Elon Musk Says He Doesn't Respect SEC, Tweets Fall Under 'First Amendment'

Elon Musk: ‘I Want to be Clear: I Do Not Respect the SEC’

Musk faced scrutiny this year for several controversies, including his battle with a Thai cave rescue diver, a settlement with the SEC and Tesla's production speed.

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 also shrugged off that provision, saying none of his tweets have been censored so far and the company does not review his posts to determine beforehand whether they could potentially affect the company's stock price.

Musk: I want to be clear, I do not respect the SEC. Ltd., Australia's largest telecommunications company, but will step down from that company after a six-month notice period and work at Tesla full-time. I'm not sure if you know it, but we open-sourced our patents, so anyone who wants to use our patents can use 'em for free.

The company also fulfilled a pledge to make money during the third quarter, and Musk has said he expects the company to remain profitable.

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.

More news: Hundreds of People From Migrant Caravan Breach US-Mexican Border

Mr Musk said he and Tesla had chosen to pay the $20m (£15m) settlement fine because while he did not respect the regulator, he did believe in the justice system. So essentially I could just pull for a shareholder vote and get anything that I want provided I could get support for at least a 1/3 of the other shareholders.

"I guess we might make some mistakes, who knows?"

As Tesla pointed out, the settlement does not require oversight of Musk's Twitter feed until nearly the end of the year, so technically Musk has not broken the agreement.

I mean that's not realistic because I am the largest shareholder in the company and a very high percentage of the shareholders support me and the company. "I actually just prefer to have no titles at all".

Tesla rose slightly in US premarket trading, gaining 0.4 percent to $359.30. The Tesla Factory in Fremont, California is a former GM plant that closed in 2010 but reopened later that year under Musk. Then, in no uncertain terms, Musk says exactly what he thinks of the government agency responsible for enforcing the federal securities laws.

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