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Elon Musk and US stock market regulators told a US court on Friday that they have reached a deal to settle their differences over the Tesla chief executive's Twitter use.
The settlement between Musk and the Securities and Exchange Commission sets out more precise guidelines on topics that Musk should avoid on Twitter or other social media, including statements about acquisitions, mergers, new products and production numbers.
The man with over 26 million Twitter followers has long been very active on his social media account, talking from Tesla cars to SpaceX rockets.
Elon Musk's twitter screenshot
Just a week ago, he complained about media's double standard over Tesla issue in three consecutive tweets, saying that over one million combustion engine vehicle fires every year, but onlyTesla made big headlines.
The parties have reached an agreement to resolve the commission's pending contempt motion, a joint court filing said.
Now, Musk would have to adhere to Tesla rules regarding potentially significant comments by executives and have tweets or other social media posts pre-approved by an experienced securities lawyer employed by the company, according to the proposed settlement.
The deadline, set for Friday, by US District Judge Alison Nathan, was extended until April 30 after Musk and the SEC asked for time to have a final version of the settlement ready to submit for court approval.
The SEC said in the filing that the proposed settlement is fair, reasonable, and in the interest of the parties and investors because the proposed revisions will provide additional clarity regarding the written communications for which the defendant is required to obtain pre-approval.
SEC officials had originally argued Musk should be held in contempt of court for allegedly violating an earlier settlement on tweeting potentially market-sensitive information without having it reviewed by counsel.
At a hearing earlier this month, Nathan ordered both sides to try to work out their differences, suggesting she could rule on the case if the talks failed.
The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Musk in contempt, which she said was serious business and a ruling that placed a significant burden of proof on the government.
(AFP)
