Elon Musk Loses In Bid To Get SEC To Scrap 2018 Agreement | Carscoops carscoops
with the U.S. Securities and Exchange Commission that includes monitoring of his tweets.
Musk infamously reached a settlement with the SEC back in 2018 after his tweet about taking Tesla private. In addition to both Musk and Tesla being slapped with $20 million fines, the world’s richest man agreed to get clearance from Tesla lawyers for tweets and other public statements that could be material to the electric carmaker.
Lawyers for the entrepreneur have argued that the SEC’s pursuit of Musk had “crossed the line into harassment” and was impeding his constitutional right to free speech. On Wednesday, U.S. District Judge Lewis Liman slammed Musk’s attempt to overthrow the agreement.
On November 6 last year, Musk asked his followers if they supported him selling 10 per cent of his Tesla stake. The majority of his followers voted ‘Yes’ and he has since sold more than $16 billion of Tesla stock.notes that the SEC has subpoenaed Musk and Tesla to determine if his tweets were vetted before they were published. Judge Liman added that it was “unsurprising” that the SEC has questions about how Musk went about determining whether he should sell stock or not.
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