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Tesla's Elon Musk, SEC get another week to work out deal on Twitter use
NEW YORK (Reuters) - Tesla Inc Chief Executive Elon Musk and the U.S. Securities and Exchange Commission will get another week to settle a dispute over Musk’s use of Twitter, a federal judge ruled Thursday.
U.S. District Judge Alison Nathan in Manhattan extended the deadline by one week to April 25, in response to a Thursday court filing where both sides requested the extension and said “discussions are ongoing.”
Nathan had been asked to hold Musk in contempt over a Feb. 19 tweet that the SEC said violated an earlier settlement with the agency.
If Musk and the agency fail to resolve the dispute, the judge said she would rule on the contempt request.
The SEC sued Musk last year after he tweeted on Aug. 7 that he had “funding secured” to take Tesla private at $420 per share. The agency said the tweet, which sent Tesla’s share price up as much as 13.3 percent, violated securities laws. Musk’s privatization plan was at best in an early stage and financing was not in place.
Musk settled the lawsuit, agreeing to step down as chairman and have the company’s lawyers pre-approve written communications with material information about the company, including tweets.
In February, the SEC accused Musk of violating that settlement by sending a tweet about Tesla’s production that had not been vetted by the company’s attorneys, and asked U.S. District Judge Alison Nathan in Manhattan to hold him in contempt.
Musk’s lawyers have argued that the tweet did not contain new information that was material to investors, and that Musk did not need pre-approval for all tweets about Tesla under the settlement.
At an April 4 hearing, a lawyer for the SEC said that if Musk were found in contempt, the agency would ask the judge to require him to submit regular reports about his Twitter use, and to pay a series of progressively higher fines for any future violations.
Nathan declined to rule on the contempt motion at the hearing, instead ordering Musk and Tesla to meet and try to resolve the dispute on their own.
Musk is worth $20.7 billion, according to Forbes magazine. He has been chief executive of Tesla since 2008 and has more than 25 million followers on Twitter.
https://www.reuters.com/article/us-tesla-musk-sec/teslas-elon-musk-sec-get-another-week-to-work-out-deal-on-twitter-use-idUSKCN1RU2HB
busted an eardrum there many year's ago.
agree-if you participate in that level of treasonous activity losing that should be the least of your problem's.
On a side note the state pensions are all MASSIVELY underfunded. California, Illinois, New Jersey etc. It's quite a list.
This is 2 year's old but it has not improved much even with the mkts rise from then:
The reason underfunded pensions are a disaster waiting to happen
While most corporate employers shifted from pension plans to 401(k)s after the latter’s creation in the early 1980s, governments still offer pensions to many employees.
And those pensions have left retirees and taxpayers in a bind that has fueled political battles while continuing to en rich investment consultants and managers: Too-optimistic estimates of market return, which determine how much governments must pay to fund the balance, have left many plans massively underfunded even as the advisers who managed them received huge fees.
What’s left? A disaster waiting to happen.
The money to pay future retirement benefits to government workers such as firefighters, policemen, and teachers comes from two sources: contributions made by governments to the funds — that is, by taxpayers — and investment growth. The more the funds’ investments grow, the less taxpayers must contribute.
To ensure that there will be enough money to pay retirees’ benefits later, money must be contributed now. How much depends on future investment returns.
Thus, the assumed future rate of return on investment is very important. The higher the assumption, the less taxpayers must contribute.
Most developed countries, including the U.K., Canada, the Netherlands, Sweden, and France assume a conservative return, as on government bonds. Their pension plans are very well-funded.
https://www.marketwatch.com/story/the-reason-underfunded-pensions-are-a-disaster-waiting-to-happen-2017-04-03
and now they no longer have an open conduit to the FRB. No wonder Blackstone is raising cash through debt offerings and changing how it is classified as a business.
Blackstone Stock Surged Because the Asset Manager Is Making a Big Change to Its Structure
https://www.barrons.com/articles/blackstone-group-plans-to-convert-to-a-corporation-51555593541