UPDATE 2-Musk's lawyers call tweet in U.S. SEC's contempt bid 'not material' [Reuters (UK)]
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Source: Reuters
Musk's lawyers call tweet in SEC's contempt bid 'not material' | Reuters 3 Min Read NEW YORK (Reuters) - Elon Musk’s lawyers said that the U.S. Securities and Exchange Commission failed to satisfy its heavy burden of showing that the Tesla Inc chief executive should be held in contempt, and the tweet prompting its contempt motion was both proper and “not material.” In a Friday filing in Manhattan federal court, Musk’s lawyers also said their client “respects his obligations” to the electric car company, its shareholders and the court. Musk is trying to avoid being held in contempt for violating his October 2018 fraud settlement with the SEC, for having tweeted at 7:15 p.m. EST on Feb. 19 to his over 24 million Twitter followers that Tesla could build around 500,000 vehicles in 2019. SEC spokesman Ryan White declined to comment. Musk’s settlement, including $20 million civil fines for both him and Tesla, resolved an SEC lawsuit over an Aug. 7, 2018 Twitter post in which Musk said he ha
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