Musk Draws SEC Attention With Another Controversial Tweet

Elon Musk Has More

Musk's lawyers say his tweet that Tesla would produce around 500,000 vehicles this year didn't need pre-approval because it wasn't new information that would be meaningful to investors.

A federal judge in NY has arranged Tesla CEO Elon Musk and USA securities authorities to fulfill at least an hour to attempt to settle a dispute over Musk's tweets. A USA judge gave the two sides until April 18 to meet for at least an hour and resolve their differences.

The legal tussle for Musk, 47, served as a distraction amid a record decline in deliveries for Tesla during the first quarter.

Meanwhile, Tesla's stocks are falling nearly 10% in early trading after the company stated it churns out 77,100 vehicles in the first quarter, well behind the pace it must sustain to meet the pledge of Musk.

"Pana cell lines at Giga are only at ~24GWh/yr & have been a constraint on Model 3 output since July", Musk wrote in a tweet April 13.

Three out of 30 polled investors stated that Tesla shares Underperformed, alongside having 29 investment analysts offering estimates for the price of Tesla shares in the period of the next 12 months, suggesting the median target price of 325$ per share, the lowest price of 170$ and the highest estimate of 530$.

At Wednesday's close, Tesla stocks were down 12.3percent up to now this season.


The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not.

An attorney for the U.S. Securities and Exchange Commission has told a judge which Tesla CEO Elon Musk should confront substantial escalating fines if he keeps violating a bargain with the SEC.

The SEC claims Musk violated a settlement when he tweeted without the approval of a lawyer about Tesla's vehicle manufacturing in February.

A US judge has given the two until April 18 to resolve their differences or she will rule whether or not Musk is in contempt of court.

The federal judge Alison Nathan told Mr Musk: "Take a breath".

It is unclear if Musk plans to attend the hearing loss.

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