NEW YORK: Lawyers for Elon Musk and the U.S. Securities and Exchange Commission will square off in a Manhattan courtroom next week over whether ...
NEW YORK: Lawyers for Elon Musk and the U.S. Securities and Exchange Commission will square off in a Manhattan courtroom next week over whether the Tesla Inc chief executive should be held in contempt over one of his tweets.
U.S. District Judge Alison Nathan scheduled oral argument on an SEC contempt motion for April 4 at 2 p.m. EDT , after both sides said they saw no need for an evidentiary hearing.Musk was accused by the SEC of violating his October 2018 fraud settlement with the regulator by tweeting on Feb. 19 to his more than 24 million Twitter followers that Tesla could build around 500,000 vehicles in 2019.
John Hueston, a lawyer for Musk, did not immediately respond to requests for comment. The SEC did not immediately respond to a similar request.The settlement was intended to resolve a lawsuit over a Twitter post last Aug. 7 in which Musk said he had"funding secured" to take Tesla private at US$420 a share.
It called for Musk and Tesla to each pay US$20 million civil fines, and for Musk to step down as Tesla's chairman. Legal experts have said a contempt finding could subject Musk to a higher fine, further restrictions, or even removal from Tesla's board or as chief executive. Tesla shares closed Tuesday up US$7.35, or 2.8 percent, at US$267.77 on the Nasdaq.Source: Reuters
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