This Is Apparently The Real Story Of Why The SEC Is Not Good With Elon Musk! - Kakiforex.com - Financial Market Media No. 1 in the World This Is Apparently The Real Story Of Why The SEC Is Not Good With Elon Musk! This Is Apparently The Real Story Of Why The SEC Is Not Good With Elon Musk!
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June 2, 2021

This Is Apparently The Real Story Of Why The SEC Is Not Good With Elon Musk!

 The Securities and Exchange Commission (SEC) once told Tesla Inc. that the use of Twitter by CEO Elon Musk had violated a court -ordered policy.


The policy meant, any tweet that Musk would upload would have to first get approval from the company’s lawyers and the millionaire figure had violated it twice.


Earlier, Musk was accused of committing fraud regarding the electric vehicle company's potential to buy it at $ 420 per unit, causing Tesla shares to soar.




However, in an agreement reached between the two parties, SEC-Tesla, Musk and Tesla each paid $ 20 million to settle the case with the agreement its tweets would be monitored by Tesla’s attorneys.


Perhaps forgotten with the deal, in 2019 and 2020, Elon Musk once again uploaded a tweet, this time it related to Tesla’s total solar roof production and Tesla’s exorbitant stock price. As a result, the firm's market value saw a decline of over $ 13 billion!



Spooling up production line rapidly. Hoping to manufacture ~ 1000 solar roofs/week by end of this year.


- Elon Musk (@elonmusk) July 30, 2019


Tesla stock price is too high imo


- Elon Musk (@elonmusk) May 1, 2020


According to the SEC, the tweet had not actually received confirmation from Tesla's attorneys when it was uploaded. This issue has caused tension between the SEC and Elon Musk, and it is not an exaggeration to assume that this figure is ‘mocking’ the agency.


At the same time, the SEC described Tesla as having failed to perform mandatory duties ordered by the court.


Based on reports, Tesla's lawyers have denied the allegations and the SEC appears to have 'given in' when to this day it has not asked the court to intervene.