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Elon Musk's battle with the SEC heads to court



The hearing is scheduled for 2 pm ET at a Manhattan courtroom. It's unclear whether Musk will be present
Judge Alison Nathan is tasked with weighing the SEC's request that Musk be held contempt for violating a settlement agreement reached last year. The agreement required Musk to get pre-approval for social media posts about the electric car company. It is unclear when Nathan will issue a ruling.
If she has pages with regulators, he can find another heights and further limits to his social media use. The judge could oust Musk from the CEO seat, although she is not expected to rule that harshly. Nathan could also get the settlement with the SEC, effectively reopening the agency's litigation against Musk and Tesla.

The SEC claims Musk violated its 201

8 settlement deal when he said in a February 19 tweet that Tesla will make around 500,000 cars in 2019 . Hours later, he posted another tweet that said the company will actually deliver 400,000 cars this year.

 Why Tesla needs Elon Musk

[19659003] Although Musk corrected his mistake, regulators said he had "once again published inaccurate and material information about Tesla to his over 24 million Twitter followers," according to court papers. Musk has done wrong and accused the SEC or trying to stifle free speech.

Tesla had agreed to establish a board committee to oversee Musk's posts. In a court filing, Tesla conceded Musk did not receive pre-approval from anyone on that committee for his February posts, but the company has since claimed that he didn't need it.

Musk's standoff with the SEC started last year when he claimed in a tweet that he was "considering" taking Tesla private at $ 420 a share and that he had secured funding for the deal. That sent Tesla's stock surge

But the SEC later said funding was not, in fact, secured. A settlement deal reached in October saddled Musk and Tesla with $ 40 million in fines and required Musk to step down as the company's chairman, though he retained the role of CEO.


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