The Securities and Exchanges Commission asked a Federal court Monday evening to hold Elon Musk, CEO of Tesla (TSLA) - Get Report , in contempt for violating his agreement with the Commission on his use of social media.
The SEC said Musk's Tweet from earlier this month, in which he appeared to reveal material information on Tesla's production schedule, violated a September 2018 settlement that prohibited Musk from sharing company information without vetting from legal counsel. The settlement itself, reached through U.S. District Judge Alison Nathan, was linked to an August 2018 Tweet by Musk over plans to take the clean-energy carmaker private that the SEC said was misleading to investors.
Of course, Musk then took to Twitter to say that "something is broken with SEC oversight."
Jim Cramer said that he believes that the SEC should be respected by executives.