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Elon Musk defends tweets in SEC’s contempt proceedings

Tesla CEO Elon Musk argued Friday that his Twitter use did not violate a settlement agreement with the U.S. Securities and Exchange Commission and that the agency’s request to have him held in contempt is based on a “radical interpretation” of the order, according to court papers filed in Manhattan federal court.

The SEC has asked a judge to hold Musk in contempt for violating a settlement agreement reached last year over Musk’s now infamous “funding secured” tweet. Under that agreement, Musk is supposed to get approval from Tesla’s board before communicating potentially material information to investors.

Musk contends he didn’t violate the agreement and that the problem lies in the SEC’s interpretation, which he describes as “virtually wrong at every level.” The filing also reveals new details about the settlement negotiations, notably that the SEC sent Musk a draft agreement that would have required him to obtain pre-approval for all public statements related to Tesla, in any format.

Musk and Tesla never agreed to those terms. Instead, Musk says the agreement requires him to comply with Tesla own policy, which would require pre-approval for “written communications that contain, or reasonably could contain, information material to the company or its shareholders.”

The barbs traded via court filings are the latest in an escalating fight between the billionaire entrepreneur and SEC that began last August when Musk tweeted that he had “funding secured” for a private takeover of the company at $420 per share.  The SEC filed a complaint in federal district court in September alleging that Musk lied.

Musk and Tesla settled with the SEC last year without admitting wrongdoing. Tesla agreed to pay a $20 million fine; Musk had to agree to step down as Tesla chairman for a period of at least three years; the company had to appoint two independent directors to the board; and Tesla was also told to put in place a way to monitor Musk’s statements to the public about the company, including via Twitter.

But the fight was re-ignited last month after Musk sent a tweet on February 19 that Tesla would produce “around” 500,000 cars this year, correcting himself hours later to clarify that he meant the company would be producing at an annualized rate of 500,000 vehicles by year end.

The SEC argued that the tweet sent by Musk violated their agreement. Musk has said the tweet was “immaterial” and complied with the settlement.

Elon Musk’s high-speed hyperloop tunnel in L.A. will soon be open for public rides

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Elon Musk says the first tunnel is “almost done.” 

Posting on Twitter on Sunday night, the Boring Company founder and CEO announced the first test tunnel of the ambitious ultra-high-speed hyperloop project in Los Angeles will be open for public rides on Dec. 11.

The very first LA tunnel, which will primarily function to transport pedestrians and cyclists, was officially completed in May, after digging permission was granted in August last year. 

Opens Dec 10

— Elon Musk (@elonmusk) October 22, 2018

Musk has previously announced that the service will apparently cost passengers just $1 to ride on shuttles within the city when it officially launches. Read more…

More about Hyperloop, The Boring Company, Tech, Transportation, and Elon Musk

Elon Musk details his plan to rid LA of traffic with $1 rides on the Boring Co. ‘Loop’

This evening, Boring Company executives Elon Musk and Steve Davis offered a few more details about their plans to revolutionize LA urban transit, introducing the “Loop” which would eventually be composed of all-electric pods that transport up to 16 passengers at a time. Musk theorizes that the Loop could take Los Angeles residents from downtown LA to any terminal at the LAX airport within 8 minutes for about $1.

Much of the focus of the presentation was to assure the public that the Boring Company’s efforts would not be disruptive to the public or heavily stress the city’s existing highway systems. While the company has been best known for its hat and flamethrower sales, its most daunting challenge is courting public opinion for its plans to upgrade LA’s transport infrastructure.

The odd little presentation held at an LA synagogue started about 25 minutes behind schedule after a late arrival from Elon Musk who ironically said he got stuck in traffic. Musk offered a few minutes of eccentric discussion about why flying cars couldn’t solve the problem of “soul-destroying traffic.” Tunnels, on the other hand, Musk detailed were “way less nerve-racking than flying cars” and still “so fun.”

Alongside the execs onstage was Boring Company “mascot” Gary the snail.

Musk said that Boring Company Loop’s vision of the future would be much more congruous with city life than subways, and that while it was very difficult to weave large stations into a city, building many more parking spot-sized stations could theoretically be much more effective. Musk also noted that he hoped the Loop would supplement existing transport systems and connect public transport lines.

To get moving towards this “Loop” vision, the company will begin with a 2.7 mile test tunnel on private property with private funds. Just last month, SEC documents were filed detailing that Musk’s Boring Company had raised just shy of $113 million.

Once the test site has been completed, Musk suggested that they would begin offering free rides which he hoped the company could make as fun as a Disney theme park, joking that guests could “bring [their] flamethrowers.”

As Musk has previously noted, the Boring Company’s focus will prioritize pedestrian traffic rather than pods that house vehicles. While the executives were sure to distinguish the difference between the “Loop” and the Hyperloop, Musk also theorized that the two systems could eventually be seamlessly connected so riders could travel within the city and between cities with minimal friction.

Musk was notably asked during a Q&A about whether the Boring Company would do a full environmental impact report. He noted that they would but given the length of the process would do so once moving towards a larger-scale project rather than on one of the test tunnels.

It’s clear from the presentation that things are very much in their early stages, but Musk and Davis seemed to do a good job assuring the public that they would be moving with the bureaucracy on this project rather than trying to push their vision forward quickly and recklessly.

Elon Musk’s Boring Co. flamethrower is real, $500 and up for pre-order

 So that flamethrower that Elon Musk teased The Boring Company would start selling after it ran out of its 50,000 hats? Yeah, it’s real – and you can pre-order one now if you want need a ridiculous way to spend $500. Musk revealed the flamethrower on Saturday, after some digging tipped its existence late last week. The Boring Company Flamethrower is functional, too, as you can see… Read More

Here’s our first look at Elon Musk’s Boring Co. LA tunnel

 Elon Musk is digging a tunnel under Hawthorne near SpaceX headquarters in California, after receiving approval from city council to do so. Musk’s Boring Co. has already made considerable progress on the dig and tunnel build, apparently, as Musk shared an image of the tunnel from the inside showing a reinforced tube that stretches off into the distance out of sight.
The tunnel features… Read More

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Crunch Report | Elon Musk’s Tunnel Vision Gets Rendered

Elon Musk shows off a video about his tunnel boring company, The Boring Company, a self-driving Apple test vehicle is spotted in the wild and Cloudera and Carvana each price their IPO at $15; one does well, the other not so much. All this on Crunch Report. Read More

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