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It doesn't matter if it's market moving. Or rather, the terms of his settlement are that all of his communications need to be pre-approved by counsel to determi
by LiquidSky 8y ago
It doesn't matter if it's market moving. Or rather, the terms of his settlement are that all of his communications need to be pre-approved by counsel to determine what is market moving. He didn't get the pre-approval so he's broken the agreement.
- pbreit 8y agoThe actual settlement notice says "put in place additional controls and procedures to oversee Musk’s communications" which appeared to happen in this case. [1] Also, since the 500,000 number was already public and referring only to Model 3s, it's entirely plausible that 500,000 total cars for the year is not material. The SEC conveniently leaves out this exculpatory evidence. 1: https://www.sec.gov/news/press-release/2018-226 https://www.sec.gov/news/press-release/2018-226
- ceejayoz 8y agoThe press release isn't the full detailed set of conditions. I don't know that the contract is publicly released, but https://www.theverge.com/2018/10/16/17983032/elon-musk-sec-securities-fraud-settlement https://www.theverge.com/2018/10/16/17983032/elon-musk-sec-s... says: > The company also has to employ a lawyer who will oversee all of Musk’s communications, including his tweets. This person will have to pre-approve any message coming from Musk that could have a material impact on the company’s stock price.
- elliekelly 8y agoIt’s not exculpatory because by Tesla’s attorneys own admission Musk failed to follow the procedures put in place per the settlement agreement. It doesn’t matter what he tweeted. It matters that he tweeted something related to Tesla and that something wasn’t pre-approved by Tesla’s legal department before he tweeted it.