Musk and Tesla accused the regulator of 'weaponizing' the agreement to harass them with 'unrelenting investigation' and 'chill' Musk's exercise of First Amendment rights.
claiming he made "false and misleading" statements in a now infamous tweet about having "funding secured" to take Tesla private at $420 per share. Under the terms of the settlement, Musk is required to vet any tweets related to Tesla with a lawyer before sending them out.
"At the time, Tesla was in a precarious financial situation, and I was told by the banks that if I did not agree to settle with the SEC that the banks would cease providing working capital, and Tesla would go bankrupt immediately. So that's like having a gun to your child's head," Musk explained. "So I was forced to concede to the SEC unlawfully. Those bastards. And now it makes it look like I lied when I did not, in fact, lie.
He also argued that Musk's claim of economic duress is "wholly unpersuasive," citing the fact that he was already a multi-billionaire in 2018.
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