Elon Musk Defends His “500k Cars In 2019” Tweet, Claims SEC Is Seeking Retaliation

Tesla chief executive Elon Musk has defended a recent tweet that prompted the Securities and Exchange Commission to ask a judge to hold the entrepreneur in contempt for violating their settlement.

On February 19, Musk tweeted that “Tesla made 0 cars in 2011, but will make around 500k in 2019.” He later corrected that tweet stating “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.”

As part of a settlement Musk reached with the SEC last year after his now-infamous ‘take Tesla private’ tweet, the chief executive agreed to have the company oversee his tweeting and approve any tweets before they’re published. Tesla admitted that it didn’t approve Musk’s initial February 19 tweet.

In a new development, Musk’s attorneys have produced a 33-page document defending the tweet. In the document, it is argued that Musk’s production-related tweet “was a shorthand gloss on topics that had already been covered in depth in company filings and an earnings call with analysts.”

“Any reasonable investor would have read the tweet with reference to the much more thorough disclosures and extensive discussions on the same topics,” the document states.

In addition, Musk’s lawyers assert that the SEC is looking for an “unconstitutional power grab” in its pursuit of Musk and assert that it is retaliation for the outspoken executive recently stating, “I do not respect the SEC.”

Reuters reports that the SEC has received permission from a federal judge to respond to Musk’s defense of his tweet. The U.S. Securities and Exchange Commission will have until March 19 to file a brief and both parties have until March 26 to request an evidentiary hearing.

 

  • Mr. EP9

    Yes, I’m sure it’s retaliation because having a filter and abiding by the settlement agreement is so hard for poor little Elon. Everyone is just picking on him for no good reason.

    Dude needs to lay off of Twitter.

Lamborghini Huracan Evo Does The Quarter Mile… Faster Than You’d Think

The latest iteration of the baby Lambo is powered by a screaming 5.2-liter V10 with 631 HP – and boy does it go…

Never Get Lost In Nature Again With The Ranger Raptor’s Clever Sat-Nav

Compared by Ford themselves to breadcrumbs, the system places a virtual pin on the map every second.

Lamborghini Aventador S Art Car Salutes Monterey Car Week Attendees

This Lambo was treated as a canvas by 19-year old American street artist Skyler Grey .

Rivian R1S Buyers Will Be Able To Choose Between Three Roof Configurations

One of the options available on Rivian’s upcoming SUV will be a two-piece, removable composite roof .

2020 Porsche 911 GT3 Touring Pounds The Tarmac On The Nordschleife

As with the 991.2-based model, the new GT3 Touring Package will be a 911 purist’s wet dream.

Original McQueen-Driven Mustang Bullitt To Be Auctioned In 2020

The current owner of what is probably the most famous Mustang ever inherited the car from his father.

Driven: 2019 Hyundai Kona Elite Is A Crossover You Might Actually Want

Behind its cute looks, the Kona is a crossover with lots of appealing features that won’t break the bank.

Drako GTE Is A 1200 HP Electric Hyper Sedan That Promises Supercar-Like Handling

Loosely based on the old Fisker Karma, it’s got a massive output, impressive tech and costs $1.25 million.

2019 BMW 330i Fights The Clock At The Hockenheim GP Track

For a four-pot-powered sports sedan, the new generation 330i performed remarkably well on the circuit.

Mercedes-AMG GT 63 S: A Sexy Super Saloon For Those Who Want It All

The GT 63 S four-door combines aggressive looks, room for four and extreme performance, so if you can afford it…