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The SEC sued Musk in court in February for his tweet that announced that Tesla would produce 500,000 vehicles by 2019 – a figure the agency had never leaked before. While the CEO went on to say that the company is still waiting to deliver 400,000 vehicles, which corresponds to an earlier projection, the SEC has always sought to keep it in defiance of its previous deal.
You see, this was not the first clash between Musk and the agency: last year, he was accused of securities fraud and tweets about the privatization of Tesla. As part of his deal with the SEC, he had to resign as president of the builder and agree that his social media posts containing important information be reviewed by the company's legal team. The executive, however, interpreted this agreement roughly and said that it had the right to decide whether a position should be subject to prior approval. And, yes, he did not receive his tweet containing the 500,000 production rate reviewed by Tesla's lawyers.
As specified in the new agreement, however, it will no longer be able to tweet the production and delivery rates without the knowledge of the company's legal team. A previous Reuters The report also states that if a judge approves the new deal, the SEC will drop its contempt charges against Musk, so that he may no longer suffer negative repercussions on his tweet.
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