Musk sought revocation of the mandate and mandate, an agreement with the SEC to moderate his posts on social media X, after a 2018 tweet in which he said he was “funded to take Tesla private for $420 per share.” In his “conciliatory” message, Musk agreed to resign as chairman of Tesla’s board of directors and paid a $20 million fine. The regulator then agreed not to take the case to court.
However, Musk now wants to get rid of this “yoke” and is trying to prove that the SEC cannot dictate to him “what to say about Tesla on the Internet.” Despite the lawyers’ best efforts, Musk has not yet been able to move the case forward; The Supreme Court did not accept his objection.
Musk’s lawyers also argue that the settlement with the SEC “significantly limits Mr. Musk’s speech, even if it is true and accurate.” And the regulator’s actions have nothing to do with Musk’s conduct, which “is at the center of the SEC’s civil lawsuit” against Musk.
Source: Ferra
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