Quote:
Originally Posted by roflwaffle
The settlement requires someone review every form of communication that contain or could reasonably contain information material to the company or it's shareholders.
SEC Settlement With Elon Musk
I think Musk's response is something along the lines of the info he tweeted not being material because it had already been disseminated in the quarterly earnings call and/or the quarterly update letter. |
From the SEC settlement:
Within 90 days of the filing of the settlement documents, Tesla will:
Further enhance controls with respect to Elon’s public communications regarding Tesla and to pre-approve any such written communications that
contain, or reasonably could contain, information material to Tesla or its stockholders.
Employ or designate from among its existing personnel an experienced securities lawyer, subject to approval by the Staff, to advise on securities
issues relating to Tesla and to ensure compliance with Tesla’s disclosure policy
Pretty clear. The tweet contained information material to Tesla. It had to be pre-approved.