Musk blasts SEC, United Auto Workers in `60 Minutes' interview


Tesla founder and CEO Elon Musk appeared to have a tearful breakdown live on "60 Minutes" Sunday as he complained the Securities and Exchange Commission wouldn't let him tweet whatever he wants. When he announced the promotion of Jerome Guillen as Tesla's new President of Automotive, Musk stated that GA4 was the brainchild of the longtime problem-solver, who was working as the lead of the Tesla Semi program then.

Musk said he was abiding by the settlement, however, "because I respect the justice system".

Musk acknowledged that he was "somewhat impulsive", adding that he "didn't really want to try to adhere to some CEO template". Inasmuch as the sprung structure was controversial, though, it worked, and it ultimately helped Tesla address the Model 3's production problems then.

Tesla now only has one assembly plant, located in Fremont, California. "I do not respect the SEC", Musk said, according to a transcript provided in advance by the network.

Tesla doesn't buy traditional advertising, and media coverage of Musk is a big part of how the Palo Alto, California-based company markets itself and its formidable brand. Musk credited the decision to build a third general assembly line outside under a tent with saving the company.

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Somehow, Musk managed to squander a lot of the public's goodwill, which might have something to do with Tesla and Musk's reputed hostility to unions or maybe even that time Musk baselessly called a rescue diver a paedophile.

What's more, the SEC said Tesla must put "additional controls and procedures to oversee Musk's communications", including his tweets.

Musk reached a settlement with the SEC in late September that required him to pay $20 million and step down as Tesla's chairperson for a minimum of three years.

"The only tweets that would have to be reviewed would be if a tweet had a probability of causing a movement in the stock", he said. Musk said he would not be interested.