Elon Musk in Trouble Again Over Tesla Tweet as SEC Declares War

Investor's Corner					Tesla Gigafactory 3 foundation prep underway as China mobilizes its workforce														 /YouTube

Investor's Corner Tesla Gigafactory 3 foundation prep underway as China mobilizes its workforce /YouTube

Silicon Valley billionaire Elon Musk laid into the U.S. Securities and Exchange Commission again on Tuesday, after it accused the Tesla Inc chief executive officer of violating the terms of a settlement a year ago of fraud charges against him.

Tesla did not respond immediately to a request for comment on the reported lawsuit.

Musk, who initially on Monday accused the SEC of failing to read the company's annual reports, followed up with another tweet in the early hours of Tuesday.

Musk also agreed to legal approval regarding all tweets that may have a financial impact on Tesla.

The deal with the SEC came about after Musk tweeted a year ago that he planned to take Tesla private and already had the financing to do it - an assertion that proved false but nonetheless made investors who bet against the company lose millions.

After reaching a $40m settlement a year ago over his infamous "taking Tesla private" tweet, the billionaire agreed to have any tweet that could potentially affect Tesla stock vetted by a lawyer.

In another tweet about four hours later, Musk said, "Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week". Is Musk capable of running a public company?

Bradley Bondi, a lawyer for Tesla, had told the SEC in a February 22 letter that Musk thought the substance of his first tweet had been "appropriately vetted, pre-approved, and publicly disseminated".

The first tweet Musk sent on February 19 said: "Tesla made 0 cars in 2011, but will make around 500k in 2019".

In Tesla's letter to shareholders last month, the company offered a production forecast at odds with Musk's 500,000 figure.

Since agreeing to the settlement, Musk has repeatedly antagonized Wall Street's main regulator.

Tesla's board has added new members as part of the settlement, moves that some outsiders hope will increase oversight of Musk.

Only more aggravating was the requirement that Musk seek approval from a newly-created overseer charged with reviewing anything he posts to social media, including Twitter. And Musk's first tweet wasn't a verbatim restatement, the agency said.

Musk is either playing games with the SEC, or simply doesn't care.

Even beyond last week's tweets, Musk hasn't been making a "good faith" effort to comply with the settlement agreement, the agency said.

And in a December interview with CBS's "60 Minutes", Musk said he did not have respect for the SEC.

The SEC is asking the federal judge to hold Musk in contempt for failing to respect the court's October order.

Now it's up to the justice system to decide whether to take Musk to task over an ill-turned tweet.

West MI mother warns of ‘Momo Challenge,’ dangerous viral game
Trump delays tariff hike on Chinese goods citing trade talk progress