Re:SEC Asks Manhattan Federal Court to Hold Elon Musk in Con...
by sokoloff on Thursday February 28, 2019 @01:37PM
(#19273789)
> It's more that the information is "material but not non-public", end of sentence.
Even there, I think that's covered by "Written Communications that contain, or reasonably could contain, information material to Tesla or its stockholders must, prior to posting or other publication, be submitted to Tesla’s General Counsel and Disclosure Counsel for pre‐approval."
Re:SEC Asks Manhattan Federal Court to Hold Elon Musk in Con...
by Dylan16807 on Thursday February 28, 2019 @02:18PM
(#19274203)
That's the core of the argument.
Taking it literally might be the right interpretation. But it also fails to make sense in other ways. Is there an implied "not already public"? It's honestly hard to tell.
It's more that the information is "material but not non-public", end of sentence. He's not piggybacking on a previous approval of a post. He's piggybacking on the fact that it's public.
Even if the previous disclosure had been in a post by Musk, I'd argue those rules don't apply to a new post. Those rules are about how approval for a specific post can be revoked, by delaying too long or by editing. They only affect that specific post, not future uses of now-public information.
But the previous disclosure was not such a post. It bypassed the entire tweet approval process. So these secondary rules definitely do not apply.
> (I also believe that the update of the range from "350k-500k" [previously public] to "around 500k" [in the tweet] to be a material update when given by the CEO of a company and that the SEC will argue that is also the case, but I agree/admit that there's some room for argument on that point.)
That's an okay belief. I'm not saying the result is clear-cut, just that Musk has a reasonable argument.
> Thank you for the topic-centered discussion and I hope you experienced (as I did) this exchange as "disagreeing without being disagreeable".
Sure, I'd agree there.