Elon Musk Rips SEC For Condemning His Tweets in 60 Minutes Interview: ‘I Do Not Respect the SEC’
In an interview with 60 Minutes that aired on Sunday, Tesla CEO and prolific tweeter Elon Musk made it abundantly clear how he feels about the U.S. Securities and Exchange Commission.
“I do not respect the SEC,” Musk said.
Earlier this year, Musk was charged with securities fraud by the SEC, a charge that stemmed from something he tweeted.
People Magazine reported back then:
Tesla CEO Elon Musk has been charged with securities fraud by the U.S. Securities and Exchange Commission.
The charges stem from a tweet the 47-year-old billionaire wrote in August, which detailed plans to take Tesla private.
“Am considering taking Tesla private at $420. Funding secured,” Musk wrote. According to the SEC’s complaint, Musk’s tweet stirred up significant confusion among investors and “caused Tesla’s stock price to jump over six percent,” the SEC revealed in a press release.
The complaint also claims Musk’s plans were not discussed “with any potential financing partners, and he allegedly knew that the potential transaction was uncertain and subject to numerous contingencies.”
Speaking to Lesley Stahl, Musk also stressed he is not about to stop tweeting and doesn’t have anyone proofreading or supervising every single thing he posts to social media either.
“The only tweets that would have to be reviewed would be if a tweet had a probability of causing a movement in the stock,” he said. “Otherwise, it’s — hello, First Amendment.”
Watch above, via 60 Minutes
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