Judge assigns Elon Musk and the SEC an essay on settlement

Judge assigns Elon Musk and the SEC an essay on settlement

Judge assigns Elon Musk and the SEC an essay on settlement

The tweets may imperil a deal struck with the SEC on Saturday - which isn't final - that would bar him from serving as chairman of the car-maker for three years as a punishment for problematic tweets he sent about taking Tesla private.

Chief Executive Elon Musk on Thursday mocked the U.S. Securities and Exchange Commission, hours after a federal judge ordered him and the regulator to justify their settlement of securities fraud charges.

"Just want to that the Shortseller Enrichment Commission is doing incredible work". "And the name change is so on point!"

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Judge Alison Nathan said it was a regular practice at the Southern District of New York Court to have the parties submit a joint letter explaining why the court should approve a proposed consent judgment.

It was a Twitter post that began Musk's path to a settlement with the commission.

Tesla said in its 3Q vehicle safety report that "we've registered one accident or crash-like event for every 3.34 million miles driven in which drivers had Autopilot engaged".

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"Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors", the SEC said in its complaint. Tesla also suffered a hit, in spite of the company itself not being charged with fraud - it has to pay a $20 million fine as well.

"Like Lehman, we think the deception is about to catch up to TSLA", Einhorn's firm Greenlight Capital, which has sold Tesla shares short, said in a quarterly investor letter obtained by Reuters. "Index managers like Blackrock pocket (sic) make excessive profit from short lending while pretending to charge low rates for "passive" index tracking".

The SEC declined to comment Thursday.

The settlement, which still must be approved by a federal judge, includes a provision meant to rein in the Tesla chief's much-criticized use of Twitter.

One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

Pritchard said he saw no "serious chance" for Musk's settlement to be rejected based on 2nd Circuit precedent. "But just for SEC enforcement action, particularly with a big fine, it's unusual", Jay Hulings said.

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