Elon Musk aims at the SEC again

11 December, 2018, 00:57 | Author: Corey Lynch
  • Tesla likely to acquire shut GM plants claims CEO Elon Musk

Musk says General Motors has not decided if they are selling the plants, including one in Oshawa. Spoiler alert: not much.

Musk is no stranger to mocking the SEC.

"Nobody's flawless." Musk says, giggling to himself.

In this case, the SEC took action rather rapidly.

Earlier this year, Musk was charged with securities fraud by the SEC, a charge that stemmed from something he tweeted. By late September the case was settled to avoid a trial; both Musk and Tesla were each fined $20 million.

But there were nearly immediate signs that Musk had no intention of being told what to do by any federal regulators, particularly not ones he dubbed the "Shortseller Enrichment Commission". The company named Robyn Denholm, who was already on the board, as chairwoman.

But he said in the Sunday interview that no one was proofreading his tweets.

But, according to the terms of the settlement, any tweets pertaining to the automaker, such as one claiming that Tesla will "soon" be roadworthy for completely driverless interactions, would likely fall under the clause pertaining to mandatory "oversight of communications" before being sent to the world (Specifically, the settlement calls out Twitter by name).

(In fact, in the clip above, you can see him kind of furrow his brows a bit when he's asked that question - as if to say, 'Are you serious?') To top it off, he then acknowledges that he can't stand the SEC - but that he's abiding by the settlement.

Stahl: None? Does someone have to read them before they go out?




"The only tweets that would have to be, say, reviewed, would be if a tweet had a probability of causing a movement in the stock", Musk said.

"Otherwise it's, 'Hello, First Amendment, ' he added, referring to the United States right to free speech. Freedom of speech is fundamental".

LESLEY STAHL: But how do they know if it's going to move the market if they're not reading all of them before you send them?

"If somebody comes and makes a better electric auto than Tesla and it's so much better than ours that we can't sell our cars, and we go bankrupt, I still think that's a good thing for the world".

But Musk said "it's not realistic" to expect Denholm to watch over his actions because he remains the electric vehicle company's largest shareholder.

"I want to be clear".

A Tesla spokesperson confirmed to Business Insider that the company was in compliance.

I mean that's not realistic because I am the largest shareholder in the company and a very high percentage of the shareholders support me and the company. I'm just being me. Not certain, but likely.

The SEC forced Musk to step down as chairman of the board for three years.

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