Tesla Raising Price of Its Full Self-Driving Option From May 1

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Nathan stated court-supervised arrangements must be obeyed. The portfolio manager for Tesla's largest shareholder after Musk said the CEO may better serve the company by being less outspoken.

The problem over Musk's tweets goes back to a settlement reached following Musk tweeted that he had secured the funds to take Tesla personal at $420 an share - a significant premium over the price at the period - when he did not. That tweet, last August, sent the company's stock on a wild ride.

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Musk backed off the concept of taking the business private, but regulators concluded he hadn't lined up the money to pull off the offer.

After that, and as part of a settlement agreement between them, Musk personally paid a $20 million fine.

His lawyers disagreed, arguing that the tweets in question complied with the earlier SEC settlement terms.

The SEC states Musk violated a deal when he tweeted without a lawyer's approval.

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If Musk plans to attend the hearing, it is unclear.

"Shocked by Unsworth's indefensible and baseless attacks, Musk answered to defend himself and the efforts of SpaceX, Tesla, and the Boring Company employees who had given up their days and nights to help find a solution", the says.

But Musk attorney John Hueston told the judge that the SEC had failed to show his client had violated the deal.

Meanwhile, the Tesla's stocks are decreasing nearly 10% in early trading after the company stated it churns out 77,100 vehicles well behind the speed it must sustain to fulfill the pledge to fabricate 500,000 cars of Musk.

As of Wednesday's close, Tesla shares were down 12.3percent so far this year.

Musk's legal team has argued that he retained discretion to determine whether he was sending out material information or not, and that his February 19 post about Tesla's 2019 production was consistent with comments he made weeks earlier on an earnings call. "Something like +$3,000?", Musk responded, "Something like that". On the other hand, there is a reason for the company making such move.