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.
Musk has been accused by the SEC of violating his October 2018 fraud settlement with SEC by tweeting on 20 February that Tesla could build around 500,000 vehicles in 2019.
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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