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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 06/28/1971
Place of birth : Pretoria - South Africa
Biography : Elon Reeve Musk is an entrepreneur and businessperson who founded 7 companies, which include: Tesla,

SEC letters claim Tesla failed to oversee Musk's tweets - WSJ

06/01/2021 | 07:21pm EDT
FILE PHOTO: Tesla's gigafactory in Gruenheide

(Reuters) - U.S. securities watchdog told Tesla Inc last year that Chief Executive Officer Elon Musk's use of Twitter had twice violated a settlement requiring his tweets to be preapproved by company lawyers, the Wall Street Journal reported on Tuesday.

The U.S. Securities and Exchange Commission had ordered the electric car maker to vet any material public communications Musk made regarding Tesla, following Musk's August 2018 tweet that he had "funding secured" to possibly take Tesla private in a $72 billion transaction.

In correspondence sent to Tesla in 2019 and 2020, the SEC said tweets Musk wrote about Tesla's solar roof production volumes and its stock price were not preapproved by Tesla's lawyers, the Journal reported, citing records of communication that have not been previously reported.

"Tesla has abdicated the duties required of it by the court's order," the WSJ reported, citing a letter signed by a senior SEC official.

The SEC and Tesla were not immediately available for comment.

(This story corrects to Tuesday from Monday in paragraph 1)

(Reporting by Ankit Ajmera in Bengaluru; Editing by Anil D'Silva)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
S&P 500 -0.54% 4395.26 Delayed Quote.17.16%
TESLA, INC. 1.45% 687.2 Delayed Quote.-2.62%