The SEC had asked the court to hold Musk in contempt, saying his February 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company’s preapproval. Tesla CEO Elon Musk taunts US financial regulatory agencyThe settlement between Musk, Tesla and the SEC resolved an SEC lawsuit over claims Musk made on Twitter in August that he had “funding secured” to take Tesla private at $420 per share. The SEC called those tweets “false and misleading,” and a deal to go private never materialised. After the settlement, Musk called the regulator the “Shortseller Enrichment Commission” on Twitter and tweeted that “something is broken with SEC oversight” just one day after the agency started pursuing the contempt order. Tesla shares finished Tuesday down 2.6 per cent at $283.36 on the Nasdaq.

Source: The Express Tribune March 13, 2019 07:41 UTC