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Regulation and Compliance > Federal Regulation > SEC

Musk Lays Into SEC With More Tweets After U.S. Contempt Claim

By Elisabeth Behrmann

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Elon Musk kept up his attack on the U.S. Securities and Exchange Commission on Twitter, even after landing in more regulatory trouble with potential penalties that at worst could see him being barred from running Tesla Inc.

“Something is broken with SEC oversight,” Musk wrote, in response to a user’s tweet sympathizing with this position.

The U.S. regulator on Monday asked a judge to hold him in contempt for violating a settlement that required him to get Tesla approval for social media posts and other writings that could be material to investors.

Musk was taking issue with the SEC alleging he breached that deal with a Feb. 19 tweet that said Tesla would make about half a million cars in 2019.

The chief executive officer posted a few hours later that deliveries would only reach about 400,000.

The exchanges come less than five months after Musk settled claims that he misled the public with tweets about taking the electric-car maker private.

In a tweet after the SEC filing, Musk said the SEC overlooked a comment he made on the company’s Jan. 30 earnings call that Tesla may make as many as 500,000 of its Model 3 sedans this year.

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