Tech

Elon Musk wants to reverse his $20 million SEC settlement


Elon Musk does not back down in his rejuvenation campaign against the SEC. Ars Technica report Tesla director has request a federal court to put an end to his $20 million settled with the SEC in 2018 over the claims, both regulators pressured him to strike a deal and exceed its limits. Musk feels “forced” to sign the consent order at a time when Tesla’s financial health is at risk, according to a legal memo sent to the court. EV CEO also emphasized in a declaration that he told the truth in the tweets at the center of the dispute – he asserted that he actually considered make Tesla private and secured funding.

Musk also described the SEC’s approach as “an abuse of government.” Officials allegedly used the deal to protect Musk’s First Amendment free speech rights by requiring him to pass tweets through an approved monitor, who would identify those what he can say. Musk’s attorney argued that the SEC had also made compliance “more difficult” than it was in the original settlement. The committee is said to have interpreted the consent decree as granting powers it did not previously have, allowing it to issue subpoenas and otherwise conduct “never ending investigations.”

Musk continues to call for an order determining that the subpoena is in November 2021 insider trading allegations exceeded the jurisdiction of the SEC and was issued in “bad faith”. Musk stated that the Twitter poll is intended only to gather input, not to reveal information the executive will have to report to the SEC. The committee is investigating whether Musk’s brother Kimbal knew about the impending probe when he sold Tesla stock a day earlier.

The businessman has regularly discussed with the SEC. He was company teasing just days after announcing the 2018 settlement and declaring that he could tweet what he wants. Most recently, he and Tesla accused the SEC of organizing a “harassment campaign” to suppress his criticism of the government. The two argued that the SEC could not issue subpoenas without court approval.

However, Musk may not want to count on victory. Court refuse previous requirements, arguing that they were not specific enough. This latest effort is more focused, but it also hinges on getting the courts to accept Musk’s version of facts — and that’s far from guaranteed.

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