Elon Musk asks court to revoke SEC deal on his tweets, claiming he was “forced” into it –

Elon Musk asks court to revoke SEC deal on his tweets, claiming he was “forced” into it –

Elon Musk and SEC put an end to the dispute over the Tesla CEO’s tweets

In a presentation Tuesday in New York’s Southern District, Musk said he was “forced” to sign the 2018 Consent Act “as a result of relentless regulatory pressure from the SEC, resulting in the SEC filing against me. “. Tesla was subject to regulatory scrutiny at the time, with delays in producing the Model 3 for the mass market.

“Tesla was a less mature company and SEC stock threatened to finance the company,” the legal statement said. “It was not in the interest of the company and its shareholders to protect the SEC’s stock through protracted litigation. “As Tesla’s CEO and president at the time, I realized that if I didn’t address this in a timely manner, the company and its shareholders would be at risk.”

Tesla did not immediately respond to a request for comment. The company often fails to respond to media inquiries following the disbandment of its public relations team in 2020. The SEC declined to comment.

Tesla gets the SEC call about Elon Musk’s tweets threatening a potential racial discrimination lawsuit

Musk also doubled down on his 2018 tweet file. Using the corners to highlight both claims, he said the fund is “safe and has investor support.”

Musk denied shareholder fraud, saying he signed a deal to bail out Tesla as a company to guarantee it. Meanwhile, he asked the court to rule on a November 29 subpoena on the settlement “which exceeded the investigative powers of the commission and was pronounced in bad faith.”

The Wall Street Journal reported last month that the SEC is investigating whether the transactions between Musk and his brother have violated the rules of insider trading.

Musk took a Twitter poll in November asking his followers whether to sell 10 percent of Tesla stock; This was a move that preceded Musk’s massive stock sales of about the same amount, although Twitter’s poll was seen as an attempt to justify it. Instead of managing sales.

Source: Washington Post

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