Judge urges SEC and Tesla CEO’tweet’ Payoff

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The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not.

In an April 4 hearing where Musk appeared, U.S. District Judge Alison Nathan questioned the specifics of the CEO's settlement with the SEC and told the two sides to rework the language of their agreement.

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In August 2018, the US SEC filed a lawsuit against Mr Musk after he tweeted that he was considering taking the company private.

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After that, and as part of a settlement agreement between them, Musk personally paid a $20 million fine. The agency asserts that Musk hasn't sought the approval of the lawyer for one tweet.

If Musk plans to attend the hearing loss, it's uncertain.

But Musk attorney John Hueston told the judge that the SEC had failed to demonstrate that his client had violated the deal.

Meanwhile, Tesla's shares fell 8% Thursday after the company said it churned out 77,100 vehicles well behind the pace it has to maintain to meet Musk's pledge.

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The legal tussle for Musk, 47, served as a distraction amid a record decline in deliveries for Tesla during the first quarter.

Tesla shares (TSLA) fell as much as 1.7 percent to $263.03 as of 9:38 a.m. Monday in NY trading.

In the recent tweet on February 19 that inspired the contempt proceedings, Musk said, "Tesla made 0 cars in 2011, but will make around 500k in 2019." according to the terms of the earlier settlement, and was inaccurate. "Musk took to Twitter - a social networking website infamous for invective and hyperbole - to respond". On the other hand, there is a reason for the company making such move.

Besides from having a rough week in the market, Tesla stocks saw a -11% decline in the period of the past year, while gains on S&P 500 went by 9% in oppose to the share price decline in the period of the last 12 months.

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