Elon Musk loses bid to undo SEC agreement

Elon Musk loses bid to end Tesla tweets oversight deal

The ruling comes just days after the world’s richest person struck a deal to buy Twitter for $44bn.
 Elon Musk was charged by the Securities and Exchange Commission (SEC) of deceiving investors with a 2018 tweet that caused Tesla’s stock price to fluctuate.
The SEC’s pursuit of  Musk “crossed the line into harassment,” according to Musk’s attorneys, and interfered with his right to free expression.
“Elon Musk cannot now seek to retract the agreement he knowingly and willingly entered by simply bemoaning that he felt like he had to agree to it at the time but now — once the spectre of the litigation is a distant memory and his company has become, in his estimation, all but invincible — wishes that he had not,” Liman wrote.
It requires Musk to get Tesla’s attorneys’ permission before tweeting or making any public remarks about the company.
The SEC’s probe is about tweets Musk posted on 6 November, asking his more than 80m Twitter followers whether he should sell 10% of his stake in Tesla.
Musk has eventually sold more than $16 billion worth of Tesla shares after a majority of individuals who participated in the survey suggested he should sell the stock.
The SEC is investigating whether the tweets were approved by Tesla attorneys before they were posted, and Tesla’s stock price has dropped as a result of the poll.
 Musk has been tweeting about how he wants Twitter to evolve under his ownership since the board of directors approved his buyout proposal earlier this week.
“”For Twitter to deserve public trust, it must be politically neutral, which effectively means upsetting the far right and the far left equally,” he tweeted on Wednesday.

If you would like to contact us send an email at : [email protected]