Tesla shares fell sharply overnight and early Tuesday, CNBC reports, after the Securities and Exchange Commission asked a judge to hold Tesla CEO Elon Musk in contempt for allegedly violating a 2018 agreement to get prior approval before tweeting about the company's operations. Tesla shares fell nearly 3 percent in pre-market trading Tuesday, after dropping 5 percent after-hours on Monday.
Musk tweeted on Feb. 19 that the electric-car maker would make "around" 500,000 vehicles this year, then clarified hours later that he "meant to say" Tesla would reach the higher production rate by late 2019, while 2019 deliveries would still be 400,000. The SEC said Musk failed to get approval before "publishing this tweet, which was inaccurate and disseminated to over 24 million people." Tesla said Musk didn't need approval because the information was already public.
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