SEC Reveals Elon Musk Hasn’t Had A Single Tweet Approved By Tesla Lawyers

The Securities and Exchange Commission (SEC) says Elon Musk hasn’t made a “good faith” attempt to comply with a settlement reached last year and revealed that none of his tweets are being approved by Tesla.

On February 19th, Elon Musk published a tweet stating that the automaker would make “around 500,000” cars in 2019. Despite later clarifying this, the SEC asked for a judge to hold Musk in contempt for violating the settlement he reached last year after that “take Tesla private” tweet. The SEC has gone on to claim that Musk’s tweet was “demonstrably material and inaccurate.”

Last week, Musk’s lawyers said the SEC’s request for him to be held in contempt was an “unconstitutional power grab.” Now, the SEC has hit back, revealing that Musk wasn’t having any of his tweets pre-approved by Tesla, despite a court-ordered pre-approval policy being implemented as part of Musk’s settlement with the SEC, The Verge reports.

According to the SEC, not a single tweet from Elon Musk since the settlement went into effect in mid-December until February 19 had been pre-approved. This includes tweets regarding the company’s refund policies, pricing, Gigafactory plans, and more.

“Musk’s unchecked and misleading tweets about Tesla are what precipitated the SEC’s charges, and the pre-approval requirement was designed to protect against reckless conduct by Musk going forward.

“It is therefore stunning to learn that, at the time of filing [the request to hold Musk in contempt], Musk had not sought pre-approval for a single one of the numerous tweets about Tesla he published in the months since the Court-ordered pre-approval policy went into effect,” the SEC said.

Elon Musk hinted that no one at Tesla was looking at his tweets in an interview with 60 Minutes late last year. In the interview, Musk said tweets which could have an impact on the company’s stock price were the only ones which needed to be reviewed. When asked how Tesla can determine which tweets could impact its stock without reviewing all of them, Musk simply replied, “I guess we might make some mistakes. Who knows?”

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Photo credits: Opening photo from Wikimedia Commons by Daniel Oberhaus (2018)

  • Jason Miller

    SEC = $$$$ hungry.

  • Some ol’ bloke

    SEC = Haters

    • Mr. EP9

      Nope, he should just honor the agreements of the settlement.

  • TheBelltower

    The only thing that the SEC should be worried about is it the stock price is being manipulated. The production volume claims in Elon’s tweets were previously disclosed on the earnings calls. It was all public information readily available. The statements were already approved, and Elon is within his rights to repeat them.

    • Sovereignty

      His tweets are responsible for the stock price being maniuplated, so of course the SEC should investigate. If you fail to see the link you are either foolish or a blind fanboy. Juding by your previous comments, I’m guessing you’re the latter.

      • TheBelltower

        Nice attitude, Mensa. The information he tweeted was already published and approved by the legal and finance teams within Tesla on the earnings call. It met the requirement. Tesla could erect a billboard on Wall Street if they wanted to.

        • Sovereignty

          And you’ll still be defending your overlord and his laughable company long after its gone bust and everyone has forgotten about it. You’re nothing more than a cultist.

          • TheBelltower

            Whatever you say cheeseball.

  • Mr. EP9

    Of course they weren’t approved; Elon said so himself no one was monitoring his tweets. And I remember others saying that he won’t honor this part of the settlement and he didn’t.

    • helloWorld

      That is going to bite him big time. They will use that video on CBS as evidence against him. what a dumb dumb

  • WHO CARES?
    WE’VE GOT A NUMB NUTS SITTING IN THE WH TWEETING INSULTS AT A DEAD WAR HERO.

    • helloWorld

      he made an agreement, he needs to honor it.

      • LIKE COOPERATING WITH CONGRESS AND SHOWING HIS TAXES?

        • helloWorld

          a little off topic, but yes.

  • Jerry Hightower

    Such arrogance!

  • Stephen G

    This sounds like the SEC fell down on this one. The article says the SEC has to pre-approve the Tweets so why haven’t they? Start pre-approving!

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