Lawyers for Elon Musk and the U.S. Securities and Exchange Commission will square off in a Manhattan courtroom next week over whether the Tesla Inc chief executive should be held in contempt over one of his tweets.
U.S. District Judge Alison Nathan scheduled oral argument on an SEC contempt motion for April 4 at 2 p.m. EDT (1800 GMT), after both sides said they saw no need for an evidentiary hearing.
Musk was accused by the SEC of violating his October 2018 fraud settlement with the regulator by tweeting on Feb. 19 to his more than 24 million Twitter followers that Tesla could build around 500,000 vehicles in 2019.
The SEC said that tweet was improper because Musk did not get advance approval from Tesla.
Musk’s lawyers have said the tweet was not material, and merely restated a target for his Palo Alto, California-based electric car company that he had discussed publicly in January.
John Hueston, a lawyer for Musk, did not immediately respond to requests for comment. The SEC did not immediately respond to a similar request.
The settlement was intended to resolve a lawsuit over a Twitter post last Aug. 7 in which Musk said he had “funding secured” to take Tesla private at $420 a share.
It called for Musk and Tesla to each pay $20 million civil fines, and for Musk to step down as Tesla’s chairman.
Legal experts have said a contempt finding could subject Musk to a higher fine, further restrictions, or even removal from Tesla’s board or as chief executive. Tesla shares closed Tuesday up $7.35, or 2.8 percent, at $267.77 on the Nasdaq.
The case is SEC v Musk, U.S. District Court, Southern District of New York, No. 18-08865.
Reporting by Jonathan Stempel in New York; editing by Leslie Adler and Lisa Shumaker
Jeffrey Epstein’s IT consultant reveals he saw girls who ‘couldn’t have more than 15 or 16’ on private island
ABC News broke a story just after midnight Thursday about a former IT consultant of Jeffrey Epstein's who resigned because he couldn't take some of the things he was seeing on Epstein's private island compound.
The island, which has been called "pedophile island" by locals, had "topless women everywhere.
"There were photos of topless women everywhere," said contractor Steve Scully, who began working for Epstein in 1999 and continued for six years. "On his desk, in his office, in his bedroom."
Stephen Colbert mocks Eric Trump in a way that must be seen to be believed
Stephen Colbert mocked Eric Trump so badly it has to be seen to be believed.
The moment came after Colbert played a clip of the young Trump child saying that 95 percent of the United States supports him, the camera cut to Colbert doing his Eric impression.
"I've got big gums, and I cannot lie," Colbert said.
"Yeah, 95, guys, I'm tellin' ya," Colbert said, pretending to be Eric with his lips curled up.
Black Pennsylvania Trump voter wonders if he’s still welcome in the GOP
Tuesday, CNN released interviews with Texas Trump supporters who defended his racist attacks on four Congresswomen of color. Wednesday night, Van Jones showed his panel of supporters of both President Donald Trump and former President Barack Obama. But things got tense when a Black Trump supporter was asked about the president's racially charged statements.
Two men, one white one Black, in the group said they supported Trump and probably would again because business was good. Two women in the group lamented that Trump's racism was hurtful for the country.
"I just go back to values," the older women said. "I value treating people with dignity. And if there is anything that is incongruent with those values, then I'm not for that. So I'm not going to put profit over my values."