Tesla CEO Elon Musk has settled his bitter ongoing feud with the Securities and Exchange Commission over his Twitter habits.
In an amended agreement filed April 26 in Manhattan federal court, the SEC said Musk has agreed to not post anything on Twitter that could affect Tesla’s stock price (see below).
Elon Musk Banned From Tweeting About Certain Topics
These are the topics Musk cannot tweet about without getting prior approval from Tesla attorneys:
- Tesla’s financial condition.
- Potential mergers or acquisitions.
- Production and sales numbers.
- New product lines.
- Unpublished financial projections.
- Musk’s purchase or sale of Tesla securities.
Critics Whine That SEC Caved to Musk
It’s a pretty far-reaching list of banned topics for Elon Musk, but his critics are whining that the SEC had capitulated to him by not holding the mercurial Tesla CEO in contempt or forcing his resignation.
As HVY reported, the SEC has repeatedly tried to oust Musk as CEO, claiming his Twitter use was adversely affecting Tesla’s stock price.
Musk has blasted the SEC’s February 2019 contempt filing, saying it was “wrong at virtually every level.”
Musk has also accused the SEC of being vindictive and unreasonable when it filed its contempt motion over a tweet he sent concerning Tesla’s production estimate.
At the time, Musk underscored that the data he tweeted was already public information. He also clarified his tweet hours later to ensure there was no confusion.
4 Pro-Musk Board Members Will Step Down
Last week, four pro-Musk members of Tesla’s board of directors announced they would step down once their terms ended.
This was most likely one of the conditions of the SEC settlement, although this has not been confirmed.
Elon Musk Shreds Hater Jim Cramer
So far, Elon Musk has not commented on the SEC settlement (and he probably won’t, if he knows what’s good for him).
However, he did take aim at one of his most vocal recent critics: CNBC carnival barker Jim Cramer, who mocked him as “PT Barnum.”
Musk clapped back, tweeting: “Cramer is a simulation. He’s not real.”
However, Elon didn’t go in hard against Cramer, who’s not on his level. Why punch down?
Elon Musk smacks down CNBC carnival barker Jim Cramer after the TV pundit said "he's PT Barnum!"
In 2008, Cramer urged his audience to not sell Bear Stearns stock. At the time, Bear Stearns was trading at $62/share. Five days later, it collapsed to $2.https://t.co/BCvyw7tpT3
— Samantha Chang (@samantha_chang) April 26, 2019