Elon's tweets have once again drawn the ire of the SEC.
On February 19th Elon tweeted that Tesla would make 500,000 cars in 2019, then corrected himself a few hours later:
The SEC claims he violated the terms of their 2018 settlement that required Elon to get approval from Tesla before making any social media posts containing material information. Elon seems to think the SEC is the one making the mistake:
But this excerpt from the Washington Post's article stood out to me:
The next day, the SEC asked the company whether the tweets had been reviewed before being published, a requirement of a settlement agreement Musk reached late last year. The first tweet had not been preapproved, the company said. Instead, Tesla’s attorneys saw the tweet after it was published and then reached out Musk to draft a corrective second tweet, the SEC said in a motion filed in the U.S. Southern District Court.
It sounds like the SEC's issue is not just with the accuracy of the tweet, which Elon is defending above, but with the fact that it wasn't approved before he posted it. It certainly doesn't hurt that Elon is able to point to numbers backing up the accuracy of his original tweet, but it seems like he may have still violated the letter of the agreement.
The SEC also pointed to Musk's comments in a recent 60 Minutes interview ("I do not respect the SEC") as evidence that he had no intention of complying with the settlement.
Part of me wonders if Elon's self destructive streak is rooted in the fact that he really doesn't seem to want to be a CEO. He wants to be an engineer, which is what he's good at.
Maybe he'll get his wish, courtesy of the SEC?
📷 Photo by Steve Jurvetson on Flickr [CC BY 2.0]