Musk Archives -
Amazon’s entry into the satellite internet market sets up another faceoff between Jeff Bezos and Elon MuskApril 13, 2019 | dailybusinessnews
Elon Musk and Jeff Bezos already compete on satellite launch contracts for their respective rocket companies, SpaceX and Blue Origin.
Soon they will also face off in the potentially lucrative business of providing broadband internet via constellations of hundreds, or even thousands, of tiny satellites.
Tesla CEO Elon Musk argued Friday that his Twitter use did not violate a settlement agreement with the U.S. Securities and Exchange Commission and that the agency’s request to have him held in contempt is based on a “radical interpretation” of the order, according to court papers filed in Manhattan federal court.
The SEC has asked a judge to hold Musk in contempt for violating a settlement agreement reached last year over Musk’s now infamous “funding secured” tweet. Under that agreement, Musk is supposed to get approval from Tesla’s board before communicating potentially material information to investors.
Musk contends he didn’t violate the agreement and that the problem lies in the SEC’s interpretation, which he describes as “virtually wrong at every level.” The filing also reveals new details about the settlement negotiations, notably that the SEC sent Musk a draft agreement that would have required him to obtain pre-approval for all public statements related to Tesla, in any format.
Musk and Tesla never agreed to those terms. Instead, Musk says the agreement requires him to comply with Tesla own policy, which would require pre-approval for “written communications that contain, or reasonably could contain, information material to the company or its shareholders.”
The barbs traded via court filings are the latest in an escalating fight between the billionaire entrepreneur and SEC that began last August when Musk tweeted that he had “funding secured” for a private takeover of the company at $ 420 per share. The SEC filed a complaint in federal district court in September alleging that Musk lied.
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.
But the fight was re-ignited last month 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 U.S. Securities and Exchange Commission said it’s “stunning” that Elon Musk didn’t seek pre-approval of any of his tweets about Tesla Inc. in the months since he was ordered by a judge to do so.
Musk’s August tweets about taking Tesla private resulted in $ 40 million in fines, the appointment…
A new Tesla model is set to be unveiled tonight in what promises to be an Elon Musk signature event, replete with glitz and fanfare.
The Los Angeles entrepreneur is raising the curtain on the Model Y, a crossover sport utility vehicle based on the Model 3 sedan that will fill a gap in the Palo…
More details are emerging about the ongoing saga between Elon Musk and a former Tesla employee. Martin Tripp, a whistleblower who aired alleged evidence of dangerous practices in Tesla’s Nevada battery factory, has been accused of leaking information about the company and stealing data ; a lawsuit was filed against him….
Elon Musk told a New York judge that a pair of tweets he sent last month about Tesla Inc. weren’t improper, pushing against a request by the U.S. Securities and Exchange Commission to hold him in contempt for violating earlier restrictions on his social media posts.
The billionaire Tesla chief…
Elon Musk’s dream of an express tunnel transit system could finally become a reality in Las Vegas after major setbacks in other cities.Las Vegas’ tourism agency announced Wednesday it is recommending that an enterprise backed by the divisive billionaire receive a contract to build and operate an underground tunnel…
America’s newest capsule for astronauts rocketed Saturday toward the International Space Station on a high-stakes test flight by SpaceX. The only passenger w as a life-size test dummy named Ripley, after the lead character in the Alien movies. SpaceX needs to nail the debut of its Crew Dragon capsule before…
The Securities and Exchange Commission says in a court filing that a Feb. 19 tweet regarding projected production volumes in 2019 violated terms of a prior settlement.
WSJ.com: US Business
Elon Musk kept up his Twitter attack on the Securities and Exchange Commission on Tuesday, even after landing in more regulatory hot water with potential penalties that could see him being barred from running Tesla Inc.
“Something is broken with SEC oversight,” Musk wrote in response to a user’s…