Translated material
Wsj: Elon Musk Twice Violated The Ban On Publishing Tweets Without The Approval Of Tesla Lawyers
In 2019, he promised to produce a thousand solar panels per week, and in 2020 he called the price of Tesla shares overpriced.
The Securities and Exchange Commission (SEC) pointed out to Tesla that Elon Musk's tweets about Tesla's solar roof (battery) production volume and the price of its shares were published without prior approval by lawyers, The Wall Street Journal writes , citing correspondence between the regulator and Tesla.
In May 2020, the SEC reported to Tesla that the company failed to enforce procedures and controls over Musk's tweets. Tesla, the SEC and Musk did not respond to WSJ requests for comment.
The SEC questioned a tweet written by Musk in July 2019. In it, Musk said that Tesla wants to produce “about 1,000 solar roofs per week by the end of this year.”
In August 2019, the commission sent a letter of violation. Tesla responded that Musk did not submit the tweet for legal review, which they later deemed "entirely advisable."
On May 1, 2020, Tesla's stock price fell after Musk called it overpriced.
After this, the SEC sent Tesla another letter. The company responded that the tweet was Musk's “personal opinion” and therefore did not require legal permission. The commission considered that the tweet concerned the financial condition of the company and lawyers should have reviewed it.
In June 2020, the SEC told Tesla's lawyers in a letter that it hoped to resolve the dispute without going to court. But the company and its lawyers “refused to engage in substantive dialogue regarding the May 1 tweet.”
- In 2018, the SEC accused Elon Musk of fraud and asked the court to remove him from the management of Tesla. The regulator's claims were related to Musk's announcement of plans to make Tesla a private company: he wrote about this on Twitter. Musk later said that after requests from investors he changed his mind about buying back shares.
- Musk agreed to resign as Tesla chairman and pay the company a $40 million fine. The company also had to introduce “additional control measures” over Musk’s messages on social networks.
- In February 2019, the SEC sued Musk and accused him of misleading shareholders. The commission also found that he did not consult with lawyers before tweeting. After this, Musk agreed not to disclose Tesla's plans and performance on social networks without the approval of a lawyer.
- In April 2021, a Tesla investor sued Elon Musk over “erratic” tweets and a violation of an agreement with the regulator.
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