Tesla's Chief Executive Elon Musk and the U.S. Securities and Exchange Commission face off in court via ReutersTV
NEW YORK - Elon Musk’s job as Tesla Inc’s chief executive appeared safe on Thursday as a federal judge in Manhattan urged the billionaire to settle contempt allegations by the U.S. Securities and Exchange Commission.
Musk declined to comment about the hearing as he left the courthouse, surrounding by reporters, photographers and television cameras. That settlement called for Musk to step down as Tesla’s chairman, and levied $20 million civil fines each on Musk and the Palo Alto, California-based company.Legal experts had said Musk could have faced penalties as severe as removal from Tesla’s board or as chief executive if held in contempt.That lifted a potential drag on Tesla’s share price, which recouped some early losses stemming from its Wednesday night report of lower-than-expected vehicle deliveries.
Musk’s lawyer, John Hueston, countered that the “ambiguity” of the settlement made further punishment for his client unfair.Musk sat quietly with his lawyers, sometimes staring down at paperwork, during oral arguments.The battle concerns a tweet that Musk sent to his more than 24 million Twitter followers: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” meaning 500,000 vehicles.
Musk’s lawyers countered that the earlier tweet merely restated a forecast he had given on Jan. 30, and that the SEC conceded during settlement talks that Musk did not need pre-approval for all tweets about his company.
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