Tesla's Elon Musk must address SEC contempt bid as he calls agency 'broken'
Updated : February 27, 2019 06:30 AM IST
The order by US District Judge Alison Nathan in Manhattan came hours after the billionaire criticized SEC oversight as "broken," in the wake of the regulator's request on Monday night that he be held in contempt.
Analysts said the renewal of the public battle between Musk and the top US securities regulator will be an overhang on Tesla's stock, which has lost about one-quarter of its value since peaking in August.
The SEC contempt motion followed Musk's tweet to his more than 24 million Twitter followers on February 19: "Tesla made 0 cars in 2011, but will make around 500k in 2019," meaning 500,000 vehicles.
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