The billionaire and co-founder of Tesla Elon Musk reached an amicable agreement with the SEC, the gendarme fellow american, who was accused of contempt and asked for justice in new york to intervene, according to court documents. Musk has agreed, on Friday 26 April, to validate their messages related to the manufacturer of the electric vehicles before you publish it. The agreement, which must still be approved by a judge in new york, allows both parties to avoid to settle before the court a dispute in which the outcome was feared by the financial markets. The SEC criticized Musk have multiplied of tweets whose content was not likely to mislead investors and influence the course of the action of the constructor.
In October, the two parties had already concluded an agreement, following a tweet from August 7, in which Musk assured to have the appropriate funding to remove Tesla from the stock Exchange
The agreement provides that all of its communications related to Tesla are now pre-approved by a lawyer experienced in business, financial and regulatory, regardless of the media: social networks, press releases, conference calls. This includes all the tweets containing information about the financial situation of Tesla, possible mergers and acquisitions, forecasts, production figures or new activities or products. The green light from the lawyer is not, however, necessary if the information in question have already been published by Tesla.
In October, the two parties had already concluded an agreement, following a tweet from August 7, in which Musk assured to have the appropriate funding to remove Tesla from the stock Exchange. Following a new tweet, on 19 February, the SEC had referred the matter to the justice, stating that he had violated their agreement. Musk had written on the social network that Tesla was going to produce up to 500,000 cars in 2019 when the group spoke only about 400,000 units due to production problems encountered for the Model 3, a car that supposed to make it a mass builder. Four hours later, the billionaire rectified the shooting.
