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Tesla founder Musk says he doesn’t respect SEC but is abiding by terms of settlement

After claiming in a tweet that he was thinking about taking Tesla private at $420 a share with funding secured, he agreed to step down as chairman and allow the company to be overseen by the board
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Shares of Tesla climbed after Musk's comments on the CBS news program "60 Minutes"

Tesla Inc (NASDAQ:TSLA) founder and CEO Elon Musk said in an interview with the CBS Corp (NYSE:CBS) program '60 Minutes' for broadcast Sunday, that while he doesn’t respect the Securities and Exchange Commission, he says he is abiding by the terms of a settlement with the agency.

The reason is that he respects the justice system, he told correspondent Lesley Stahl.

READ: Wall Street analysts weigh in on Tesla's potential path to p rivatization

After claiming in a tweet that he was thinking about taking Tesla private at $420 a share with funding secured, he agreed to step down as chairman and allow the company to be overseen by the board.

Shares of Tesla climbed 1% to $361.71 in Monday’s Nasdaq trading.

Musk told Stahl that none of his tweets has been censored since the September settlement.

“I wanna be clear," Musk said. "I do not respect the SEC. I do not respect them."



Contact Dennis Fitzgerald at [email protected]

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