A judge ordered Elon Musk to get a lawyer's approval before tweeting anything about the company. The SEC says he never did.
, the appointment of two independent board directors and the replacement of Musk as chairman. His settlement with the SEC, approved by a judge in October, called for Tesla to designate an attorney to pre-approve company-related tweets. The electric-car maker appointed one in late December, but that person is monitoring the tweets in real time, not approving them beforehand.
The agency emphasized that Tesla production forecasts have long been significant to market participants who follow the company.“Such brazen disregard of this court’s order is unacceptable and unworkable going forward," the SEC said in the filing. “The SEC requests that this court hold Musk in contempt and impose an appropriate remedy to ensure future compliance."
If U.S. District Judge Alison Nathan finds Musk in contempt, she’s empowered to impose new fines, order additional controls on Musk’s social-media use, and even suspend or bar him from running Tesla or any other public company.
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