The agency said Musk's argument that tweeting about car production forecasts on Feb. 19 wasn't material information is nearly ridiculous. Musk's lawyers wrote last week that the Feb. 19 tweet merely restated previously approved disclosures on electric car production volumes. But the SEC lawyers wrote that submitting statements for approval does not mean Musk is prohibited from speaking. Musk's lawyers also argued that the SEC's motion for contempt is an over-reach that exceeds its authority. Monday's filing said the Feb. 19 tweet was different from prior public disclosures by the company.

Source: ABC News March 19, 2019 03:00 UTC