From TechCrunch: The U.S. Securities and Exchange Commission (SEC) says Tesla CEO Elon Musk still needs to get pre-approval from lawyers before tweeting Tesla-related information.
The SEC penned its renewed stance this week in a letter to the U.S. Court of Appeals for the 2nd Circuit in New York, arguing that an earlier settlement agreement between the agency and Musk is fully constitutional and valid.
In 2018, Musk tweeted that he had “funding secured” to take Tesla private for $420 per share and that investor support for the deal was confirmed. Tesla’s share price fluctuated in the weeks that followed, which prompted an SEC investigation into whether Musk had committed securities fraud.
Musk and Tesla settled without admitting wrongdoing. They each paid $20 million in fines, Musk stepped down as Tesla chairman, and he agreed to run most Tesla-related comms by a lawyer before tweeting, lest he say something that affects share price.
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