US judge orders talks between Tesla's Musk, securities regulators

US judge orders talks between Tesla's Musk, securities regulators

US judge orders talks between Tesla's Musk, securities regulators

The company had already flagged in February that it expected to post a first-quarter loss as it launched its cheaper $35,000 version of the Model 3 sedan. Last year, Musk berated stock market analysts for asking questions about Tesla's finances and prompted a defamation lawsuit when he called a diver who helped rescue 12 boys on a Thai soccer team from a flooded cave a pedophile.

Tech billionaire Elon Musk sat quietly in court on Thursday as a judge warned him to "proceed cautiously" with his tweeting, which has drawn the ire of securities regulators.

"To us, this signals that the tax subsidy cut in the U.S. was a significant hit to these premium vehicles and/or Model 3 is having a bigger cannibalisation impact", Spak said in a note.

The SEC on Thursday demanded Musk be held in contempt for violating an agreement not to make misleading claims about his company.

The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Mr Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government.

The SEC said a February tweet about how many cars Tesla would make this year should have been checked by a lawyer.

"I do not respect the SEC", he said.

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However, Zhang did have a thumb drive with her that appeared to contain "malicious malware", according to court documents. Zhang was granted access to the property because resort officials assumed she was related to a club member.

"The now clear incongruence of CEO outlook statements with official company guidance may hurt the perception of management commentary, eroding investor confidence and potentially placing additional pressure on the shares".

The drop to 77,200 cars made and 63,000 delivered is well below what many analysts predicted (which range wildly from 60,000 as predicted by Seeking Alpha's Anton Wahlmann to as high as 105,000 as predicted by Cleantechnica's Maarten Vinkhuyzen - who did put his hand up for a massively incorrect forecast).

In its first-ever safety report, released last October, Tesla said that in the second quarter of 2018, it registered one crash or near-miss for every 3.34 million miles driven on Autopilot, and one for every 1.92 million miles when it wasn't engaged.

Tesla shares dropped below the $270 mark this week, Wall Street is now focusing closely on the $250 figure which Tesla shares have not closed below since March 2017.

After being accused of contempt over a series of tweets, Elon Musk exited federal court on Thursday with a judge's order to meet with Securities Exchange Commission regulators to resolve multiple legal disputes around Musk's tweets about Tesla.

She said court-supervised deals must be obeyed, though. "That's our biggest challenge". The SEC, however, argued that there was no "pre-approved written communication" that said Tesla would produce 500,000 vehicles by the end of 2019.

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