Defiant Musk Sends Out Other Controversial Tesla Tweet

Image by Tesla

The order comes after Nathan urged both sides to agree at a hearing on Thursday in NY that Musk attended.

Elon Musk and the SEC are in negotiations at the direction of a judge to set acceptable controls on his tweeting.

The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not.

The financial markets regulator in February asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive a year ago, which requires him to get the approval of the Tesla board of directors before tweeting anything that could "be material to investors".

The federal judge Alison Nathan told Mr Musk: "Take a breath". His attorneys said the SEC was violating his First Amendment rights to free speech. Last August, that conversation, delivered the stock of the company on a ride.

Authorities concluded he hadn't lined up the sum to pull off the deal, although musk backed the concept of taking the company private. "He said that his client" really does what he is told".

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Tesla shares (TSLA) fell as much as 1.7 percent to $263.03 as of 9:38 a.m. Monday in NY trading.

The SEC states Musk violated a deal when he tweeted without a lawyer's approval.

Tesla shares tumbled April 11 after the Nikkei reported that the company and Panasonic were freezing plans to expand capacity at the plant near Reno.

When he is found by Nathan in contempt of this October settlement SEC lawyer Cheryl Crumpton recommended penalties for Musk. Musk agreed to resign as chairman for 3 decades and stay in his position as CEO.

The CEO claims that with the constant adding technology into our vehicles - we are eventually trying to make the auto so autonomous that you can have it taxi other people and earn you money - making our cars "appreciating assets".

The tweet that prompted the SEC move said that Tesla will manufacture half a million cars this year.

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