Tesla just undermined Elon Musk's defense against the SEC, JPMorgan says

Tesla just undermined Elon Musk's defense against the SEC, JPMorgan says

Tesla just undermined Elon Musk's defense against the SEC, JPMorgan says

While Musk warned the company probably would lose money last quarter and the carmaker has a US$566 million note coming due in November, Tesla has said it has enough money to pay off debt obligations with cash flow.

On his way out the door, Musk told reporters that he was "impressed" with Judge Nathan's analysis.

In the USA, where Tesla introduced the Model 3 sedan in 2017, tax incentives for its vehicles shrank.

Elon Musk has made a name for himself as the man who co-founded PayPal, revolutionised the electric vehicle engine, and a guy who sold flamethrowers commercially. Per the terms of the October settlement Tesla is required to review Musk's tweets containing information pertinent to investors prior to posting on his personal account. The name of his "label" is a play on emoji, a callback to a joke from earlier in the weekend, according to Rolling Stone.

Separately, Tesla shares fell more than 8 percent after after the electric auto maker reported that vehicle shipments slumped 31 percent from a year earlier.

In a series of Tweets, the CEO also reminded his fans how the track was one of his "finest works".

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She criticised the company for being apparently "unwilling to exercise any meaningful control over the conduct of its CEO".

Musk's lawyer, John Hueston, countered that the "ambiguity" of the settlement made any further punishment unfair. The SEC did not accuse Tesla of contempt.

The hearing comes as Tesla shares slump after it disclosed that vehicle shipments have fallen 31 percent. Musk's privatization plan was at best in an early stage, however, and financing was not in place. Musk said in February that the company would likely dip back into the red for this quarter - a departure from his previous statements about the company's continued profitability - as it expanded into Europe and China.

This quarter-to-quarter drop in sales at Tesla breaks an nearly two year growth streak and threatens Tesla's growth narrative, valuation and its ability to service its debt.

Asked whether he also respected the SEC, Musk laughed, before turning to go inside.

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