Elon Musk loses $1.5b in two minutes as shares tumble

Getty Images  Getty Images  Kevork Djansezian

No, this isn't an April Fools' joke.

Musk and the SEC settled on a $28 million fine, his resignation of the position of chairman of Tesla's board of directors and - and this is surprisingly key - to stop tweeting about Tesla's business without the company's lawyers' approval.

Grimes' passion for music seems to be rubbing off on boyfriend Elon Musk.

Under the agreement hashed out a year ago, Musk was supposed to stop tweeting about Tesla's business without a lawyer's approval.

They have also said the SEC had conceded during settlement talks that Musk did not need pre-approval for all tweets about his Palo Alto, California-based company.

In other Musk-related news, his ongoing fight with the Securities and Exchange Commission over his habit of tweeting out inaccurate information about Tesla even after signing a settlement agreement is scheduled to escalate yet again this week. If Nathan finds Musk in contempt of court she could impose another fine, extended limits on his social media use, or remove him from any executive or management role in the company.




Musk has already warned investors that the company will lose money during this year's first quarter amid cost-cutting needed to lower the price of its Model 3, its first electric auto designed for the mass market.

Tesla's stock sank more than 10 percent in premarket trading following the production and delivery numbers' release.

Crumpton's comments to U.S. District Judge Alison Nathan in Manhattan lifted a possible drag on Tesla's share price.

Lawyers for the SEC are asking Nathan to hold Musk in contempt of court for violating an agreement he hammered out with the watchdog a year ago - and which the judge approved - to have his Tesla tweets monitored.

Despite the slow-down, the company maintained its earlier projection that it would deliver between 360,000 and 400,000 vehicles by the end of the year.

But the quarter's 50,900 Model 3 deliveries fell far short of the 63,150 of the models customers received in the final three months of 2018, and in the third quarter, when the company delivered 56,065, according to Tesla's figures. Previous year in July he accused the British diver in Thai cave rescue operation by calling him a pedo'. Tesla said it delivered 63,000 vehicles in the first quarter, nearly one-third less than in early 2018.

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