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Home https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ Business https://server7.kproxy.com/servlet/redirect.srv/sruj/smyrwpoii/p2/ On April 4, Federal Judge sets the date for the SEC hearing in Elon Musk

On April 4, Federal Judge sets the date for the SEC hearing in Elon Musk



Judge Alison Nathan held a hearing on April 4 on Tuesday. It is unclear when she wants to comment.

Nathan's task is to weigh the SEC's request that Musk be despised for violating an agreement concluded last year, which required him to obtain social media pre-approval for the electric car company.

On February 19, Musk tweeted that "Tesla made 0 cars in 2011, but will make about 500k in 2019." Hours later, he wrote a follow-up tweet indicating that the company will actually deliver 400,000 cars this year.

Although Musk corrected his mistake, regulatory authorities said he "once again published inaccurate and material information about Tesla to his over 24 million Twitter followers," according to court hearings.

The SEC claimed last month's Musk and argued that he had violated an agreement hit last October that the mandates receive prior approval of posts with information that is "material" to shareholders. Tesla agreed to set up a Board of Directors to monitor these positions.

Tesla admitted that Musk did not receive prior approval from anyone in the committee for his February speeches, but the company has since claimed that he did not

Musk maintains that he has diligently tried to follow the judgment and that the SEC's request is a violation of his constitutional right to freedom of expression.

The fight between Musk and the SEC dates back to August 201

8, when Musk tweeted that he had secured funding to take Tesla private at $ 420 a. share. Tesla's share rose sharply after his announcement.

However, Musk had not secured the funding, according to the SEC, and in September, the regulator filed a lawsuit saying he had misled investors. Tesla and Musk were each fined $ 20 million as part of the settlement, and Musk was forced to step down as Tesla's president. He has remained Tesla's CEO.

If Musk is found guilty of contempt, legal experts say he could get a fine, further restrictions on his social media use and his removal as Tesla CEO. Nathan could also throw out the settlement with the SEC, effectively reopening the agency's lawsuits against Musk and Tesla.


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