A federal judge gave Tesla CEO Elon Musk and the SEC two weeks to work out their differences today.
A federal judge gave Tesla CEO Elon Musk and the Securities and Exchange Commission two weeks to work out their differences, punting a request from the agency to hold him in contempt of court for allegedly violating an October securities fraud settlement.
Musk is in New York for a hearing on contempt charges requested by the SEC after he tweeted about the company's production forecasts on Feb 19. His settlement agreement prohibits him from using Twitter to make statements about Tesla's operations or financial position without company review and approval.
"I have great respect for the justice system and I think the judges in the American system are outstanding," Musk said before the before entering the courthouse in lower Manhattan. "We don't think every tweet needs to be approved," SEC attorney Cheryl Crumpton told the court, citing conversations on social media with Tesla customers as okay.Reaffirming guidance could be material and need approval, she said, adding that Tesla still"appears to be unwilling" to exercise control over Musk."He actually does what he is told," Musk's lead attorney John Hueston told the court.
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