Tesla CEO Elon Musk arranges Twitter behaviour with Stock market Watchdog SEC. Tesla CEO Elon Musk has reached an agreement with the American stock market watchdog SEC on Friday about his Twitter behaviour.
Musk is no longer authorised to send tweets to the world about his company’s financial affairs without the permission of the Tesla legal team.
The settlement was made because, according to the watchdog, Musk would not adhere to agreements made.
This agreement dated from September when the stock market watchdog forced a fine,
for spreading misleading information that would have an impression on the price.
Musk tweeted in August that he wanted to get Tesla off the stock market for 420 dollars per share and had found investors for this.
It increased the share by 13.3 percent. In addition to the fine, Musk of the SEC had to have his tweets checked and a separate chairman appointed.
He then filled that position himself.
In February he again ran into problems with the stock market watchdog,
after sharing incorrect information about Tesla’s production numbers on Twitter.
He then stated that the company would make around 500,000 cars in 2019.
In reality, it involved 400,000 cars, and Musk tweeted later.
The SEC then opened an investigation into the series of tweets because he had not had them approved in advance,
as he had agreed with the regulator in September.
In the meantime, Musk did a good job at the SEC
After the settlement in September, Musk lashed out at the stock market watchdog many times.
He tweeted that the SEC stood for ‘Shortseller Enrichment Commission’,
by which he meant that the stock market watchdog helps so-called short sellers (people speculating on the decline of a share, ed.).
In March, after the SEC said it was launching an investigation into the series of tweets about production numbers,
Musk tweeted that something was “broken” by the regulator.