INSUBCONTINENT EXCLUSIVE:
NEW YORK: Tesla Inc Chief Executive Elon Musk has reached a deal with the US Securities and Exchange Commission to settle a dispute over his
according to a court filing on Friday.
If it is approved by a judge, the deal means the Tesla founder no longer faces the prospect of being
for prior review.
The new agreement, disclosed in a filing in Manhattan federal court, lays out in more detail exactly what kinds of
statements must be reviewed.
Shares of Tesla rose 1.4 per cent to $238.50 in after hours trading
The agreement lifts a cloud that has hung over Musk as Tesla tries to ramp up production of its most important vehicle, the Model 3 sedan,
at Santa Clara University
difficulties in delivering its Model 3 to global customers, a declining share price and lingering questions about the sustainability of
immediately return a request for comment.
Tweet ApprovalThe SEC sued Musk last year after he tweeted on Aug
lawyers have argued that the February tweet did not contain new information that was material to investors, and that Musk did not need
pre-approval for all tweets about Tesla under the settlement.
They also argued the settlement was too ambiguous for Musk to be held in
contempt.
The new agreement unveiled Friday addresses that ambiguity by listing what kinds of statements must be vetted
2008 and has more than 25 million followers on Twitter.