Entreprise

Elon Musk is about to end US restrictions on his tweets | Elon Musk

Elon Musk called on a federal judge to end the 2018 agreement with the highest US securities regulators and demanded that a lawyer scrutinize some of his tweets.

Musk also urged the judge to block the US Securities and Exchange Commission’s (SEC) summons and pre-approved a Twitter poll on the possibility of selling some of his shares in November. Requested a record of.

“The SEC’s pursuit of Mr. Musk has crossed the line of typical malicious harassment,” Musk’s lawyer wrote to Manhattan’s US District Judge Alison Nathan on Tuesday.

Musk’s lawyer should allow a “roving and unlimited investigation” of Tesla’s CEO while the 2018 Consent Decree to Settle SEC Securities Fraud Charges hampers his constitutional right to freedom of speech. Said not.

Legal analysts said the push of the mask to end the consent decree may fail.

Urska Velikonja, a professor of law at Georgetown University Law Center, said:

“Apart from concerns that the consent decree is widespread and difficult to enforce, it seems plausible, but Musk’s other legal debate is the exercise of legal stupidity,” she added.

Uphill battle

In early November, Musk posted on Twitter that he would offload 10% of Tesla’s stock if the user approves.

The majority did, and polls sent Tesla shares to the slump. Since then, Musk has sold $ 16.4 billion in shares.

The tweet updated the question as to whether Musk complied with his SEC agreement for approval from Tesla’s attorney before issuing a written notice of informational material to his company or its shareholders.

Tesla said on Tuesday that Mask’s tweet on the sale of shares is “an action the SEC should encourage: CEO transparency to the general public and shareholders regarding the proposed share sale.”

Musk is facing a “true difficult battle,” according to Stephen Crimins, a partner at Murphy & McGonigle in New York City.

“Courts usually give the SEC plenty of room to enforce subpoenas,” said Klimins, unrelated to the Musk case.

“Judges generally take the approach that if you agree to a consent decree, you stick to it. If you say you don’t like the deal, you can’t get out of it.”

The SEC did not immediately respond to the request for comment.

Musk micro-managing

Regulators sued Musk after tweeting in August 2018 that he “secured” an electric car company that could be kept private for $ 420 per share.

In reality, the acquisition wasn’t imminent.

Tesla and Musk agree to pay a $ 20 million civil fine each and have lawyers scrutinize some of Musk’s communications in advance, including a Twitter post that could affect Tesla’s share price. I agreed. Musk also abandoned Tesla’s presidency.

“I have never lied to shareholders. I have given a consent decree for Tesla’s survival for shareholders,” Musk submitted to another court.

In his filings, Mr. Musk quoted the SEC’s “relentless regulatory pressure” and stated that “the SEC’s actions jeopardized the company’s financing” and signed the decree. He said he was “forced”.

“If the case isn’t resolved properly, it could transfer Tesla’s ownership, which could have a significant impact on Tesla’s financing,” Tesla’s investor public relations team said at the time.

The company retaliated on Tuesday for criticizing the agency, accusing the SEC of misusing the consent decree to “control Mr. Musk’s Twitter activities.”

Musk has also ridiculed the agency with his tweets since the 2018 survey. “SEC, the three-letter acronym, the middle word is Earon.”

He also tweeted that in 2020, Tesla would make shiny red satin shorts with gold edging and send them to the SEC. This was called the “Short-selling Strengthening Committee”.

About the author

Funviralpark

1 Comment

Leave a Comment