Tesla CEO Elon Musk has until March 11 to explain why he should not be held in contempt for violating a settlement agreement with the U.S. Securities and Exchange Commission.
The SEC argued that a tweet sent by Musk on February 19 violated their agreement. Musk is supposed to get approval from Tesla’s board before communicating potentially material information to investors.
The tweet said Tesla would produce “around” 500,000 cars this year. He later sent another tweet that corrected himself. The second tweet said “meant to say annualized production rate at the end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.”
Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.
U.S. Judge Alison Nathan signed an order Tuesday that reads “Defendant Elon Musk shall submit to this Court by March 11,