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Tesla shares drop after SEC asks judge to hold Elon Musk in contempt over tweet

Tesla Inc. shares tumbled in after-hours trading Monday after the Securities and Exchange Commission asked a federal judge to hold Chief Executive Elon Musk in contempt over a recent tweet.

On Feb. 19, Musk tweeted: “Tesla made 0 cars in 2011, but will make around 500k in 2019,” later clarifying: “Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.”

Meant to say annualized production rate at end of 2019 probably around 500k, ie 10k cars/week. Deliveries for year still estimated to be about 400k.

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