Elon Musk, the owner of Twitter, SpaceX, Tesla and Neuralink, continues legal discussions due to the Tweet he shared in 2018. Today, a new statement came from the US Securities and Exchange Commission (SEC) about the sharing, which caused great activity in Tesla shares at the time.
The SEC stated that Tesla CEO Elon Musk should get approval from his lawyer for Tesla-related Tweets that he can share today. So, according to the SEC, Musk should not be able to share a Tweet about Tesla without the approval of his own lawyer.
Why is Musk’s Tweet lawsuit happening?
Elon Musk, in his tweet he shared in 2018, announced that Tesla would turn into a private company at a price of $ 420 per share, saying “funding is complete”. After this share, Tesla shares experienced great fluctuations.
Musk and Tesla agreed to pay a fine of $20 million each, following the SEC’s investigation into this incident in 2019. In addition, Musk also approved to leave his position as chairman of the board of Tesla for 3 years.
But after this deal, Musk expressed that he did not respect the SEC. Musk’s lawyer and himself appealed the case, arguing that the SEC had intimidated Musk into signing the deal.
The SEC, in its latest article published today against the ongoing allegations, stated that the agreement reached was completely legal, along with the emphasis on attorney review for the Tweets.
It cannot be predicted how long the debate between Musk and the SEC will last.
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