Tesla Inc Chief Executive Elon Musk has reached a deal with the U.S. Securities and Exchange Commission to settle a dispute over Musk’s use of Twitter, according to a court filing on Friday.
Musk has agreed to submit public statements about the company’s finances to vetting by its legal counsel, the filing said.
If it is approved by a judge, the deal means the Tesla founder no longer faces the prospect of being held in contempt for violating an earlier settlement with the agency that required him to submit any of his public statements that would be material to investors for prior review.
The new agreement, disclosed in a filing in Manhattan federal court, lays out in more detail exactly what kinds of statements must be reviewed.
Shares of Tesla rose 1.4 percent to $238.50 in after hours trading following disclosure of the agreement, which lifts a cloud that has hung over Musk as Tesla tries to ramp up production of its most important vehicle, the Model 3 sedan, and make a profit at the same time.