A regulatory fight over Elon Musk’s tweeting habit may be over — at least for now.
Tesla's CEO Elon Musk and the SEC agreed to amend a deal they reached last year by clarifying what communications require oversight and approval for Musk. Tesla Inc.’s chief executive and the U.S. Securities and Exchange Commission said in a court filing Friday that they are settling a legal dispute over how Musk posts news about his electric-car company, avoiding a decision by a federal judge in New York on whether the billionaire should be held in contempt of court.
The SEC has argued that a Feb. 19 tweet by Musk violated an October settlement that ended an earlier brouhaha over his proclamations on Twitter. Musk said he hadn’t violated the agreement. Had Musk been found in contempt, the judge had the authority to impose hefty fines and new controls on how the CEO communicates with the public.
The judge had urged both sides to try to eliminate ambiguities in the earlier settlement, which required Musk to get internal approval before issuing some tweets. By reaching a compromise, Musk would avoid more penalties while the SEC would affirm the Tesla CEO’s obligation not to release misleading information on social media.
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