Elon Musk wants to end the agreement requiring Tesla to supervise his tweets – 06/15/2022 at 16:30

NEW YORK, June 15 (Reuters) – Elon Musk on Wednesday appealed a judge’s decision refusing to end his 2018 deal with the Securities and Exchange Commission (SEC), l Securities and Markets Authority of the United States, which demanded that a lawyer from Tesla TSLA.O verify some of its Twitter posts.

According to a court document, Elon Musk will ask the United States Court of Appeals for the 2nd Circuit, in Manhattan, to overturn the April 27 decision of US Judge Lewis Liman which allowed the agreement to remain in effect.

The deal stems from an SEC lawsuit that alleged Tesla’s chief executive misled investors by tweeting on Aug. 7, 2018, that he had “secure funding” to take the electric car company private, while in reality a redemption was not close.

Elon Musk later agreed to an SEC consent decree requiring a Tesla attorney to screen tweets that may contain material company information.

In seeking to end the consent decree and overturn part of the subpoena that followed, Elon Musk accused the SEC of infringing on his constitutional right to free speech and using the decree to launch “endless and limitless investigations into his remarks”.

Elon Musk is trying to buy Twitter Inc TWTR.N for 44 billion dollars (42.27 billion euros).

(Report Jonathan Stempel, French version Augustin Turpin, edited by Kate Entringer)


Leave a Comment