Elon Musk said he'll probably reach a new settlement with the SEC in the next 2 weeks

TeslaCEO Elon Musk said he will probably settle with the Securities and Exchange Commission (SEC) over its motion to have him held in contempt of court following a February tweet about vehicle production.

Bloomberg reporter Bob Van Voris tweeted a video of Musk on Thursday after the court hearing in New York City. When asked if he would reach a new agreement with the SEC in the next two weeks, Musk said, “most likely.”

Read more: Judge orders Elon Musk and the SEC to put on their ‘reasonableness pants’ and work things out

During the hearing, a federal judge ruled that Musk and the SEC must take the next two weeks to reach a new resolution over their 2018 settlement regarding Musk’s conduct on Twitter.

“I have great respect for Judge Nathan, and I’m pleased with her decision today,” Musk said in a statement to Business Insider. “The tweet in question was true, immaterial to shareholders, and in no way a violation of my agreement with the SEC. We have always felt that we should be able to work through any disagreements directly with the SEC, rather than prematurely rushing to court.”

In February, the SEC asked a judge to hold Musk in contempt of the court that approved their 2018 settlement after Musk tweeted out a projection about Tesla vehicle production. The SEC said in a court filing that Musk violated the terms of their settlement by not receiving approval from Tesla before publishing the tweet.

The settlement followed an August 2018 tweet from Musk saying he had obtained the funding necessary to take Tesla private at $US420 per share. The SEC sued Musk over that tweet, saying that Musk was not as close to acquiring funding for the deal as he indicated. Their settlement required Musk to step down as the chairman of Tesla’s board of directors for three years, pay a $US20 million fine, and receive approval for all future written communications that could be relevant to Tesla shareholders.

Got a Tesla tip? Contact this reporter at [email protected].

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