Elon Musk gives US Securities and Exchange Commission the finger

Tesla shares fell by more than 3% in premarket trading on Monday after slipping 5% in after-hours trading.

The value-destruction came after the US Securities and Exchange Commission (SEC) asked a judge to hold Elon Musk in contempt of court for violating a settlement deal.

Last year the SEC settled charges with Musk after he tweeted that he is taking Tesla private.

As part of the settlement, the company had to pre-approve Musk’s tweets.

Last week Musk tweeted that Tesla would produce around 500 000 cars in 2019.

He later clarified that he “meant to say” that Tesla’s annualised rate of production at the end of 2019 could be around half a million cars, but that the company still estimates total deliveries of 400 000.

Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people.

US Securities and Exchange Commission

The Money Show’s Bruce Whitfield interviewed Byron Lotter, Portfolio Manager at Vestact.

Listen to the interview in the audio below (and scroll down for quotes from it).

I wish I could call him a mate… we went to the same school!

Byron Lotter, Portfolio Manager - Vestact

…He should have a lot more respect for the system… He likes the attention… He is a bit of a maverick, but I think it’s why he is where he is…

Byron Lotter, Portfolio Manager - Vestact

Most likely; just another monetary fine.

Byron Lotter, Portfolio Manager - Vestact

Get the 10 most-read articles of the week from Bruce Whitfield’s The Money Show, emailed to you every Friday morning:

Subscribe to our Business Wrap Newsletter


Recommended

by NEWSROOM AI
Read More
Elon Musk charged with fraud (wanted to impress girlfriend with dagga reference)

Elon Musk charged with fraud (wanted to impress girlfriend with dagga reference)

Musk allegedly wanted to impress his girlfriend, the rapper Grimes, with the $420 per share he claimed he had secured for Tesla.

Elon Musk smokes dagga while being interviewed about space and stuff

Elon Musk smokes dagga while being interviewed about space and stuff

"It may sound corny, but love is the answer. Spend more time with your friends and less time on social media,” said Elon Musk.

Elon Musk is taking Tesla private in offer that seems almost too good to be true

Elon Musk is taking Tesla private in offer that seems almost too good to be true

The Money Show’s Bruce Whitfield interviews Vestact Asset Management Portfolio Manager Byron Lotter.

Who is Elon Musk really? This biographer got closer to him than anyone ever

Who is Elon Musk really? This biographer got closer to him than anyone ever

Truth is stranger, more spectacular and drama-filled than fiction. Bruce Whitfield interviews Musk biographer Ashlee Vance.

Tesla is bankrupt – Elon Musk

Tesla is bankrupt – Elon Musk

Tesla’s finances are in dire straits. Ad expert Andy Rice (and Tesla shareholders!) doesn’t find Musk’s April Fools’ joke funny.

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Meet Errol Musk - father of Elon, the most innovative entrepreneur of our age

Elon Musk, as you’d expect, hails from an exceptional family. Bruce Whitfield interviews his Capetonian father.

Popular articles
No traffic and everyone’s at home… Some short-term insurers offer lower premiums

No traffic and everyone’s at home… Some short-term insurers offer lower premiums

Short-term insurers suddenly carry a massively reduced risk burden, says consumer journalist Wendy Knowler. Getting some back?

A tipping point for video conferencing

A tipping point for video conferencing

A business tool for older generations, a staple for younger ones

Total number of positive coronavirus cases rises to 1,380

Total number of positive coronavirus cases rises to 1,380

This is an increase of 27 cases from Tuesday's announcement. Health Minister Zweli Mkhize has tested negative for the virus.

What is an 'economic depression'? Are we heading for one? Lessons from history…

What is an 'economic depression'? Are we heading for one? Lessons from history…

The Great Depression started 91 years ago and changed everything. Bruce Whitfield speaks to economic historian Keith Breckenridge.

Sars collects R1.4tr in taxes – up 5.3% on a year before, despite the recession

Sars collects R1.4tr in taxes – up 5.3% on a year before, despite the recession

Despite the achievement, the country still lost R100 billion in uncollected taxes, says Commissioner Edward Kieswetter.

Struggling to pay a debt? Your options: credit insurance vs debt relief holiday

Struggling to pay a debt? Your options: credit insurance vs debt relief holiday

Personal Finance expert Maya Fischer-French on the pros/cons of dipping into credit insurance vs opting for a debt relief holiday.

Absa launches extensive Covid-19 payment relief programme

Absa launches extensive Covid-19 payment relief programme

Absa is providing payment relief to its retail clients as well as its business banking and wealth customers.

'Gita Ramjee was probably one of the most remarkable women you would have met'

'Gita Ramjee was probably one of the most remarkable women you would have met'

The revered South African HIV scientist passed away at a Durban hospital on Tuesday after COVID-19-related complications.

[LOCKDOWN] Sars outlines measures to cushion the COVID-19 blow

[LOCKDOWN] Sars outlines measures to cushion the COVID-19 blow

Commissioner Edward Kieswetter says they have diverted customers to their online channels and contact centres.

How to communicate with frustrated children during lockdown

How to communicate with frustrated children during lockdown

Fair Practice Mediation Services director advocate Veerash Srikison says communication can breakdown in families during this time.