SEC said the fact that Musk didn't get pre-approval of the wording for the "evidently inaccurate" first tweet was a violation of the agreement.

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Although the Tesla CEO corrected his mistake, the SEC claims Musk "once again published inaccurate and material information about Tesla to his over 24 million Twitter followers", according to court papers filed Monday.

The latest news could re-open the long running debate.

Since agreeing to the settlement, Musk has repeatedly antagonized Wall Street's main regulator.

The company was probed by the US Justice Department, while the Securities and Exchange Commission (SEC) launched a civil investigation.

"If the SEC were to seek Mr. Musk's removal (perhaps subject to yet another settlement), we believe the shares may approach the mid-$200 levels".

The SEC filed a complaint against Musk in September of 2018.

"Musk's claim that he thought he was simply restating information from the January 30 communications is not credible", the agency said.

Musk provoked the SEC even after the settlement was signed, calling the agency the "Shortseller Enrichment Commission" on Twitter in October.

The case is SEC v. Musk, 18-cv-8865, U.S. District Court, Southern District of New York (Manhattan). I do not respect the SEC.

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