The SEC argued that the admission is “clear and convincing evidence” that Musk violated the Court’s Final Judgment. He did not try to diligently comply with the order. Additionally, the regulator emphasized that Musk understood the order because it is “clear and unambiguous.”
In conclusion, the regulator wrote, “For all the reasons stated, the SEC respectfully requests that the Court enter an order to show cause why Defendant Elon Musk should not be held in contempt of the Court’s October 16, 2018 Final Judgment.”
The stock price of Tesla declined following reports about the action of the SEC against the company. TSLA stock closed $298.77 per share, down by five percent on Monday.
Today, the stock opened $292.22 per share, but managed to regain some of its losses. It is trading $298.30, still down by 0.16 percent around 3:07 in the afternoon in New York.
