Tesla chief Musk calls on workers to help deliver cars

Daniel Fowler
March 25, 2019

"Musk's belief that the 7:15 tweet did not require pre-approval was correct".

At issue is a February 19 tweet in which Musk tweeted, and then corrected, inaccurate numbers on Tesla vehicle production rates without having it reviewed beforehand. Musk's legal team responded on Friday, according to the Verge, and in legal filings laid out his case.

The October settlement required Musk to step down as Tesla's chairman. "This is meaningful evidence that Musk has satisfied his obligations". The electric sports utility vehicle promises to be Tesla's much-awaited crossover, which will face stiff competition from European auto makers who will also soon be rolling out their own electric vehicles (EVs). Butswinkas had only been on the job for about two months.

Block, who owns a small put position on Tesla, said the SEC has held Musk "partially" accountable.

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They also said the tweet was not material because it simply restated old news, used generalities, was "aspirational and optimistic", and did not move Tesla's share price.

In its most recent filing, the SEC faulted Musk for failing to get any of his tweets pre-approved since that policy took effect in December. In addition, each referral gives the referring customer a chance to win a Tesla Founder's Series Model Y monthly and a Founder's series Roadster supercar quarterly, both signed by Musk and Tesla chief designer Franz von Holzhausen.

"The SEC shows, through its selection of ten tweets, that no matter how innocuous, how well known, or how removed from the subjects mentioned in the Policy, because the tweet concerns Tesla, the SEC believes Musk must have them pre-approved", Musk writes. The SEC has said no hearing is necessary.

In Monday's communications to Nathan, the SEC argued that Musk's defense relies on "selective omission of certain settlement communications", Bloomberg reports. He includes red-line drafts Musk's lawyers sent to the SEC during negotiations over the settlement. The agreement included getting preapproval for tweets.

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