Tesla, CEO, Elon Musk and the US Securities and Exchange Commission. UU They will still have a week to resolve a dispute over the use of Twitter by Musk, announced Thursday a federal judge.
Judge Alison Nathan of the US District of Manhattan extended the one-week delay until April 25, in response to a court case filed Thursday by both parties requesting an extension and said "the discussions were in progress." course ".
Nathan was asked to stop Musk for a February 19 tweet that, according to the SEC, violated an agreement with the agency.
If Musk and the agency failed to resolve the dispute, the judge said she would decide the contempt petition.
The SEC sued Musk last year after tweeting on Aug. 7 that he had "funds insured" to take Tesla privately to $ 420 (about 29,000 rupees) per share. The agency said the tweet, which raised the price of Tesla shares to 13.3%, violated securities laws. The best privatization plan for Musk was in its infancy and no funding was available.
Musk settled the dispute, agreed to resign from his position as chairman and had prior written approval from the company's lawyers for written communications containing important company information, including tweets.
In February, the SEC accused Musk of violating the deal by sending a tweet about Tesla's production that had not yet been reviewed by the company's lawyers. He asked Justice Alison Nathan of the US District to make her decision. to accuse of contempt
Musk's lawyers argued that the tweet did not contain important new investor information and that Musk did not require prior authorization for all Tesla tweets under the agreement.
At the April 4 hearing, an SEC lawyer said that if Musk was in contempt, the agency would ask the judge to ask him to report regularly on his use of Twitter and pay a series of charges. More and more fines. For any future. Violations
Nathan refused to rule on the motion for contempt and ordered Musk and Tesla to meet and try to resolve the dispute on their own.
Musk has a value of $ 20.7 billion, according to Forbes magazine. He has been Executive Director of Tesla since 2008 and has more than 25 million followers on Twitter.
The company based in Palo Alto, California, has built its reputation on luxury cars but has already met several challenges in production with its Model 3 sedan, which he hopes will reach a mass audience.
The Feb. 19 tweet that prompted the SEC's scorn movement said: "Tesla made 0 cars in 2011, but it will make about 500,000 in 2019," which represents 500,000 vehicles.
Four hours later, Musk corrected himself by saying that the annualized production would be "probably around 500,000 by the end of the year, for a total of about 400,000 deliveries during the year.
The SEC said the previous tweet was in conflict with Tesla's January 30th outlook, which focused on the annualized production of Model 3, exceeding 500,000 vehicles in the fourth quarter and forecast between 360,000 and 400,000 deliveries of vehicles this year.
Musk's lawyers argued that the first tweet did not contain important new information for investors and that Musk did not require prior authorization for all Tesla tweets under the agreement.
Musk has been an open critic of the SEC throughout his legal dispute with the SEC, which he once called the "Short Selling Enrichment Commission".
In the early hours of February 26, after the regulator filed for contempt, Musk tweeted, "Something is broken under SEC supervision."
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Judge Alison Nathan of the US District of Manhattan extended the one-week delay until April 25, in response to a court case filed Thursday by both parties requesting an extension and said "the discussions were in progress." course ".
Nathan was asked to stop Musk for a February 19 tweet that, according to the SEC, violated an agreement with the agency.
If Musk and the agency failed to resolve the dispute, the judge said she would decide the contempt petition.
The SEC sued Musk last year after tweeting on Aug. 7 that he had "funds insured" to take Tesla privately to $ 420 (about 29,000 rupees) per share. The agency said the tweet, which raised the price of Tesla shares to 13.3%, violated securities laws. The best privatization plan for Musk was in its infancy and no funding was available.
Musk settled the dispute, agreed to resign from his position as chairman and had prior written approval from the company's lawyers for written communications containing important company information, including tweets.
In February, the SEC accused Musk of violating the deal by sending a tweet about Tesla's production that had not yet been reviewed by the company's lawyers. He asked Justice Alison Nathan of the US District to make her decision. to accuse of contempt
Musk's lawyers argued that the tweet did not contain important new investor information and that Musk did not require prior authorization for all Tesla tweets under the agreement.
At the April 4 hearing, an SEC lawyer said that if Musk was in contempt, the agency would ask the judge to ask him to report regularly on his use of Twitter and pay a series of charges. More and more fines. For any future. Violations
Nathan refused to rule on the motion for contempt and ordered Musk and Tesla to meet and try to resolve the dispute on their own.
Musk has a value of $ 20.7 billion, according to Forbes magazine. He has been Executive Director of Tesla since 2008 and has more than 25 million followers on Twitter.
The company based in Palo Alto, California, has built its reputation on luxury cars but has already met several challenges in production with its Model 3 sedan, which he hopes will reach a mass audience.
The Feb. 19 tweet that prompted the SEC's scorn movement said: "Tesla made 0 cars in 2011, but it will make about 500,000 in 2019," which represents 500,000 vehicles.
Four hours later, Musk corrected himself by saying that the annualized production would be "probably around 500,000 by the end of the year, for a total of about 400,000 deliveries during the year.
Musk's lawyers argued that the first tweet did not contain important new information for investors and that Musk did not require prior authorization for all Tesla tweets under the agreement.
Musk has been an open critic of the SEC throughout his legal dispute with the SEC, which he once called the "Short Selling Enrichment Commission".
In the early hours of February 26, after the regulator filed for contempt, Musk tweeted, "Something is broken under SEC supervision."
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