Tesla and Elon Musk Are Given Week to Reach Accord With S.E.C.

Author: The New York Times / Source: New York Times

Jefferson Siegel for The New York Times

Elon Musk has another week to work out his latest dispute with the Securities and Exchange Commission.

A federal judge on Thursday granted a request by the two sides for more time to resolve a fight over whether Mr.

Musk, Tesla’s chief executive, had violated an earlier settlement with the commission governing his public statements about the company’s finances.

The S.E.C. had asked the court to hold Mr. Musk in contempt for a

Twitter

in which he said Tesla would produce about 500,000 cars this year. That was at variance with the company’s guidance a month earlier that the figure would be 360,000 to 400,000.

The commission asserted that the Twitter statement — which Mr. Musk later revised to conform to the earlier guidance — violated a requirement for him to get approval from a Tesla lawyer for statements that include potentially market-sensitive information.

Mr. Musk’s feud with the S.E.C. stems from a Twitter post in August in which he claimed to have “funding secured” to take the company private at $420 a share. It was later revealed that he was referring to a much more embryonic proposal than he had implied. The S.E.C. sued Mr. Musk and Tesla, citing securities fraud.

In a settlement of that lawsuit, Mr. Musk agreed to step…

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