Just a few weeks after criticism from Elon Musk, the U.S. Securities and Exchange Commission (SEC) appears ready to distribute the $40 million fine that Musk and Tesla paid four years ago.
In a court filing last month, Musk’s lawyers accused the agency of dragging its feet and holding on to the $20 million fines that Tesla and Musk each paid as part of a 2018 settlement related to the infamous “funding secured” tweet.
The SEC was supposed to distribute those funds to Tesla (TSLA) shareholders, but four years later they were still holding on to the money without explanation.
In a filing on Tuesday night, the agency asked a judge for “fair and reasonable” means to distribute the funds, which with interest has grown to $41.2 million. (via Reuters)
Earlier on Tuesday, Musk also asked a judge ends the SEC’s oversight of his Twitter posts. Musk has previously accused the SEC of harassing and attempting to “chill” his right to free speech.
Tesla CEO Elon Musk requesting judge ends SEC oversight of his Twitter posts
