Tesla CEO Elon Musk is asking a federal judge to nullify a subpoena from securities regulators and throw out a 2018 court agreement in which Musk had to have someone pre-approve his posts on Twitter.
In a motion filed Tuesday in U.S. District Court in Manhattan, Musk attorney Alex Spiro contends that the subpoena from the U.S. Securities and Exchange Commission has no basis in law. He also says the SEC can’t take action about Musk’s tweets without court authorization.Spiro says the SEC has used the court agreement “to trample on Mr. Musk’s First Amendment rights and to impose prior restraints on his speech.
each agreed to pay $20 million in civil fines over Musk’s tweets about having the money to take Tesla private at $420 per share. The funding was far from secured and the company remains public, but the tweet drove up the stock price. The settlement specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of Musk’s tweets.
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