Even Elon Musk needs a 'monster mortgage' to balance his personal finances

26 Février, 2019, 05:10 | Auteur: Auguste Feret
  • Ken Griffin the founder and chief executive of the global investment firm Citadel signed up for two secured in 2016 for a total of about $114 million

Elon Musk's tweeting may have landed him in more hot water.

Bloomberg reports that the tweet in question, made on February 19 (US time), violates the settlement Musk made with the SEC previous year that required him to seek pre-approval from the company for social media posts and "other written communication that would be material to the company or investors".

Musk, Tesla and the SEC settled the lawsuit, and part of the settlement called for any material statements made by Musk on social media to be vetted in advance by the company.

The problem? He isn't supposed to tweet about things that could impact markets and his publicly traded company. Instead, it "was meant to recapitulate the information set forth" in forward-looking statements that were made by Tesla and Musk in January, in connection with year-end results.

Tesla and Musk agreed in September to pay $20 million each to the SEC, and the billionaire stepped down as the company's chairman but remained as chief executive.

Musk provoked the SEC even after the settlement was signed, calling the agency the "Shortseller Enrichment Commission" on Twitter in October.

On Feb. 19, Musk tweeted that the company would make about 500,000 cars this year.

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The SEC had sued Musk for using his Twitter account to announce he had secured financing for a potential buyout of Tesla, something regulators alleged wasn't true.

But those factors evidently didn't sway the SEC, which illustrated Musk's allegedly contemptuous behavior with some of the comments he made during a television interview with "60 Minutes" that aired December 9.

Most important Tesla's policy required Musk to "re‐confirm the pre‐approval" if more than two days have passed since the original approval was granted-and the settlement required Musk to follow the policy. "Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people".

In the same interview, Musk told journalist Lesley Stahl that not all of his tweets would be reviewed by Tesla's lawyers-only those that might move market prices.

Musk went on to say that "I do not respect the SEC ... Who knows?" He added: "Nobody's ideal".

The SEC's website states that "a person who violates the court's order may be found in contempt and be subject to additional fines or imprisonment".

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