Elon Musk to Face SEC in US Court Over Controversial Tweet
Elon Musk had tweeted on 20 February that Tesla will make 500,000 cars this year.
Tesla CEO Elon Musk will face the US Securities and Exchange Commission (SEC) in a Manhattan courtroom next week, on 4 April, over one of his controversial tweets, Reuters reported.
According to the report, District Judge Alison Nathan has scheduled an argument between the lawyers of both sides on 4 April, 2 pm EDT (11:30 pm IST), as both sides say there is no need for an evidentiary hearing.
The tweet is said to be improper as Musk did not get advance approval from Tesla.
The settlement was intended to resolve a lawsuit over a Twitter post Musk made on 7 August 2018 where he said he had “funding secured” to take Tesla private at $420 a share.
It called for Musk and Tesla to each pay $20 million civil fines, and for Musk to step down as Tesla’s chairman.
(With inputs from Reuters.)
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