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The government’s contempt of court case against Tesla CEO Elon Musk is moving forward.
Federal Judge Alison Nathan has set a court date of April 4 to hold oral arguments.
The Securities and Exchange Commission is asking Nathan to find Musk in contempt for allegedly violating terms of an October court-approved securities fraud settlement with a Feb. 19 tweet.
In the tweet, Musk wrote: “Tesla made 0 cars in 2011, but will make around 500k in 2019.”
The agreement with the SEC approved by the court Oct. 16 “ordered Musk to comply with procedures implemented by Tesla that would require Musk to seek pre-approval of any written communications, including social media posts, that contained or reasonably could contain information material to Tesla or its shareholders.”
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The SEC said in the February court filing that Musk “did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people.”
Musk’s lawyers say the tweet restated previously approved disclosures.
In September, the SEC accused Musk of securities fraud in a civil lawsuit that charged him with lying or recklessly misleading when he tweeted that he had “funding secured” to take the electric car company private.
Two days after the SEC filed its complaint, Musk settled with the commission and was required to pay a $20 million fine and step down as chairman for three years. He remains as CEO.
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Contributing: Associated Press
Follow Kelly Tyko on Twitter: @KellyTyko
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