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Report: SEC Goes After Elon Musk For Violating Accord

The U.S. Securities and Exchange Commission is looking to hold Tesla and SpaceX CEO Elon Musk in contempt for violating a settlement Musk made last year with the SEC, due to a tweet earlier this month where Musk talked about production numbers for Tesla's vehicles, according to a report on Monday from Bloomberg. The action comes as a result of a tweet on February 19th where Elon Musk talked about Tesla making around 500,000 vehicles in 2019. Both Tesla Motors and Musk agreed to a settlement with the SEC in October of 2018, where Musk and Tesla agreed taht he would seek pre-approval for his tweets from Tesla on anything "material" to investors or the company. In that earlier agreement, a penalty of $40M was paid, split between $20M from Tesla and $20M from Musk, for a mysterious tweet about "funding secured" for taking Tesla private at $420.