Tesla's Elon Musk and the SEC have reached an agreement, report says
The two parties were reportedly able to hash out a last-minute agreement that will keep Musk's social media under scrutiny.
Elon Musk and the SEC finally put aside differences and came to an agreement on what the Tesla CEO can and can't say.
The extended battle between Tesla CEO Elon Musk and the Securities and Exchange Commission finally reached a head earlier this month when a Federal judge ordered that the two parties "put on their reasonableness pants" and come to an agreement on what Musk needs to have approval to post on social media.
As early as Friday morning, both parties sought an extension to the judge's initial two-week timeline, but according to a report published late on Friday by CNBC, Musk and the SEC have come to terms and have submitted documentation to the court outlining them.
The quick version of what it says is that Musk needs to have the approval of a specialist securities lawyer -- which Tesla has to pay for -- to say anything in written form or on an earnings call that relates to topics like production numbers, delivery numbers, mergers and acquisitions or new business lines (like leaf blowers, for example).
If that seems kind of like what he agreed to the first time Musk and the SEC reached a settlement post-"Funding secured" that's because it is similar. This is just in a more clear and easily enforceable language.
Now, whether it will actually work and whether the internet's newest meme lord will be able to keep himself under control remains to be seen.
Tesla didn't immediately respond to a request for comment.
