Tesla's Self-Driving Option is About to Get 'Substantially' More Expensive

Mae Love
April 15, 2019

"Take a deep breath, put your reasonableness trousers on and work this out", directed U.S. District Judge Alison Nathan rather notably.

The issue within Musk's tweets stems from a settlement reached following Musk tweeted he had secured the funds to take Tesla personal at $420 an share - a premium over the price at the time - when he didn't.

In a tweet followed by the earlier one, Musk said these changes will be implemented starting May 1st.

Musk had until Monday to explain why he shouldn't be held him in contempt of court over a tweet on February 19, published outside trading hours, which the SEC said violated a September settlement agreement with the unpredictable CEO.

The order comes after Nathan urged both sides to agree at a hearing on Thursday in NY that Musk attended.

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Musk backed off the concept of taking the business private, but regulators concluded he hadn't lined up the money to pull off the offer.

"Hueston said additional restricting Musk's ability to convey about his organization and imposing penalties would" freeze his talent" to operate as a successful entrepreneur. "I am confident the trial court will likewise reject this fanciful position which if adopted, would effectively prevent an individual from seeking redress for any and all false and defamatory attacks on reputation published on the Internet", Wood said.

Meanwhile, Tesla's shares fell 8% Thursday after the company said it churned out 77,100 vehicles well behind the pace it has to maintain to meet Musk's pledge.

Musk's lawyers say his tweet that Tesla would produce around 500,000 vehicles this year didn't need pre-approval because it wasn't new information that would be meaningful to investors. The SEC says it hurt investors who bought Tesla stock after the tweet but before they had accurate information. Tesla agreed to pay a $20 million fine and Mr Musk stepped down as Tesla Chairman for at least three years. On the other hand, there is a reason for the company making such move.

Last September, the SEC sued Musk for a separate tweet on August 7 in which he said Tesla had.

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