According to an exclusive report by The Wall Street Journal, the SEC accused Tesla and SpaceX CEO, Elon Musk, of ignoring a court-ordered policy in 2019 and 2020 regarding his use of Twitter.
“Securities regulators told Tesla Inc. last year that Chief Executive Elon Musk’s use of Twitter had twice violated a court-ordered policy requiring his tweets to be preapproved by company lawyers,” wrote The Wall Street Journal. “Tesla and the Securities and Exchange Commission settled an enforcement action in 2018 alleging that Mr. Musk had committed fraud by tweeting about a potential buyout of his company. Mr. Musk paid $20 million to settle that case — Tesla also paid $20 million — and agreed to have his public statements on social media overseen by Tesla lawyers.”
According to correspondence sent to Tesla in 2019 and 2020, as described by the Journal, “the SEC said tweets Mr. Musk wrote about Tesla’s solar roof production volumes and its stock price hadn’t undergone