The SEC’s effort to hold Elon Musk in contempt of his settlement agreement is heating up as both parties keep defending their positions to a judge over whether Tesla’s CEO should have sent out a tweet or not.
Earlier this month, SEC asked a judge to hold Musk in contempt for violating one of the terms of the settlement of SEC’s complaint against Musk over his “funding secured” comment about his attempt to take Tesla private.
The SEC settlement requires that Musk get pre-approval for tweets that “reasonably could contain material information” and which could move the stock — which they claim he didn’t for a tweet sent last month.
Musk’s lawyers have sent a letter to the judge claiming that the tweet wasn’t material and he didn’t need to receive approval under the new policy.
It resulted in a new back and forth between the SEC and Musk’s lawyers through a judge — all because of a few tweets.
Here’s the SEC’s response:
[scribd id=402411216 key=key-5276fxaJjinPtYztOMUx mode=scroll]
And Musk’s lawyers again filing to response:
[scribd id=402411130 key=key-IrRtjkKdiwX4eUHGuWH5 mode=scroll]
Electrek’s Take
This is ridiculous. It has been going now for so long that it almost feels normal.
I feel like we step through another dimension where it’s OK for a normal federal government agency and a billionaire to argue before a judge over a tweet.
You’d think that the tweet would be about harassing someone or making a threat, but no, it simply celebrated how far Tesla has come over the years. That’s it.
How about they just drop it and move on to something more important. I can’t read through those stupid filings anymore.
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