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Tesla receives a lawsuit from the SEC over the 2018 settlement



(Reuters) – Tesla Inc. said on Monday that it received a lawsuit from the US Securities and Exchange Commission in November related to a deal that required CEO Elon Musk's tweets about essential information to be reviewed.

The report to the SEC comes after Musk triggered a share sale after asking his Twitter followers in November if he would sell 10% of his stake in the company.

At the most recent closing, the electric carmaker's shares fell nearly a quarter since the tweet.

The SEC's latest move contributes to the company's pressure from federal car safety authorities regarding vehicle recalls and investigations related to its driver assistance software.

Tesla was sued in December against Mr . Musk's posts on social media, including his Twitter survey on stock sales that dragged down the stock price. This was not the first trial that accused Musk of violating his 201

8 settlement.

In 2018, Musk decided a SEC lawsuit regarding his tweet about taking the company private, and agreed to let the company's lawyers approve tweets with material pre. information about the company.

As part of the same deal, Musk resigned as chairman of the board and Tesla appointed two new independent directors.

Tesla and the White House have disagreed in recent years with the Biden administration focusing on the elderly. car manufacturers including Ford Motor Co. and General Motors in the electric vehicle race.

Last month, GM and Ford's CEOs attended a meeting of technology and automotive companies hosted by President Joe Biden. Mr. Musk was not part of the list of participants.

Mr. Musk has used his Twitter account to attack the Biden administration for ignoring Tesla and holding Detroit carmakers as leaders in the transition to electric vehicles. Musk called Biden a "damp sock doll" in a tweet last month.

Mr. Musk also clashes with the United Auto Workers union, a key ally of Mr. Biden. The National Labor Relations Board in March ordered Musk to delete a tweet saying Tesla workers could lose stock options if they voted to join the UAW. Tesla appeals the decision.

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