Elon Musk in 60 Minutes interview: 'I do not respect the SEC’


The SEC required Musk to step down as Tesla chairman and pay $40 million in penalties as part of a settlement reached in September during a fraud investigation where he was accused of making "false and misleading tweets".

The charges stem from a tweet the 47-year-old billionaire wrote in August, which detailed plans to take Tesla private. "Funding secured", Musk agreed that his "communications relating to the company... including Twitter" would be overseen by the Tesla board.

"The only tweets that would have to be reviewed would be if a tweet had a probability of causing a movement in the stock", he said.

Elon Musk says he has "no respect" for the Securities and Exchanges Commission (SEC) financial regulator.

Asked how Tesla would know if his tweets would move the market if they weren't all being read, Musk replied: "Well, I guess we might make some mistakes".

Tesla announced the availability of a "midrange" Model 3 in October; the company is also working to boost production ahead of wider availability overseas, which could help Tesla sustain profit margins because the model will sell at a higher price abroad.

He says he uses Twitter to express himself.

Musk acknowledged that he was "somewhat impulsive", adding that he "didn't really want to try to adhere to some CEO template".

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In an interview with 60 Minutes that aired on Sunday, Tesla CEO and prolific tweeter Elon Musk made it abundantly clear how he feels about the U.S. Securities and Exchange Commission. So essentially I could just pull for a shareholder vote and get anything that I want provided I could get support for at least a 1/3 of the other shareholders.

But Musk said "it's not realistic" to expect Denholm to watch over his actions because he remains the electric vehicle company's largest shareholder.

As Tesla pointed out, the settlement does not require oversight of Musk's Twitter feed until nearly the end of the year, so technically Musk has not broken the agreement.

Musk owns about 20 percent of Tesla. "I am the largest shareholder in the company".

"I actually prefer to have no titles at all", Musk said.

The erratic chief executive of Tesla has said that the company's new chairwoman will have no control over him as he remains the largest shareholder.

Tesla makes the all-electric Model S, Model X and Model 3 at its sole auto plant in California, which it bought from a joint venture operated by GM and Toyota Motor Corp.