Elon Musk Twitter BAN: Tesla CEO must ask before tweeting after social media blunders

The SpaceX founder and Tesla CEO reached a deal with the Securities and Exchange Commission (SEC) which said he needed approval from a securities lawyer before tweeting certain information about Telsa, CNN reported. Any tweets with information “material to the company” have been banned as they could affect its stock. However, his lawyers reportedly argued the terms of the deal, made last year, were ambiguous.

A new deal has now been struck which states in detail what the SpaceX founder cannot post on social media without approval.

Elon Musk cannot post about Tesla’s financial condition, statements including earnings.

Mr Musk has previously joked the company was filing for bankruptcy and would stop production of the car because the company would “lose money and die”.

He also can’t write about potential or proposed mergers, according to CNN.

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After writing on Twitter “Tesla made 0 cars in 2011, but will make around 500k in 2019”, Mr Musk cannot tweet production numbers whether past, present or future.

Musings on his next big idea have also been banned after he said it would be “interesting to work with Daimler or Mercedes”.

The Tesla board can also determine other topics Mr Musk get approval before tweeting about.

US District Judge Alison Nathan in Manhattan approved the deal worked out on Friday that settled the dispute in which the SEC had sought to find Mr Musk in contempt of a securities fraud settlement last year.

Earlier this month, Mr Nathan had ordered the parties to work out an arrangement between themselves.

Regulators had claimed that a February tweet by Musk about Tesla’s production numbers violated the earlier settlement, as it had not been vetted by the company’s attorneys.

Mr Musk countered that the tweet was not material.

The SEC sued Musk last year for making fraudulent statements after he tweeted on August 7 that he had “funding secured” to take Tesla private at $420 (£322) per share.

source: express.co.uk