NEW YORK (Reuters) – Tesla Inc Chief Executive Elon Musk and the U.S. Securities and Exchange Commission are seeking more time from a federal court to settle a dispute over Musk’s use of Twitter, according to a court filing Thursday.
A federal judge in Manhattan on April 4 ordered Musk and the agency, which had previously asked to hold Musk in contempt of court for violating an earlier agreement, to try to reach an agreement and report back by April 18. The judge said she would rule on the contempt request if they failed to reach an agreement.
Lawyers - Musk - SEC - Thursday - Filing
Lawyers for Musk and the SEC said in Thursday’s filing that “discussions are ongoing” and asked for another week, until April 25, to deliver their report.
The SEC sued Musk last year after he tweeted on Aug. 7 that he had “funding secured” to take Tesla private at $420 per share. The agency said the tweet, which sent Tesla’s share price up as much as 13.3 percent, violated securities laws. Musk’s privatization plan was at best in an early...
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