• 4 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 7 minutes Countries with the most oil and where they're selling it
  • 10 minutes Stack gas analyzers
  • 13 minutes What Would Happen If the World Ran Out of Crude Oil?
  • 26 mins Trudeau Faces a New Foe as Conservatives Retake Power in Alberta
  • 19 mins Ecoside
  • 17 hours Oil at $40
  • 1 day Welcome To The Club: Apple In Talks With Potential Suppliers Of Sensors For Self-Driving Cars
  • 1 hour Not Just Nuke: Cheap Solar Panels Power Consumer Appliance Boom In North Korea
  • 3 hours Japan’s Deflation Mindset Could Be Contagious
  • 1 hour Haaretz article series _ Saudi Arabia: A Kingdom in Turmoil | Part 1 - Oil Empire
  • 1 day Guaido and the Conoco Award
  • 6 hours The Number Increases: Swiss To Support Belt And Road Push During President's China Trip
  • 1 day Trump Torpedos Oil Pipeline Haters
  • 18 hours Is Canada hosed?
  • 1 day Opening up the waters off the coast of Florida to oil and gas drilling
  • 1 day Negative Gas Prices in the Permian
Russia’s Shadow Hangs Over Oil Markets

Russia’s Shadow Hangs Over Oil Markets

Russia sent a chilling message…

Oil Bulls Undaunted By OPEC Fears

Oil Bulls Undaunted By OPEC Fears

Fears of OPEC+ abandoning its…

SEC Slams Musk For Failing to Adhere To Tweet Approval Rule

Musk

The Securities and Exchange Commission has approached a Manhattan court accusing Tesla chief executive Elon Musk of violating an agreement with the regulator that required him to seek approval from the company’s board for any tweet that might affect Tesla’s share price.

Reuters reports, quoting the SEC court filing, that the regulator accused Musk of not asking the approval of Tesla’s board of directors for any tweets posted since the agreement was made. The watchdog said it had asked the Tesla board if the CEO had approached it for approving tweets, and the board responded in the negative.

“It is therefore stunning to learn that, at the time of filing of the instant motion, Musk had not sought pre-approval for a single one of the numerous tweets about Tesla he published in the months since the court-ordered pre-approval policy went into effect,” the SEC told the judge in a Manhattan court.

Last month, The Securities and Exchange Commission has asked a judge to hold Elon Musk in contempt for violating a deal the regulator struck with the Tesla chief executive last year, which requires him to get the approval of the Tesla board of directors before tweeting anything that could “be material to investors.”

The tweet that prompted the SEC move said that Tesla will manufacture half a million cars this year. The tweet, however, was quickly followed by another one, clarifying that he “Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.” 

Related: Oil Rises As OPEC Holds Off On Production Cuts Decision

Musk first drew the attention of the Securities and Exchange Commission last summer when the Tesla CEO said on Twitter he was planning to take the company private and had already secured funding.

It was this phrase, “funding secured”, that alerted the Securities and Exchange Commission, which launched a probe into this claim, prompting Musk to come forward with the revelation that he had for years been in talks with the Saudi sovereign wealth fund to take the company private.

Yet the tweet and the following explanation caused changes in the Tesla stock price within two days, which allegedly affected shareholders who bought Tesla stock in the period and prompted the SEC to act.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News