A settlement with the SEC requires that Musk's tweets be approved by a Tesla attorney before being published.
DETROIT — Elon Musk’s request to scrap a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private was denied by a federal judge in New York.
The whole dispute stems from an October 2018 settlement with the SEC in which Musk and Tesla each agreed to pay $20 million in civil fines over Musk’s tweets about having the “funding secured” to take Tesla private at $420 per share. Musk attorney Alex Spiro contended the SEC is using the settlement and “near limitless resources” to chill Musk’s speech. It says that Musk signed the settlement when Tesla was a less mature company and SEC action jeopardized the company’s financing.He also alleged that the subpoena from the SEC is illegal, and that the agency can’t take action about Musk’s tweets without court authorization.
Even if Musk was worried that litigation with the SEC would ruin Tesla financially, “that does not establish a basis for him to get out of the judgment he voluntarily signed,” Liman wrote.
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