Social media minder to vet Elon Musk tweets

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Tesla's Elon Musk and the Securities and Exchange Commission (SEC) reached a deal Friday regarding Musk's Twitter use.

The case is United States Securities and Exchange Commission v. Musk, 18-cv-08865, US District Court, Southern District of New York (Manhattan).

U.S. District Judge Alison Nathan told Musk and the SEC to resolve their differences, and after a couple of extensions, the two parties finally filed the proposed agreement for Nathan's review and likely approval.

Earlier this month a judge ordered the SEC, Tesla and Mr Musk to come to an agreement, rather than sending the matter through the courts.

Tesla's Model 3 will launch in the United Kingdom on May 1 or 2, CEO Elon Musk tweeted on Thursday.

Mr Musk later backed off the idea of taking the company private, but the regulators concluded he had not lined up the money to pull off the deal.

Launches in Japan, Australia, New Zealand, and Hong Kong will follow "shortly thereafter", Musk said.

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The new settlement strikes a much more moderate position from both sides in that specific topics are explicitly off-limits without prior approval from an "experienced securities lawyer", but are not as overly broad as information "material" to Tesla's operations.

Under the terms of the settlement of that fraud case, Musk and Tesla each paid a $20 million fine, Musk agreed to surrender his title as chairman, and he agreed to have tweets about Tesla reviewed in advance by a company overseer. The SEC said that the tweet violated federal securities laws and eventually the two parties settled. He corrected that a few hours later, after consulting with the internal lawyer, with a tweet saying deliveries would reach only about 400,000. Under a settlement with the SEC past year, he's supposed to have the company oversee his Tesla-related tweets that could influence the market.

The judge appeared sympathetic at times with some of the government's arguments, but she also expressed significant reservations about finding Mr Musk in contempt, which she said was "serious business" and a ruling that placed a "significant burden" of proof on the government.

The original comparison was made, after Musk, investor in Twitter with half-baked plans had irritated to a stock market retreat of Tesla's.

The Company's financial condition, statements, or results, including earnings or guidance.

Tesla's $1.8-B junk bond fell to yield 8.42%, more than 3 percentage points above the bond's coupon rate of 5.3%.

The SEC first charged Musk previous year, alleging he made fraudulent statements on Twitter.