Elon Musk wants to end SEC settlement requiring tweets be pre-approved
Musk's lawyers claim that the SEC's 'skewed conception of its authority' is infringing on his freedom of expression.
Tesla and Elon Musk have been in hot water several times over across several years with US Securities and Exchange Commission (SEC), usually regarding tweets by Musk that the SEC has claimed are open attempts to manipulate the market around Tesla’s stock. Previously, it resulted in a settlement where Musk’s tweets must be vetted before they can be sent. Musk now wants to challenge and end this settlement with his lawyers claiming that the outcome is infringing on his freedom of expression.
Elon Musk and his lawyers signaled intention to challenge the settlement that took place in 2018 and was revised in 2019 following Musk being sued by the SEC for fraud. Since that case, Elon Musk’s tweets have been vetted before being sent – a settlement Musk’s lawyers are seeking to modify or terminate, according to CNBC. Musk’s lawyers claim that complying with the SEC settlement “has become impossible under the SEC’s skewed conception of its authority.”
“The more the SEC monitors Mr. Musk’s Twitter activity, and forces others to do the same, the more Mr. Musk’s freedom of expression is infringed,” a document from Musk’s lawyers alleged.
That’s not the only ongoing issue between Elon Musk and the SEC. The SEC has had a newer investigative probe going against Musk over a Twitter poll he ran regarding Tesla stock. It was further expanded to include Musk’s brother Kimbal as various stock activity around the time of the poll caught the eyes of the SEC. Regardless of Musk’s cult of personality, the effect of his Twitter on Tesla and other stocks has been a constant source of Tension with the SEC.
With this in mind, it seems unlikely that the SEC will back down from the claims by Musk’s lawyers. Elon Musk’s Twitter has proven too volatile even when checked. Whether or not the SEC is legally allowed to hold that leash is another story though, and one we will follow as new updates become available.
TJ Denzer posted a new article, Elon Musk wants to end SEC settlement requiring tweets be pre-approved
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