Tesla's Elon Musk, SEC get another week to work out deal on Twitter use

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Tesla's Elon Musk, SEC get another week to work out deal on Twitter use
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Tesla Inc Chief Executive Elon Musk and the U.S. Securities and Exchange Commiss...

NEW YORK - Tesla Inc Chief Executive Elon Musk and the U.S. Securities and Exchange Commission will get another week to settle a dispute over Musk’s use of Twitter, a federal judge ruled Thursday.

Nathan had been asked to hold Musk in contempt over a Feb. 19 tweet that the SEC said violated an earlier settlement with the agency. Musk settled the lawsuit, agreeing to step down as chairman and have the company’s lawyers pre-approve written communications with material information about the company, including tweets.

At an April 4 hearing, a lawyer for the SEC said that if Musk were found in contempt, the agency would ask the judge to require him to submit regular reports about his Twitter use, and to pay a series of progressively higher fines for any future violations. The Palo Alto, California-based company built its reputation on luxury cars, but has faced several production challenges with its Model 3 sedan, which it hopes will reach a mass audience.

The SEC said the earlier tweet conflicted with Tesla’s Jan. 30 outlook, when it targeted annualized Model 3 production exceeding 500,000 as soon as the fourth quarter, and projected 360,000 to 400,000 vehicle deliveries this year.

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