Unfazed by the fact that he's now legally feuding with the SEC for tweets regarding business operations at Tesla, Musk again took to the social media site on Tuesday to explain that Tesla "shouldn't have offered" lower prices on Model S and Model X vehicles. The SEC said that a tweet Musk sent on February 19th about the company's production targets for 2019 violated the settlement between Musk and the SEC past year.
Legal professionals for Tesla CEO Elon Musk fired again on the Securities and Alternate Fee late Monday, arguing that a push to carry Musk in contempt of court docket for a Twitter put up final month infringed on his First Modification rights. The SEC said Musk's February 19 tweet was inaccurate, and that he didn't search nor obtain pre-approval previous to publishing.
Moreover, Musk has exhibited self-censorship in dramatically reducing the volume of tweets since the settlement, they wrote, adding that the SEC's request, if granted, would raise free speech issues.
In the coming few days, Tesla's investors will likely be closely watching to see whether or not the SEC agrees with Musk's response. The company claims that its new V3 Supercharger, once rolled-out extensively, will cut down the amount of time spent by customers on charging their vehicle by half. The Model 3 sedan will be Tesla's first vehicle to support the faster charging speeds, Tesla says. This wasn't always going to be the case, as Musk previously said that it would utilize a bespoke platform.
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The settlement comes from when the SEC sued Musk last September for committing securities fraud, after the CEO announced in August that he had the "funding secured" to take Tesla private. Musk stated that Tesla will prioritize the customers who hold the reservation and waiting for the base version. Both numbers were mentioned in prior Tesla quarterly earnings reports and an analyst conference call. He was forced to step down as Chairman of Tesla for three years, agreed to submitting any public statements (including tweets) with material information about the company to an in-house lawyer for screening, and made to pay a $20 million fine.
Tesla is known to have missed production targets before, though, so there's a chance things may change.
Musk's lawyers, in citing this interview, argued that "this contempt action, following Musk's sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning and unprecedented overreach on the part of the SEC". "Musk never consented to and would not consent to such a sweeping gag order".