Tesla fell 3.14% to $289.40 a share early Tuesday after the SEC said CEO Elon Musk violated the terms of his agreement with the agency.
before backtracking and saying it would actually make 400,000 sedans. In correspondence with the SEC, Tesla acknowledged that Musk hadn't gotten preapproval of his first production-related tweet last week, but said that wasn't a problem.
"Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people," the SEC said in a filing with the US District Court for the Southern District of New York."Musk has thus violated the court's final judgment by engaging in the very conduct that the pre-approval provision of the final judgment was designed to prevent.
Under the settlement, Tesla is supposed to preapprove all of his communications with shareholders that include"material" information about the company, SEC said. The innovative auto company weathered a rocky few months in the wake of Musk's tweets in August which said he had"He didn't secure funding, and was sued by the SEC for fraud. In September, Musk and Tesla
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