The U.S. Securities and Exchange Commission and Elon Musk want more time to work out their dispute over whether the Tesla (TSLA) - Get Tesla Inc Report founder and CEO violated a court order limiting him from using social media about the company.
A one-week extension has already been granted by U.S. District Judge Alison Nathan after she ordered the parties on April 4 to resolve the SEC's request to have Musk held in contempt of court. However, both Musk and the regulator are now seeking an extension of that deadline to April 30, according to a court filing submitted late on Thursday.
The feud stems from an SEC investigation in 2018 that alleged Musk misled investors by tweeting about a potential buyout of his company. Musk paid a $20 million fine to settle the case and agreed to have certain statements overseen by Tesla lawyers.
The SEC alleged he then violated the pact in February by tweeting about company production figures without the necessary pre-approvals. Musk argued his February tweet wasn't material because it simply repeated projections that Tesla had disclosed during an earnings update.
Tesla shares were down 0.86% at $245.50 in early trading on Friday. They ended the day Thursday down more than 4% at $247.63.