US authorities accused Musk of violating the terms of the agreement because of a tweet about Tesla production volumes

The entrepreneur responded by saying that the agency did not understand the situation.

“Tesla produced 0 cars in 2011 [year], but will produce about 500 thousand in 2019 [year]”

“I meant that the production volumes by the end of 2019 [year] are likely to reach 500 thousand, that is, 10 thousand cars a week. This year it is planned to release 400 thousand [cars] “

According to the Securities Commission, Musk did not ask Tesla lawyers for approval of this tweet, as required by the agreement. According to the authority, the company’s lawyer worked with Musk to correct the original tweet after it was published.

Musk’s initial tweet violates the agreement, the agency said, because this information can be considered essential for Tesla’s shareholders.

On February 26, Musk responded to the Twitter charges.

“The SEC forgot to read the Tesla transcript. It clearly states about [increasing production] from 350 thousand to 500 thousand. How embarrassing … ”

Back to top button