SEC commissioner decries agency’s deal with Tesla’s Musk

(Reuters) – A U.S. Securities and Exchange commissioner on Tuesday criticized a settlement between the regulator and Tesla Inc CEO Elon Musk over his use of Twitter.

The head of the electric car maker reached a deal with the SEC on Friday, agreeing to submit his public statements about the company’s finances and other topics to vetting by its legal counsel.

However, SEC commissioner Robert Jackson registered his dissent after the deal was approved by a federal judge earlier on Tuesday.

“Given Mr. Musk’s conduct, I cannot support a settlement in which he does not admit what is crystal clear to anyone who has followed this bizarre series of events,” Jackson said in a statement.

“Musk breached the agreement he made last year with the Commission – and with American investors,” he added.

U.S. District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Musk in contempt of a securities fraud settlement last year.

Source: Reuters


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