$TSLA: Why the SEC Blinked In Taking On Elon

Funny how Musk never tries to outwit and outplay the CCP in China. And its a stain on our democracy how regulatory authorities during the time of Orange Julius kowtowed to the super-rich:


1) $TSLA & $TSLAQ peeps:

From Reuters:


May 24, 2022
11:44 AM UTC
Last Updated 20 min ago
U.S. Markets

Reuters Headline: In a faceoff with Elon Musk, the SEC blinked
By Chris Prentice and Michelle Price

  • Judge’s remarks in 2019 knocked SEC’s confidence court would back them

  • Core issue - what is “material” information - was left to Musk and Tesla to decide

  • As some tweets went unvetted, SEC opted to urge Musk to comply, rather than go to court

  • SEC was also uneasy about risk of starting litigation given Musk’s resources

WASHINGTON, May 24 (Reuters) - U.S. securities regulators have pulled their punches in dealings with Elon Musk largely because an April 2019 court hearing on a statement he made about Tesla on Twitter didn’t go their way, according to four sources with knowledge of the matter.

The U.S. Securities and Exchange Commission (SEC) asked the court to hold the billionaire in contempt, saying a tweet by the Tesla Inc. (TSLA.O) CEO - which forecast production at the carmaker - violated a court agreement Musk signed the previous year to have some of his communications vetted by a lawyer.

By trying to rein in his comments, the SEC was veering into relatively uncharted territory. SEC rules require that public companies and their executives disclose accurate information that may be material to investors via channels that investors know to monitor. It doesn’t usually specify how companies should do that.

p.s. Looking at those charts, I dare say we drop below $600 in the next two weeks. The more negative press like this, the more damage Elon self-inflicts on himself and $TSLA.

Some threads yesterday by A/I people and car people who are putting together threads or retweeting older (and dead on accurate) predictive threads on janky FSD software are racking up enormous readership on Twitter this week.

Musk’s aberrant behavior the past 10 days can all be traced back to that NYT film breaking - and he knew what was coming. He had to digress and deflect, because people are beginning to call him out on his b.s. which supported the stock price uber alles.