Friday , January 22 2021

Elon Musk blows SEC, says no one is going to discuss his tweets

"I want to be clear: I do not respect SEC," he told Leslie Stell during an interview with CBS's "60 Minutes" broadcast on Sunday.

Musk said he respected the terms of his dispute settlement agreement "because I respect the judiciary." But he reaffirmed that there was no lost love between him and the SEC.
Mssk and Tesla, the electric vehicle company it manages, have reached separate $ 20 million deals with the agency in September to settle charges for Musk fraud that stem from statements made on Twitter. As part of the deal, Tesla said it would strengthen its oversight of Musk's social media by prior approval of positions that may contain information that is "essential" to Tesla's shareholders.

But Musk, who has long been known for his liberal and informal use of Twitter, told Stakh that no one has corrected all of his posts.

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"The only tweets that should be reviewed would be if the tweet is likely to cause stock movement," he said. "Otherwise, this is – Hello, First Amendment."

Stakh asked, "But how do they know if they will move on the market if they do not read all before sending them?"

"Well, I guess we can make some mistakes," Musk said. "Who knows?"

Neither Tesla nor SEC responded to requests for comment.

In September, regulators filed a lawsuit against Musk. The agency claims to have misled investors when it was tweeted that it had "secured" funding to take Tesla private from $ 420 per share, which is a significant factor for the company's commercial price. But Musk has not actually locked out funding for such a deal.

Musk initially signaled that he would fight the agency, although he turned several days later. In addition to the fine, Musk agrees to give up his role as Tesla's chairman.

The company said last year that Robin Denholm, a Tesla board member and a veteran of several technical firms, would take over the role.

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Musku, who remains Chief Executive Officer, said in his interview "60 minutes" that he chose it. But he rejected the assumption that Denholm would serve as his "babysitter".

"It's not realistic in the sense that I'm the biggest shareholder in the company," he said. "I can only call for a shareholder vote and do whatever I want."

He added that he did not have any interest in one day to regain his presidency.

"I actually prefer not to have any titles," he said.

Musk's frustration with SEC is just one of a series of controversies brought this year by his instability which includes downplaying the Thai rescuers in the cave and removing analysts' questions during the call for revenue as "boring."

Musk said he was "crazy and crazy, crazy hours" earlier this year, as Tesla struggled with manufacturing delays.

"But the system would fail if I was really inconsistent," Musk said. "There was ruthless criticism, ruthless and scandalous and unjust … What happened here was an incredible success story in America."

Tesla corrected its production problems and recorded a net profit of $ 312 million in October, far greater than ever and its first quarterly profit of 2016.

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