SEC Asks Federal Court To Hold Elon Musk In Contempt

Bloomberg reports:

The U.S. Securities and Exchange Commission asked a judge to hold Elon Musk in contempt for violating his Oct. 16 settlement with the agency requiring him to seek pre-approval from Tesla Inc. for social media posts and other written communication that would be material to the company or investors, Bloomberg News reports.

CNBC reports:

The SEC’s enforcement action is the next step in a saga which began in early August, when Musk announced via Twitter that he had secured enough funding for a massive private buyout of Tesla. The SEC complaint alleged that in doing so, Musk issued “false and misleading” statements, and failed to properly notify regulators of material company events.