Elon Musk plans to ask the U.S. Supreme Court to consider whether the Securities and Exchange Commission overstepped its authority in enforcing a consent decree that he has called a 'muzzle' on his free speech.
Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of Twitter, gestures as he attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File PhotoNEW YORK, July 25 - Elon Musk plans to ask the U.S.
Musk would be appealing a decision by the 2nd U.S. Circuit of Appeals in Manhattan to uphold the decree, which arose from his August 2018 tweet that he had "funding secured" to take his electric car company TeslaA three-judge panel rejected Musk's claim that the SEC, which accused the billionaire of defrauding investors, exploited the decree to conduct harassing investigations into his use of Twitter, which he now owns and this week renamed X.
In an order on Monday, the appeals court denied Musk's request that the panel or all 13 active judges revisit the case.The consent decree was part of a settlement where Musk and Tesla each paid $20 million fines, Musk gave up his role as Tesla's chairman, and Musk agreed to let a Tesla lawyer approve some tweets in advance., the appeals court panel said Musk could not revisit the screening of tweets because he had "changed his mind.
But Musk's lawyers said the SEC had no right to impose an unconstitutional "gag rule" as a condition of settling. The decision "posits that Mr. Musk either had to forego a settlement with the SEC or give up his right to challenge the constitutionality of the SEC's demands," the lawyers wrote last month. "Supreme Court law holds otherwise."that Musk violated federal labor law by tweeting in May 2018 that Tesla employees would lose stock options if they joined a union.
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