Lawyers for Tesla Inc Chief Executive Elon Musk will argue on Thursday that he d...
NEW YORK - Lawyers for Tesla Inc Chief Executive Elon Musk will argue on Thursday that he did not violate a fraud settlement with the U.S. Securities and Exchange Commission and should not be held in contempt, the latest twist in a high-profile battle between the billionaire and the government.
Four hours later, Musk corrected himself, saying annualized production would probably be around 500,000 by year end, with full-year deliveries totaling 400,000.The SEC said the earlier tweet contrasted with Tesla’s Jan. 30 forecast that it would deliver about 400,000 vehicles this year. “It seems pretty clear that this particular tweet was not run through the scrubbing system that Tesla was supposed to have in place,” said Stephen Diamond, who teaches securities law at Santa Clara University School of Law.A contempt finding by U.S. District Judge Alison Nathan could subject Musk to new sanctions such as a higher fine or removal from Tesla’s board or as chief executive, legal experts said.
“She could give him a good tongue-lashing, and tell him this is it, and next time she’s not going to be so nice,” Cox added.
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