Elon Musk Reverses On Tesla Price Cuts

Tesla Should Not Have Lowered the Price of Autopilot Says Musk

Lawyers for Tesla chief Elon Musk on Monday argued that USA regulators overstepped their bounds by calling for him to be held in contempt for a tweet.Musk had until the end of the day Monday to respond to an accusation by the Securities and Exchange Commission that he violated terms of a court-endorsed deal between him and the regulatory agency stating that he should avoid sending any tweet that could affect the price of Tesla shares.His attorneys contended in a court filing that Musk did not violate the court's order and that there is no basis to issue contempt sanctions against him.

In a filing Monday night time, Musk's legal professionals stated Musk's tweet complied with the phrases of a September settlement agreement between the Tesla founder and the SEC.

The SEC had asked the court to hold Musk in contempt, saying his February 19 tweet violated a September fraud settlement barring him from sharing material information about Tesla on social media without the company's preapproval.

Two weeks ago, Musk said Tesla would start closing some of its 378 stores and service centers globally and move sales to online channels in a bid to reduce costs.

On the SEC's request, a federal judge ordered Musk "to explain by March 11 why he should not be held in contempt for violating" the SEC settlement, Reuters reported. Let us take a closer look.

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The SEC said in February that Musk included inaccurate information in that tweet about how many cars the company expects to make in 2019. Tesla stated that the people holding the reservation will possibly be getting the auto in near 4 weeks. In China, by the end of the year, Tesla is targeting 3,000 vehicles per week. But Musk did provide a few tidbits in a tweet last week. He added that more detailed specs and pricing as well as test rides will be available at the reveal event on Thursday.

In October 2018, the settlement between Tesla and the SEC mandated the company to "put in place additional controls and procedures to oversee Musk's communications". Musk stated that Tesla will prioritize the customers who hold the reservation and waiting for the base version.

Tesla declined to comment on Tuesday's layoff. He was forced to step down as Chairman of Tesla for three years, agreed to submitting any public statements (including tweets) with material information about the company to an in-house lawyer for screening, and made to pay a $20 million fine.

Musk's lawyers, in citing this interview, argued that "this contempt action, following Musk's sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning and unprecedented overreach on the part of the SEC".

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