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Elon Musk says & # 39; something is broken & # 39; at SEC



Just hours after the US's top stock market regulator asked a federal judge to keep him despised, Tesla CEO Elon Musk tweeted that "something is broken" with the Securities and Exchange Commission.

"This has now happened several times," he tweeted at 4:25 local time Tuesday. "Something's broken with SEC monitoring."

On Monday, the SEC said that Musk had misled investors by tweeting about Tesla's expected production targets. The agency claims it was in violation of the terms of a solution he and the SEC reached in the fall, and it asked a judge to keep him despised by the federal court that approved this settlement.

Shortly after saying that the company would make 500,000 cars this year last week, Musk almost immediately jumped with corrected numbers. Bloomberg News reported on Monday that the company's designated securities council prepared the follow-up response after seeing Musk & # 39; s first tweet.

"Musk did not seek or receive prior approval before the release of this tweet, which was inaccurate and communicated to over 24 million people," said the SEC in a filing with the US District Court for the Southern District of New York. "Musk has thus violated the court's final judgment by engaging in the very behavior that the pre-decision in the final judgment was designed to prevent."

A Tesla spokesman refused to comment on the SEC filing on Monday.

"SEC forgot to read Tesla's earnings transcription, which clearly indicates 350k to 500k. How embarrassing …" Musk tweeted Monday night in response to SEC's filing.

"I have great respect for judges. It's not perfect, but in general we should be very happy about the US legal system," he added.

Tesla stocks opened at 2.9% on Tuesday, near $ 290. The stock is likely to continue to decline, even Wall Street analysts said Tuesday.

"Whatever the outcome of this new legal headache for both Elon Musk and Tesla," Jeff Osborne, an analyst at Cowen, told clients. "We see it as a negative distraction for a company to do at this critical time."


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