Federal Judge approves musk and Tesla agreements with the SEC
Federal Judge approves musk and Tesla agreements with the SEC
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WASHINGTON: On Tuesday, a federal judge approved agreements between Elon Musk,
Tesla
Inc.
TSLA 5.68%
and securities regulators on the August executive's tweet that he said he had secured funds for the automaker to become private.
US District Judge Alison Nathan of the US District Court UU For the Southern District of New York he signed the orders completing the two settlements without raising questions about subsequent tweets where he he seemed to mock the case of the Securities and Exchange Commission against him.
The SEC filed a lawsuit against Elon Musk for securities fraud in a market tweet in August about the possibility of Tesla being private. The news is just the latest development in a tumultuous year for the CEO. Photo illustration: Heather Seidel / The Wall Street Journal
The attorneys for Mr. Musk and the SEC filed a joint legal presentation last Thursday saying that The settlements they were "fair, reasonable, and will serve the interests of the public and the investors." Judge Nathan asked the two parties to explain why the agreement should be approved.
The judge's approval was the final step in establishing agreements that require Tesla and Mr. Musk to pay $ 20 million each in fines for statements that regulators said were deceptive. Tesla and Mr. Musk must pay the fines within 14 days.
Under the agreement, Musk agreed to the company examining some of its public communications before they were released. Mr. Musk must also resign as president of Tesla for November 13, under the terms of the agreement, and the company must add two new independent directors. Mr. Musk is not eligible to assume the presidency again for three years.
The October Musk tweet suggested that the SEC was enriching investors who were betting against the electric car manufacturer. "I only want [say] that the Shortseller Enrichment Commission is doing an incredible job ", Mr. Musk tweeted on October 4. "And the name change is so important!"
The agreement also requires Tesla to create a new committee, composed only of independent directors, to oversee the firm's procedures for monitoring Mr. Musk's statements. The SEC approves the committee members, as well as their legal status, in accordance with court documents.
Write to Mark H. Anderson in mark.anderson@wsj.com and Dave Michaels in dave.michaels@wsj.com
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