Wednesday, April 24, 2019

Elon Musk’s first tweet defense for amendment called ‘ridiculous’ by the SEC

On Monday the CEO of Tesla –Elon Musk was countered by the security regulators of the US and was accused of blatantly disregarding the orders of a federal judge. The SEC also states that the arguments that he made were utterly ridiculous.

The tweet made by Musk on February when the motion for contempt was filed, was never approved by any lawyer in the company as it violated the requirement of a settlement that was approved by the court –stated the Securities and Exchange Commission.

The tweet made by the CEO in August about having the money in order to buy the shares of Tesla at $420 per share gave rise to securities fraud settlement in October. This made the company and Elon Musk himself to pay $20 million as a penalty and agreed to the changes made by the government –that is to remove Musk from the position of the Chairman in the Company.

The leader of the lawyers of SEC –Cheryl Crumpton responded to Musk’s defense tweet saying that he needs until and unless the CEO decides that his tweets are meaning to his shareholders, the pre-approval of the settlement order is completely useless. The argument made by Musk on the tweet about the car production forecasts on 19th of February wasn’t relevant information is considered to be ludicrous by the agency.

Alison Nathan is the District Judge in Manhattan who will take the decision about holding Musk in contempt and getting him punished is justified or not. But according to the SEC, there should not be any discussions held on the matter as there are no disputed issues regarding the fact.

In the previous week, Musk’s lawyer wrote on the tweet made on February 19th that the post never made any disclosures on the production volumes of the electric car. They also wrote that the tweet never exposed any important information and no data was ever altered that are available to the company’s shareholders.

The CEO’s lawyer also accused the SEC of violating the First Amendment rights of Musk by putting a restraint order on his speech, beforehand.

To all these commotions the legal experts state that Musk might not be punished severely but the SEC wants to get it on record that Elon Musk sullied the terms as to be precautious about any further violations. Although the tweet was made after all the US markets shut down, according to experts this doesn’t really affect much as the stocks are sold incessantly. Therefore, the tweet made alterations in the stock prices the following day.

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Cindy Johnson
Cindy Johnson is a reporter for 36Naija. After graduating from the University of Tennessee, Cindy got an internship at a morning radio show and worked as a journalist and producer. Cindy has also worked as a columnist for the Knoxville News Sentinel. Cindy covers economy and community events for 36Naija. Contact Email: cindy@36naija.com Phone: 720.907.1923
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