Published: Tue, December 11, 2018
Money | By Hannah Jacobs

Tesla CEO Elon Musk lashes out against the SEC

Tesla CEO Elon Musk lashes out against the SEC

On Sunday, CBS' 60 Minutes interviewed the Tesla CEO, which gave Musk an opportunity to let the world know exactly what he thinks about SEC.

Robyn Denholm, an Australian telecommunications executive, was appointed chairwoman of Tesla's board last month, replacing Musk as part of as part of a securities fraud settlement with US government regulators.

Musk also said several times during the interview that he doesn't respect the SEC, though he is abiding the settlement terms.

But Musk said "it's not realistic" to expect Denholm to watch over his actions because he remains the electric auto company's largest shareholder.

It was during this part of the 60 Minutes interview that Musk made clear exactly what he thinks of the independent federal agency. "This includes having a policy (which technically needs to be in place by December 28) that requires pre-approval of any communications that reasonably could contain material information". "And I can call for a shareholder vote and get anything done that I want".

The SEC sued Musk in September alleging that he shared "false and misleading statements" about taking Tesla private when he tweeted about doing exactly that.

Musk: Well I guess we might make some mistakes. The stock is up 15 percent since the start of the year, valuing the company at $61.4 billion.

Tesla chief executive Elon Musk has said nobody is vetting his tweets months after a dispute with the US Securities and Exchange Commission over social media posts that sent Tesla's share price soaring. "But the system would have failed if I was truly erratic", Musk said.

The company also fulfilled a pledge to make money during the third quarter, and Musk has said he expects the company to remain profitable. "Yeah. It, it's not realistic in the sense that I am the largest shareholder in the company".

But ultimately, it is Musk's fierce determination that drives Tesla's success - to achieve those goals the CEO more or less moved into the factory to troubleshoot bottlenecks and encourage his staff to work harder.

"I actually prefer to have no titles at all", Musk said.

But GM's downsize could be a windfall for Tesla, with the CEO saying the carmaker might consider buying at least one plant if the opportunity came up.

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