Economy

Elon Musk Delivers A Speech To SEC

Elon Musk Delivers A Speech To SEC”

Tesla has enormous expectations for its Model Y. Citing the fact that the midsized SUV segment is the most popular vehicle type in numerous major markets Tesla operates in, Musk believes the Model Y will be produced in higher volumes than the Model 3, he said during the company's fourth-quarter earnings call. Tesla CEO Elon Musk said the new electric SUV will be 10 percent larger than the Model 3 four-door sedan and cost 10 percent more, placing it somewhere near $40,000.

"If he is going to argue as his lawyers did in part in the document they filed yesterday, that he has a first amendment right to say whatever he wants, he doesn't because he gave that right up when he entered into a consent decree with the SEC over the comments that he made a year ago", Fox News senior judicial analyst Judge Andrew Napolitano said during an interview on "After The Bell" Tuesday. The filing says Musk "correctly used his discretion to determine" that a tweet on February 19th "did not contain information that could reasonably be considered material" to Tesla. It's not entirely clear what the outcome will be if Musk is held in contempt. In addition, The Daily Mail reported that angry owners had reached out to the company after purchasing Autopilot software for $5000, soon before the prices were discounted. Musk wrote that Tesla "will make around 500k [cars] in 2019", even though Tesla forecast making a maximum of 400,000 cars this year just a few weeks before. This wasn't always going to be the case, as Musk previously said that it would utilize a bespoke platform.

Musk's legal professionals argued this push was an "invitation to trample on Musk's First Modification rights and grant the SEC far broader powers than approved by Congress".

The settlement between Musk, Tesla and the SEC resolved an SEC lawsuit over claims Musk made on Twitter in August that he had "funding secured" to take Tesla private at $420 per share. Most units sold globally should be built here, but reports assert that Tesla will also build its baby electric SUV at a new Gigafactory in Shanghai, China for the local market.

Tesla is known to have missed production targets before, though, so there's a chance things may change. "I do not respect the SEC".

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". Having lawyers review his tweets before he sends them - the SEC interpretation of the settlement "would effectively prevent Musk from speaking on any matters related to Tesla business based on the subject matter alone", today's filing reads.



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