Executive Director of Tesla Elon Musk and the US Securities and Exchange Commission have reached an agreement in lawsuit over the tech billionaire's social media activities. The compromise regulates the conditions under which Moscow may tweet in the future. This is reflected in a petition filed Friday (local time) to the New York Court of Justice. Judge Alison Nathan has yet to approve the deal.
It was agreed that "Mosk" can no longer freely distribute the information in writing that could affect the price of Tesla shares. This applies, for example, to statements about finances, production targets, acquisitions and mergers, in other words, all topics important from the point of view of brokers. Any communication about this, musk should be approved in advance by a lawyer who has experience with issues related to securities.
The dispute revolves around the comparison of the previous year, communication Musks Twitter has already made the conditions against which he loudly SEC but then broke. More precisely, it is a tweet from February, in which the muscle according to the SEC is wrong
Information about Tesla's production targets for the current fiscal year
That's why the guards demanded a penalty for contempt of court.
The original settlement came after Mashkes irritated investors on Twitter with flaws in plans to withdraw the Tesla stock exchange. The SEC then sued for market manipulation.
The supervisor wanted Musko to first ban the CEO. Then they agreed on a compromise, which, in the opinion of the SEC, did not hold onto Tesla's head.