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Elon Musk And Sec Reach Agreement

A revised agreement between Mr. Musk and the Securities and Exchange Commission, filed Friday in federal court in Manhattan, specifies when Mr. Musk must obtain „prior authorization from an experienced securities lawyer“ employed by Tesla before posting on Twitter or other social media. The new deal is a victory for Musk, who is likely to face hefty fines because of the charges. Elliot Lutzker, a former SEC prosecutor, had previously told FOX Business that regulators could beat Musk with a $20 million fine — and could even ask him to resign as CEO for up to two months. The two sides clashed on April 4 and the SEC reiterated its charges before Judge Alison Nathan. After hearing arguments from the agency and Musk`s legal team, Judge Nathan ordered both sides to hold a meeting within two weeks and send a letter to the court. The judge also asked the SEC and Musk`s team to reach an agreement. „My call to action is for everyone to take a deep breath, put on their pants and make that happen,“ she said. The agreement was amended after Manhattan District Court Judge Alison J.

Nathan said at a hearing this month that the original agreement, which was approved in October, had a „lack of clarity.“ The new agreement, which is the subject of a motion in federal court in Manhattan, specifies the types of statements to be considered. In recent weeks, the two sides have negotiated and have now tabled a new agreement to clarify the oversight Tesla must have over Musk`s tweets. Elon Musk and the Securities and Exchange Commission (SEC) have agreed on the Tesla chief`s faulty behavior on social media. Tesla CEO Elon Musk and the Safety and Exchange Commission agreed on the CEO`s use on Twitter. In a document, Elon Musk`s legal team and the SEC filed an application for the court to change the terms of the CEO`s transaction, particularly the sections relating to information that is considered essential and therefore must be approved. The line-up between Elon Musk and the SEC over his Tesla tweets could finally come to an end, since both sides have reached an agreement not to keep Musk in contempt, but he will include further oversight of his public comments.