The whole dispute stems from an October 2018 agreement with the SEC that Elon Musk signed where he and Tesla each agreed to pay $20 million in civil fines over tweets about having the “funding secured” to take Tesla private.
Judge Lewis Liman on Wednesday also denied a motion to nullify a subpoena of Musk seeking information about possible violations of his settlement with the U.S. Securities and Exchange Commission.
The whole dispute stems from an October 2018 agreement with the SEC that Musk signed. He and Tesla each agreed to pay $20 million in civil fines over Musk’s tweets about having the "funding secured" to take Tesla private at $420 per share. Limon's ruling clears the way for the SEC to seek a court order enforcing the subpoena, and for an investigation into another possible violation of the settlement by Musk.Musk attorney Alex Spiro contended the SEC is using the settlement and "near limitless resources" to chill Musk’s speech. He wrote in court documents that Musk signed the settlement when Tesla was a less mature company and SEC action jeopardized the company’s financing at a critical time.
But in a 22-page ruling, Liman wrote that Musk's claim that economic duress caused him to sign the settlement is "wholly unpersuasive."Twitter announced on Monday that they have agreed to Elon Musk acquiring the social media platform for $44 billion, and now some of the biggest names in Hollywood are reacting to the change in ownership of Twitter.
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