FX.co ★ Tesla stocks trading lower while Musk mocking US SEC

A recent tweet by Tesla CEO Elon Musk sparked off another argument with the US Securities and Exchange Commission (SEC). He told his 25 million followers that “Tesla made 0 cars in 2011, but will make around 500k in 2019”. The Commission considered this information to be misleading as it contradicted the actual state of affairs. As a countermeasure, the SEC requested a federal judge to detain the Tesla CEO.

In response, Elon Musk clarified that the company is on track to make around 500k by late 2019. However, deliveries are estimated to be 400k for the year. Besides, the entrepreneur added in his blog that the SEC neglected Tesla’s statement which reads that the company is on pace to produce from 350k to 500k electric cars. What a bummer!

“Meant to say that annualized production rate at the end of 2019 probably around 500k, ie 10k cars/week,” more comments followed from Elon Musk who has been at loggerheads with the Commission for long. Last Autumn, the entrepreneur nicknamed the government agency “Shortseller Enrichment Commission”.

The US authorities have been closely monitoring Elon Musk’s Twitter since the Tesla CEO settled up an argument with the SEC over those controversial tweets posted last year. He stated that he had enough funds to get Tesla as a private property.

Amid such fierce feud, Tesla shares plummeted 12% in the recent 12 months. At present, shares are still trading at the level close to the lows of October 2018. Remarkably, analysts advise investors to include Tesla stocks in their portfolios. Experts anticipate that the shares will soar 50.6% in the nearest 12 months to trade at $450 per share.