Breaking news update: Elon Musk is arguing that a US federal court should reject a request by the Securities and Exchange Commission to hold him in contempt. "The Securities and Exchange Commission's request that Musk be held in civil contempt for a single, immaterial tweet that dutifully complied with [a court-ordered settlement] is incorrect on the facts and on the law," Musk's lawyers said in a court filing late Monday. Previous version of story: The clock is ticking down on Elon Musk's deadline to explain why he shouldn't be held in contempt of court. The SEC requested Musk be found in contempt for a violating a settlement agreement. Monday is the deadline for Musk's response. The agency cites a recent tweet in which Musk said Tesla would build 500,000 cars this year. He quickly issued a second tweet clarifying his earlier claim: Tesla would build at an annual rate of 500,000 cars by the end of the year, but Tesla would only build 400,000 cars in 2019.