Tesla Inc Chief Executive Elon Musk has reached a deal with the U.S. Securities ...
NEW YORK - Tesla Inc Chief Executive Elon Musk has reached a deal with the U.S. Securities and Exchange Commission to settle a dispute over his use of Twitter, agreeing to submit his public statements about the company’s finances and other topics to vetting by its legal counsel, according to a court filing on Friday.
Shares of Tesla rose 1.4 percent to $238.50 in after hours trading. The agreement lifts a cloud that has hung over Musk as Tesla tries to ramp up production of its most important vehicle, the Model 3 sedan, and make a profit at the same time. Musk settled the lawsuit, agreeing to step down as chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.
Musk’s lawyers have argued that the February tweet did not contain new information that was material to investors, and that Musk did not need pre-approval for all tweets about Tesla under the settlement.The new agreement unveiled Friday addresses that ambiguity by listing what kinds of statements must be vetted.
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