Elon Musk's Tweet Burned SEC Up
The U.S. Securities and Exchange Commission (SEC) blamed CEO Tesla Elon Musk for manipulating investors. The reason for it was Musk's recent tweet from 19 February where he stated that Tesla would produce half a million electro cars. Later he specified that he had meant 400,000 cars.
Musk commented on the regulator's words: "SEC forgot to read Tesla earnings transcript, which clearly states 350k to 500k. How embarrassing …". According to Elon, Tesla shared its plans for the future at the end of January, so this information was not something new.
It is not the first time when the SEC has a conflict with Musk because of his tweets. Last year CEO Tesla lost more than $1 billion after several tweets about the company's matters. That time the Commission insisted on Musk's resignation as Tesla chairman. What will happen this time — we'll see.