The city of New York, New York Top U.S. securities regulator Elon Musk should remain bound by his 2018 agreement to obtain advance approval for some of his use of Twitter, the Securities and Exchange Commission said on Tuesday, per the Wall Street Journal
A motion to quash a subpoena for records pertaining to Musk’s Twitter poll on whether or not to sell some of his Tesla stock last November was rejected by the Securities and Exchange Commission in a filing in federal court in Manhattan. They called it “substantively meritless.”
There was no immediate response from a lawyer for Musk.
When Musk tweeted on August 7, 2018, that he’d “funding secured” to potentially take his electric car company private at a premium, the SEC claimed he had defrauded investors, and the two sides have been at odds ever since.
By agreeing to a $20 million civil fine, Musk and Tesla agreed to part ways, with Musk resigning as Tesla’s chairman.
For tweets and other public statements that could have an impact on Tesla, Musk was required to get prior approval from Tesla lawyers.
The SEC has been accused of harassing Tesla CEO Elon Musk with “roving and unbound” investigations in an effort to punish him for exercising his constitutional right to free speech and criticising the government.