Looks like Elon Musk is in trouble with the SEC, again

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One wouldn’t think that the author of what is best described as a stream of memes, has found himself in hot water with the Securities and Exchange Commission (SEC) in the US once again.

Yes, DogeCoin evangelist, serial memer, and chief executive officer at Tesla, Elon Musk appears to have stoked the ire of the SEC once again according to a report from the Wall Street Journal.

As you may recall in 2018, Tesla agreed to settle a securities fraud charge against Musk with the SEC. Part of that settlement included the requirement that “Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications”.

Essentially, Tesla has to approve any communications from Musk regarding the company.

With that in mind, the Wall Street Journal reports that the SEC reprimanded Musk for two tweets sent in the past few years.

The first of these tweets was sent on 1st May 2020 in which Musk said “Tesla stock price is too high imo”.

Shortly after that tweet was sent, Tesla’s share price plummeted.

The other tweet the SEC has reportedly taken issue with is a response to question about solar roof tiles in 2019.

According to the Wall Street Journal, the SEC told Tesla in separate communications in 2019 and 2020 that the statements weren’t reviewed by Tesla’s lawyers and this violated the settlement agreement.

Tesla however said that neither of those tweets needed a review. In the case of the tweet from 2019, Tesla reportedly told the SEC that Musk’s tweet was “wholly aspirational”.

As for the stock price, Tesla described this as “personal opinion” which it said didn’t need to be reviewed.

While the SEC notes it’s concern regarding Musk’s stream of tweets, it doesn’t appear to be taking any action yet.

On Tuesday Musk seemingly inadvertently sent the share price of Samsung Publishing soaring after he tweeted about Baby Shark.

Come to think of it, one could replace “Baby Shark” with “SEC” and the song still works.

S-E-C doo, doo, doo, doo, doo, doo. Might get a bit long in the tooth after a while but we stand by this cover.

Brendyn Lotz

Brendyn Lotz

Brendyn Lotz writes news, reviews, and opinion pieces for Hypertext. His interests include SMEs, innovation on the African continent, cybersecurity, blockchain, games, geek culture and YouTube.

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