Chief Executive Elon Musk has never sought pre-approval for a single tweet about...
- Chief Executive Elon Musk has never sought pre-approval for a single tweet about Tesla Inc since striking a court-approved deal about how to communicate important information about the electric vehicle maker, the top U.S. securities regulator told a judge on Monday.
The ongoing public battle between Tesla’s chief executive and the SEC piles pressure on Musk, the public face of Tesla, who is struggling to make the company profitable after cutting the price of its Model 3 sedan to $35,000. The regulator last month alleged that Musk had violated a September settlement of fraud charges by tweeting material information about Tesla without pre-approval from the company.
The SEC said in Monday’s filing that the pre-approval policy agreed in the settlement was designed to include a wide variety of his comments, not just those that were deemed material by the regulator’s standards. Tesla has backed off a plan to close all its U.S. stores and said it will instead raise prices of its higher-end vehicles by about 3 percent on average. Last week, Tesla unveiled its Model Y crossover SUV, targeted to begin production in 2020.
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