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Elon Musk Reaches Settlement in SEC Tweet Battle:
Elon Musk has reached a deal with the Securities and Exchange Commission, the two parties said in a legal filing on Friday. The new agreement provides much more detailed guidance about when tweets and other public statements by Musk must be approved by Tesla lawyers.
Musk's original deal with the SEC was announced last September. It required Musk to obtain pre-approval for tweets that "contain or could contain" information that's material—legal jargon for information that's significant to shareholders. While the SEC expected Musk to begin regularly clearing tweets with lawyers, Musk interpreted this language as giving him significant discretion to decide for himself which tweets contained material information. As a result, he didn't seek legal review for any tweets in the first few months the agreement was in effect.
[...]Under the new rules, Musk must get a Tesla securities lawyer's sign off on tweets (and other communications) regarding Tesla's finances, its production and delivery numbers, new lines of business, sales projections, proposed mergers, fundraising efforts, regulatory decisions, and several other types of information.
The SEC says that if the judge signs off on these new terms, the SEC will drop its request for Musk to be held in contempt. In other words, the SEC seems to be satisfied with getting Musk to start seeking legal review for his tweets the way the agency thought Musk had been doing since last time. The SEC is not seeking to punish Musk further for his February tweet.
Given how well Elon Musk followed the intent of the prior ruling, I wonder how closely he will follow this ruling?
Previously:
Funding for Tesla to Go Private Could Come From Saudis; Lawsuits and SEC Scrutiny Increase
SEC Reportedly Subpoenas Tesla Over Take-Private Tweet
Tesla Facing Criminal Probe
Elon Musk Accused by SEC of Misleading Investors in August Tweet
SEC Settlement: Elon Musk Resigns as Chairman of Tesla, Stays as CEO, $40 Million in Fines Paid
Elon Musk Isn’t on His Twitter Leash Yet, So He’s Taunting the SEC
(Score: 2) by MostCynical on Sunday April 28 2019, @04:35AM (7 children)
CXOs, directors, sports people, media stars, Presidents.. Unfiltered access to their thoughts is obviously a bad thing.
Shame lawyers are required, where, in the past, discretion would have sufficed.
Taste, tact and discretion - all victims of sociasl media.
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 2) by c0lo on Sunday April 28 2019, @09:21AM (6 children)
Are you offended by their exercise of right to free speech? (large grin)
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 2) by MostCynical on Sunday April 28 2019, @10:27AM (5 children)
no.. speech should be free, but also courteous and considered, and not without consequences.
Anyone can say dumb stuff - in private.
Blurting every thought bubble into the universe is just... unnecessary, and.. tacky.
exercise reflexive thought
exercise any thought
exercise restraint
then share your brain fart, if you must.
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 2) by c0lo on Sunday April 28 2019, @11:27AM (2 children)
Any exercise of thought or restrain will surely collapse FB, Twitter and their ilk, with no consumers.
So... I have to ask you: why do you hate capitalism? (large grin)
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 2) by MostCynical on Sunday April 28 2019, @12:39PM (1 child)
hmm - hate is too strong a word, besides, consumerism is not capitalism
capitalism thrives with consumerism, and few can see the difference (especially over the last 70 years or so)
so... I don't hate capitalism, but I do have to admit maybe loathing the excesses of consumerism.
does that make me a socialist?!
"I guess once you start doubting, there's no end to it." -Batou, Ghost in the Shell: Stand Alone Complex
(Score: 2) by c0lo on Sunday April 28 2019, @02:23PM
Didn't use to be, but lately you can't grow in the billions if you don't rely on consumerism.
E.g. see the planned obsolescence, "Happy meal", the Marvel superheroes movies mill...
My grandfather used a single knife all his life. He didn't need another, the steel was good and the knife well made. Unusual thing in our times.
I don't know if the company still exists (I'm glad to learn though that Solingen still remained a knife center [wikipedia.org] - the prices aren't exactly consumer friendly [gewesotopcut-solingen.com])
Ask TMB, he's the one with a debilitating sensitivity to socialism: if he's not affected, then probably you aren't (grin)
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 1) by khallow on Monday April 29 2019, @12:04AM
Clearly a need to neuter the information content of what a CEO says.
(Score: 2) by PiMuNu on Wednesday May 15 2019, @06:04PM
I wondered if there might be a mod for "-1 Discourteous" in SN.
(Score: 2, Insightful) by Anonymous Coward on Sunday April 28 2019, @05:17AM
If there were legal review over tweets that the President of the United States tries to make.
(Score: 2) by ilPapa on Sunday April 28 2019, @06:09AM
They want to make him go to rehab, but Elon said "no, no, no".
You are still welcome on my lawn.
(Score: 2) by c0lo on Sunday April 28 2019, @09:29AM (3 children)
Sounds very much like "ordeal by lawyers" only worse - not only you have to obey them, but also pay them (like the bullet fee [wikipedia.org] of sorts).
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 0) by Anonymous Coward on Sunday April 28 2019, @12:20PM (2 children)
He wouldn't have landed in this situation if he knew how to keep his mouth shut. It's not that hard, really.
(Score: 2) by c0lo on Sunday April 28 2019, @12:39PM
Yes, that's why the punishment. Doesn't make it less cruel. (grin)
https://www.youtube.com/watch?v=aoFiw2jMy-0
(Score: 1) by khallow on Monday April 29 2019, @12:06AM
And he wouldn't be in this trouble if someone kept the SEC on a leash rather than letting it poo in any twitter stream that it chooses.
(Score: 0) by Anonymous Coward on Sunday April 28 2019, @05:19PM (1 child)
No jail time... :(
(Score: 0) by Anonymous Coward on Sunday April 28 2019, @05:52PM
For the SEC...