Elon Musk’s Twitter Magic is on Despite SEC Troubles – Market Realist

Elon Musk’s Twitter Magic is on Despite SEC Troubles – Market Realist

Elon Musk
Tesla (TSLA) CEO Elon Musk is one of the most widely followed billionaires on Twitter. His love for Twitter is no secret. In fact, in December 2017, he openly expressed his love for Twitter in a tweet saying, “I love Twitter.” His activeness on the social media platform also makes him one of the few corporate CEOs who is followed by tens of millions of followers.Love for Twitter or an addiction?Elon Musk’s Twitter love, which may also be called an addiction, has led him into trouble lately. In August 2018, Musk tweeted that “he’s ‘considering taking Tesla private at $420. Funding secured.’” The tweet led him into legal trouble with the US Securities and Exchange Commission.
The regulatory authority accused him of securities fraud for misleading tweets. .

To settle the charges, Musk and Tesla had to shed $40 million in penalties. He also had to step down as Tesla’s chairman for three years.Musk found himself in a pickle again for another tweet from February 2019. In the tweet, he said that Tesla “will make around 500k in 2019.” The SEC found that the $500k figure didn’t match Tesla’s official guidance for 2019. Musk realized his mistake and said he meant “annualized production rate at the end of 2019 probably around 500k.” Later in April, a federal judge asked the regulatory body and Musk to settle the dispute and approved the settlement in May.Elon Musk’s Twitter following continues to growSince then, Musk certainly has been more careful while tweeting anything related to Tesla.
However, these legal battles haven’t made him less active on Twitter. .

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