Tesla CEO Elon Musk faces off against SEC in court

Elon Musk is a Sound Cloud rapper now

Musk seems to be in on the joke, posting a link to Rolling Stone's coverage on his Twitter account with the words: "Making The Onion articles real...", referring to the popular United States satirical news website.

That agreement came after the regulator sued Musk for previously announcing he had secured funding for Tesla to be bought.

As of this writing, over 201,000 people have listened to "RIP Harambe" since Musk revealed its existence to the world on Saturday.

The lawyer, Cheryl Crumpton, said the SEC would ask that Musk face further sanctions and greater fines for any future violations if held in contempt, but stopped short of recommending that he face removal from Tesla's board or helm.

That requirement is part of a $40 million settlement reached a year ago after Musk tweeted he lined up the financing needed to lead a buyout of a Tesla, a claim that the SEC asserted was a misleading statement that duped investors. During the hearing, US District Judge Alison Nathan essentially told both Musk and the SEC to quit being children and figure their [expletive deleted] out. "This court ordered Tesla to implement a mandatory pre-approval process, but they are apparently fine with Mr. Musk making up his own procedure".

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While this pulled some demand forward into the fourth quarter, the company said orders still outpaced the number of vehicles it was able to deliver in the first three months of this year. The SEC tried to have Musk barred from running a private company.

The announcement drove stocks down to $261, marking a near ten percent drop.

In the quarter, Tesla delivered 50,900 Model 3s, the linchpin of its growth strategy, falling short of analysts' estimates of 58,900, according to IBES data from Refinitiv.

The carmaker reaffirmed its forecast to deliver between 360,000 and 400,000 vehicles this year, and said US orders for the new Model 3 outpaced what the company was able to fulfill in the quarter.

In July, Musk used Twitter to accuse a British diver involved in the rescue of a youth football team from a Thai cave system of being a paedophile after the diver criticised a mini-submarine Musk had offered to help with the rescue.

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