IANS

Musk, SEC to disclose settlement status by April 30

San Francisco, April 26 (IANS) Tesla CEO Elon Musk and the US Securities and Exchange Commission (SEC) have been requested to provide to the court a joint submission by or on April 30, declaring if they have reached an agreement to settle the dispute over Musks Twitter use.

The development comes in response to SEC’s filing against Musk in contempt of a fraud settlement last year after the CEO tweeted details about Tesla production numbers that were not vetted by the electric vehicle company’s attorneys, CNBC reported on Thursday.

However, the US District Court Judge Alison Nathan in Manhattan ordered Musk and the SEC to try to resolve the dispute on their own.

Before the latest delay, both the parties had already requested one extension earlier, the report said.

The SEC sued Musk last year as well for making fraudulent statements after he tweeted in August 2018 that he had “funding secured” to take Tesla private at $420 per share.

The parties later settled and Musk agreed to step down as chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.

However, Musk’s lawyers have argued that the February tweet did not contain new information that was material to investors, the report noted.

–IANS

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(This story has not been edited by Newsd staff and is auto-generated from a syndicated feed.)
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