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SEC steps on Tesla "reasonable" to prevent problems: Commissioner



(Reuters) – The US Securities and Exchange Commissioner's request for a federal judge to hold Tesla Inc.'s Chief Executive Officer Elon Musk in contempt of the billionaire's use of Twitter was "reasonable," a Securities and Exchange Commission official said on Monday. 19659002] SEC Commissioner Robert Jackson, a Democrat, told reporters at a Washington conference that the SEC was reasonable in proposing greater monitoring of Mr Musk's communications, including the threat of new fines if he was disturbed.

"The idea) that we would have future monitoring to prevent future recurring problems," said Mr. Jackson.

The SEC had asked US District Judge Alison Nathan to hold Musk in contempt over a February 1

9 tweet where the agency said he had mistakenly posted essential information on Tesla's car production prospects without seeking approval from his lawyers.

In a Friday order, the referee gave both sides until April 18 to reach esolution. If they didn't, the judge said she would decide whether to hold Mr Musk in contempt. If he is kept despised, the judge would allow discussions on any sanctions.

"I understand those who are skeptical and who think it is innovative relief – for me it was important relief and I thought the enforcement took very reasonable steps, both to the nature of relief and our monitoring of that relief," added Mr Jackson of the judge's orders.

The SEC, who sued Tesla, asked the company in September to consider removing Mr Musk. The CEO agreed to go down as Tesla's chairman in an agreement that also required that Musk's written announcements could be approved which may be essential for the company, such as volumes of cars produced or other information that may change the securities value. [19659002] In a statement by Tesla on Thursday, Mr Musk said that "the tweet in question was true, indispensable to the shareholders, and in no way a violation of my agreement."

SEC said the first of February 19 tweets were in conflict with Tesla's outlook on January 30, when it targeted annual Model 3 production over 500,000 as soon as the fourth quarter and forecasted 360,000 to 400,000 vehicle manufactures this year.

At that time, the SEC also said that Mr Musk had violated their agreement by sending a tweet that had not been noticed by Tesla's lawyers and he should be held in disrepute. It did not say what sanctions it wanted to impose, which raised the question whether it would once again seek removal or suggest less drastic measures.

                    


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