Regulator accuses Musk of breaking fraud settlement terms
J.P. Morgan Securities analyst Ryan Brinkman said that in a worst case scenario, the SEC could again seek Musk’s removal as CEO for violating the terms of the agreement and its shares could fall by a fifth, or more than US$50, in value.
“If the SEC were to seek Mr. Musk’s removal , we believe the shares may approach the mid-$200 levels.” Tesla’s general counsel Dane Butswinkas, hired as an outside counsel to help settle the case with the SEC, resigned a day after Musk made the tweet to which the new SEC case refers. Musk corrected his tweet four hours later to say that the “annualized production rate” at year-end 2019 would probably be about 500,000, with deliveries expected to be about 400,000.
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