The US Supreme Court upheld Elon Musk's 2018 securities settlement requiring pre-approval for Tesla-related tweets.
The US Supreme Court has rejected Elon Musk's appeal against a 2018 settlement with securities regulators, which requires him to get pre-approval for certain Tesla-related tweets. The settlement resulted from Musk's tweets claiming he had secured funding to take Tesla private, causing the company's share price to surge. The SEC, which has accused Musk of violating anti-fraud provisions of securities laws, began investigating whether he violated the settlement in 2021 when he asked Twitter users if he should sell 10% of his Tesla stock without prior approval. The SEC also required Musk to pay a civil fine in connection with the 2018 tweets.
April 29, 2024
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