A federal appeals court says Elon Musk cannot back out of a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private
FILE - Elon Musk poses prior to his talks with French President Emmanuel Macron, May 15, 2023 at the Elysee Palace in Paris. A federal appeals court says Musk cannot back out of a settlement with securities regulators over 2018 tweets claiming he had the funding to take Tesla private. The 2nd U.S. Circuit Court of Appeals in Manhattan ruled Monday, May 15, 2023 just days after hearing arguments from lawyers in the case.
Musk had challenged a lower court judge’s ruling last year requiring him to abide by the deal on the grounds that circumstances have changed and because the decree contains a “prior restraint” that Musk contends violates the First Amendment. Instead, it said, the SEC had opened “just three inquiries into Musk's tweets since 2018” and each challenged tweet “plausibly violated the terms of the consent decree.”
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