Musk Sec Agreement

Tesla, Elon Musk and the U.S. Securities and Exchange Commission reached an agreement Friday that will give the CEO the freedom to use Twitter within certain limits, without fear of being violated because of the violation of an earlier court ruling. Elon Musk and the Securities and Exchange Commission (SEC) have agreed on the Tesla chief`s faulty behavior on social media. Musk vigorously stated that he had not violated the agreement. The new agreement, which is the subject of a motion in federal court in Manhattan, specifies the types of statements to be considered. Both sides filed last Friday to amend last year`s agreement on the “secure financing” debacle, which originally led the SEC to install oversight of Musk`s tweets. U.S. District Court Judge Alison Nathan, who led the case, accepted the amendment from Friday to April 30. The SEC argued that Musk`s tweet was contrary to his agreement. Musk said the tweet was “insignificant” and that he respected the comparison.

The new agreement, presented on Friday, addresses this blur by listing the types of declarations to be verified. These include a statement on Tesla`s financial position, planned or potential transactions, production figures, performance forecasts, financing or credit agreements, and Musk`s own securities transactions. Diamond said the new language illustrates the original agreement and gives significant restrictions on Musk`s use of Twitter. Musk can tweet as he likes, unless it`s certain events or financial terminals. In these cases, Musk must obtain prior authorization from a securities lawyer, in accordance with the agreement filed in federal court in Manhattan. The head of Tesla and the Securities and Exchange Commission presented an updated settlement agreement late Friday: “The (SEC), Musk and Tesla`s general counsel met and lent, and the parties reached an agreement to resolve the Commission`s request for contempt of Musk,” he said. Tesla shares rose 1.4 percent after the deal was announced at 238.50 $US after the deal revealed that lifted a cloud over Musk, while Tesla tried to boost production of its main vehicle, the Model 3 sedan, while making a profit.

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