May 01, 2020

The New York Times Quotes Marc Leaf on the Impact of Elon Musk’s Controversial Social Media Posts

Corporate partner Marc Leaf was quoted by The New York Times on whether Elon Musk’s recent controversial social media posts were enough to warrant enforcement by the Securities and Exchange Commission (SEC).

In the article “Elon Musk Says Tesla Share Price Is Too High,” the publication highlights Musk’s series of Twitter posts following Tesla’s recent stock price surge. After Musk posted on Twitter that the company’s stock price was “too high,” Tesla’s stock price dropped more than 9 percent. Musk serves as chief executive of the company.

The New York Times referenced a recent agreement between Musk and the SEC requiring a list of issues the chief executive was not to speak about without lawyer approval, including the electric-car company’s financial condition, earnings forecast, proposed acquisitions and production data.

Leaf weighed in on the matter, telling the Times that Musk’s Twitter post on Friday did not appear to be forbidden, but could worry the company’s board.

“Mr. Musk’s tweet is a matter for Tesla’s board of directors, not enforcement personnel,” Leaf said. “At this point, he’s going to say what he’s going to say. He didn’t violate the law as far as I can tell, but if I were a director, I’d have some concerns about my C.E.O. and founder saying this.”

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