The preference for messages via Twitter brings Tesla CEO Elon Musk is once again in Trouble with the U.S. securities and exchange Commission and the Tesla share, post-trade losses.
The U.S. securities and exchange Commission SEC has asked a judge to Tesla chief Elon Musk, the contempt of court guilty. Musk had breached conditions of a decision of 2018, it said. Reason unauthorized, and the content of misleading Tweets from Musk of 19 allegedly. February. Over the weekend, the Tesla was caved-share in OTC trading.
Tesla shares fell after hours at times to more than five percent, after having risen in regular trading on the Nasdaq, 1.4 percent.
Only old statements are repeated?
Musk had made last week on Twitter, information on Tesla’s potential annual production in 2019. The head of the company wrote: “Tesla built 0 cars in 2011 and 2019, around 500,000 to build.” The stock market supervision evaluates as a breach of the conditions to the agreed in court and saying that Tesla must check all communication Musks to the capital markets in advance and approve.
A lawyer of Tesla, Musk has simply repeats the statements from the end of January, during the presentation of the quarterly figures have already been made. In addition, the number of 500,000 cars a year, estimated production rate, which could be achieved by the end of 2019.
Tweet unabgesprochen
This would then really correspond to what had given Tesla already was. However, the SEC is impressed with the little. There is no “pre-approved written communication” from the 30. In January, the claims that “Tesla builds 500,000 cars in the year 2019”.
Further course information, to Tesla
in fact, had called the company in the letter to the shareholders the number 400,000 as a delivery target for the current year. Thus, the Tweet was not only unabgesprochen, but also in terms of content, incorrectly, concludes the SEC. This was a clear violation of the rules.
Musk announced that Tesla builds in the year 2019, with approximately 500,000 cars.
the SEC Was too lenient?
That Musk ever gets into the visor of the securities and exchange Commission, he brought this on himself. In August 2018 Tesla had tweeted-chief, his company privatize at a share price of 420 dollars, so from the stock exchange. The expensive funding for this project was “secured.” Thus, Musk pushed the share price initially strong, but the claim turned out to be, according to the SEC, as baseless. It is a suit of supervision due to market manipulation.
Although the Tesla boss and the SEC agreed on a settlement that met Musk in addition to money, and the requirements for communication with investors also forced, the chair of the Board of Directors (Board). As CEO, he remained in office.
But Musk quipped then merrily against the supervisor, which should have little to relaxation of the relationship. What are the consequences of Musk is threatening now, is difficult to assess. In any case, the busy entrepreneur, annoying court could face appointments. In 2018, many market had accused the observer of the SEC, to allow Elon Musk to be easy. Now it remains to be seen whether the authority takes but harder.
lg/dpa
source: boerse.ard.de