Elon Musk gives US Securities and Exchange Commission the finger

Tesla shares fell by more than 3% in premarket trading on Monday after slipping 5% in after-hours trading.

The value-destruction came after the US Securities and Exchange Commission (SEC) asked a judge to hold Elon Musk in contempt of court for violating a settlement deal.

Last year the SEC settled charges with Musk after he tweeted that he is taking Tesla private.

As part of the settlement, the company had to pre-approve Musk’s tweets.

Last week Musk tweeted that Tesla would produce around 500 000 cars in 2019.

He later clarified that he “meant to say” that Tesla’s annualised rate of production at the end of 2019 could be around half a million cars, but that the company still estimates total deliveries of 400 000.

Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people.

US Securities and Exchange Commission

The Money Show’s Bruce Whitfield interviewed Byron Lotter, Portfolio Manager at Vestact.

Listen to the interview in the audio below (and scroll down for quotes from it).

I wish I could call him a mate… we went to the same school!

Byron Lotter, Portfolio Manager - Vestact

…He should have a lot more respect for the system… He likes the attention… He is a bit of a maverick, but I think it’s why he is where he is…

Byron Lotter, Portfolio Manager - Vestact

Most likely; just another monetary fine.

Byron Lotter, Portfolio Manager - Vestact

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This article first appeared on 702 : Elon Musk gives US Securities and Exchange Commission the finger


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