In an interview on CBS’s “60 Minutes,” Tesla (TSLA) CEO Elon Musk said his tweets are not approved by the automaker prior to publication as he lashed out at the Securities and Exchange Commission, saying he did not respect the agency.
‘NO RESPECT' FOR SEC: In a wide-ranging interview with Lesley Stahl, Tesla’s CEO discussed his tweets over the summer as he lashed out at the SEC. The executive’s use of his Twitter account drew fire in August when he tweeted that, “Am considering taking Tesla private at $420. Funding secure.” He did not pursue any go-private deal and pulled back on those plans a few weeks later. The SEC would eventually charge him with securities fraud, with both parties reaching a settlement not long after, and Musk agreeing that his “communications relating to the company… including Twitter” would be overseen by his board. However, when asked by Stahl if someone reads them before his tweets go out, the CEO answered “no.” "The only tweets that would have to be reviewed, would be if a tweet had a probability of causing a movement in the stock. Otherwise, it's hello, first amendment. Freedom of speech is fundamental […] I want to be clear, I do not respect the SEC,” Musk said, adding that he uses his tweets “to express myself.” As part of the settlement, the executive also had to relinquish his position as chairman of the Tesla board, being replaced by Robyn Denholm. Musk said he handpicked her and that he does not think he will want to go back to being chair.
TESLA MAY CONSIDER BUYING GM PLANTS: With General Motors (GM) planning to lay off some 14,000 employees and idle plants, Tesla’s CEO said during the interview that he might be interested in buying some of those factories. “It’s possible that we would be interested. If they were going to sell a plant or not use it that we would take it over.” Further, the executive celebrated GM’s announcement that it will double its investment into developing electric cars. “The whole point of Tesla is to accelerate the advent of electric vehicles. And sustainable transport and trying to help the environment. We think it’s the most serious problem that humanity faces. I’m not sure if you know it, but we open sourced our patents so anyone who wants to use our patents can use them for free,” Musk said.
PRICE ACTION: In afternoon trading, shares of Tesla have gained about 1% to $360.66.
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