Musk Archives -
“We want this burden of stealth mode off of us so that we can keep building and do things like normal people, such as publish papers.” And with that, Neuralink shrugged off the secrecy that has surrounded it since its 2017 launch . On Tuesday it went public with the progress…
Elon Musk’s super-popular limited-edition flamethrower (er, that is, “Not a Flamethrower” ) was actually Pablo Escobar’s brother’s idea, says Pablo Escobar’s brother. Roberto Escobar released his own “tactical toy flamethrower” last week (you can buy one for $ 249 here ), and a press release acknowledges the product is “similar to…
Pablo Escobar’s brother says Elon Musk ripped off the “not-a-flamethrower” idea and beat him to the punch — but now he’s got his own (hot) take on the gizmo … and a possible legal fireball for Elon. The late Colombian kingpin’s bro,…
Billionaire Elon Musk finally has a chance at completing a commercial tunneling project after his Boring Co. secured a $ 48.7-million contract to build a transit system for Las Vegas’ expanding convention center.
The Las Vegas Convention and Visitors Authority’s 14-member board approved the contract…
A guy tweeted a photo of an “absolute unit” of a sheep and now claims he’s Tesla’s social media strategist. It’s a fascinating story best digested once CEO Elon Musk’s passion for Internet culture is understood. It turns out Musk spotted a reference to the viral April 2018 image shared…
Fugees rapper Pras wants to set the record straight about the feds claiming he illegally sunk millions into President Obama’s coffers, or as he’d put it … check out my new music!!! Seriously, it really went down that way when Pras joined us…
Tesla Inc. plans to raise about $ 2 billion through debt and stock offerings, after Chief Executive Elon Musk overestimated the ability of the Model 3 sedan to generate enough cash for the company to be self-sustaining.
The electric-car maker filed Thursday to sell $ 1.35 billion in notes and about…
Fidelity Investments mutual funds sold more than 1 million shares of Tesla Inc. in March, according to the firm’s website.
Fidelity mutual funds sold a net of about 1.4 million shares of the electric carmaker, cutting their combined stake by more than 20%. The sales left the funds holding a total…
A regulatory fight over Elon Musk’s tweeting habit may be over — for now.
Tesla Inc.’s chief executive and the U.S. Securities and Exchange Commission said in a court filing Friday that they are settling a legal dispute over how Musk posts news about his electric-car company, avoiding a decision…
Tesla, Elon Musk and the U.S. Securities and Exchange Commission reached an agreement Friday that will give the CEO freedom to use Twitter —within certain limitations — without fear of being held in contempt for violating an earlier court order.
Musk can tweet as he wishes except when it’s about certain events or financial milestones. In those cases, Musk must seek pre-approval from a securities lawyer, according to the agreement filed with Manhattan federal court.
U.S. District Judge Alison Nathan, the presiding judge on this matter, must still approve the deal. Nathan had given the SEC and Musk two weeks to work out their differences and come to a resolution.
Musk must seek pre-approval if his tweets include:
- any information about the company’s financial condition or guidance, potential or proposed mergers, acquisitions or joint ventures,
- production numbers or sales or delivery number (actual, forecasted, or projected),
- new or proposed business lines that are unrelated to then-existing business lines (presently includes vehicles, transportation, and sustainable energy products);
- projection, forecast, or estimate numbers regarding Tesla’s business that have not been previously published in official company guidance
- events regarding the company’s securities (including Musk’s acquisition or disposition of shares)
- nonpublic legal or regulatory findings or decisions;
- any event requiring the filing of a Form 8-K such as a change in control or a change in the company’s directors; any principal executive officer, president, principal financial officer, principal accounting officer, principal operating officer, or any person performing similar functions
The fight between the two parties began after Musk’s now infamous August 7, 2018 tweet that had “funding secured” for a private takeover of the company at $ 420 per share. The SEC filed a complaint in alleging that Musk had committed securities fraud.
Musk and Tesla settled with the SEC last year without admitting wrongdoing. Tesla agreed to pay a $ 20 million fine; Musk had to agree to step down as Tesla chairman for a period of at least three years; the company had to appoint two independent directors to the board; and Tesla was also told to put in place a way to monitor Musk’s statements to the public about the company, including via Twitter.
The fight was re-ignited after Musk sent a tweet on February 19 that Tesla would produce “around” 500,000 cars this year, correcting himself hours later to clarify that he meant the company would be producing at an annualized rate of 500,000 vehicles by year end.
The SEC argued that the tweet sent by Musk violated their agreement. Musk has said the tweet was “immaterial” and complied with the settlement.
The SEC had asked the court to hold Musk in contempt for violating a settlement agreement reached last October over Musk’s now infamous “funding secured” tweet. The SEC had argued that Musk was supposed to get approval from Tesla’s board before communicating potentially material information to investors, the agency has argued. The SEC claimed a February 19 tweet violated the agreement.
Musk has steadfastly maintained that he didn’t violate the agreement.