Tesla (TSLA) - Get Report rose more than 5% Wednesday as investors awaited news from CEO Elon Musk, who announced that he'll have something to say Thursday via his Twitter account, which itself has been the subject of much scrutiny in recent days.
Musk, who has changed his Twitter handle to Elon Tusk, with an elephant emoji, tweeted that he will have news about the company coming at 2 p.m. Pacific on Thursday:
The news helped push Tesla shares up $16.88 (5.67%) to close Wednesday at $314.74. Musk could have news coming about the Model Y vehicle that he has previously said would be unveiled in March 2019, but his method of disseminating this information could land the CEO in more hot water.
Earlier this month, the Securities and Exchange Commission asked a judge to hold Musk in contempt for court for violating a settlement he agreed to after the regulatory agency found him guilty of misleading investors after saying that he had enough funding secured to take Tesla private on Twitter.
Part of the settlement between the two parties stipulated that Tesla "establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications."
Musk recently tweeted that Tesla will deliver 500,000 vehicles in 2019, a number that was 100,000 more than the company said it would deliver during its latest earnings release. Musk apologized and deleted the tweet after realizing his mistake, but the SEC doesn't seem to be impressed with his mea culpa.
On Tuesday, U.S. District Judge Alison Nathan said Musk will need to write to the court by March 11 and plead his case after the SEC said Monday that a Tweet from Musk earlier this month, in which he appeared to reveal material information on Tesla's production schedule, violated a September 2018 settlement that prohibited the CEO from sharing company information without vetting from legal counsel.
"Defendant Elon Musk shall submit to this Court by March 11, 2019, briefing to show cause, if any, why he should not be found in contempt of the Court's Final Judgment," Judge Nathan wrote.
(This article has been updated.)