New York (CNN Business)Elon Musk is making his case for why a US federal court should reject a request by the Securities and Exchange Commission to hold him in contempt over one of his tweets about Tesla. “The Securities and Exchange Commission’s request that Musk be held in civil contempt for a single, immaterial tweet that dutifully complied with [a court-ordered settlement] is incorrect on the facts and on the law,” the billionaire Tesla CEO’s lawyers said in a court filing late Monday, which was the deadline for their response. Their argument appears likely to escalate Musk’s long-running feud with the SEC. It includes the claim that the agency is trying to “trample on Musk’s First Amendment rights.” In its contempt request two weeks ago, the SEC cited a tweet on February 19 in which Musk said Tesla (TSLA) would build 500,000 cars this year. He quickly issued a second tweet clarifying his earlier claim: Tesla would build at an annual rate of 500,000 cars by the end of the year, but Tesla would only build 400,000 cars in 2019. Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still… Read full this story
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