New York (CNN Business) A federal judge in New York will hear oral arguments Thursday in a lawsuit brought by the US Securities and Exchange Commission that seeks to hold Tesla CEO Elon Musk in contempt for violating a settlement deal.

The hearing is scheduled for 2 pm ET at a Manhattan courtroom. It's unclear whether Musk will be present.

Judge Alison Nathan is tasked with weighing the SEC's request that Musk be held in contempt for violating a settlement agreement reached last year. The agreement required Musk to get pre-approval for social media posts about the electric car company. It is unclear when Nathan will issue a ruling.

If she sides with regulators, Musk could face another hefty fine and further limits to his social media use. The judge could oust Musk from the CEO seat, although she is not expected to rule that harshly. Nathan could also toss out the settlement with the SEC, effectively reopening the agency's litigation against Musk and Tesla.

The SEC claims Musk violated its 2018 settlement deal when he said in a February 19 tweet that Tesla will make around 500,000 cars in 2019. Hours later, he posted another tweet that said the company will actually deliver 400,000 cars this year.

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