Originally posted by mconsult
Not Australian, but Elon Musk could be a case study..
In a settlement reached with the Securities and Exchange Commission (SEC) on Saturday, September 29, Elon Musk will step down as Tesla chairman (although he will stay on as CEO), following a tweet that sparked a federal investigation. And he’ll also pay a fine of $20 million, as
will Tesla.
http://www5.austlii.edu.au/au/legis/cth/consol_act/ca2001172/s1041e.html - Corps Act s1041E.
Doesn't matter what medium that a statement is published, if it's false or misleading and it is likely to induce people to acquire or dispose of shares (a financial product), or to is likely to affect the price of a financial product traded in a financial market in Australia, then it's an offence.
So exactly what happened to Musk in the US is entirely possible for any Aus company directors who use twitter, or any other media, to disseminate information. Only difference is that in Aus, ASIC is not likely to do anything about it if they stay true to form
![](https://hotcopper.com.au/images/smilies/tongue.png)