KEY POINTS
  • The CEO said that Tesla would make "around" 500,000 vehicles this year, clarifying about four hours later that he "meant to say" the company's annualized production rate at the end of 2019 could be around 500,000 vehicles.
  • "Musk did not seek or receive pre-approval prior to publishing this tweet, which was inaccurate and disseminated to over 24 million people," the SEC wrote in the court filing.
  • Musk has until March 11 to explain to the court why he should not be held in contempt, according to an order filed Tuesday.

Shares of Tesla fell Tuesday after the Securities and Exchange Commission asked a judge to hold Elon Musk in contempt for violating its settlement deal.

The stock fell as much as 3 percent before paring losses to close a just a fraction of 1 percent down.