Elon Musk is again going to the courts to get rid of his Twitter Sitter. Per court documents obtained by CNBC, Musk is asking the court to throw out his 2018 deal with the U.S. Securities and Exchange Commission (SEC) that meant his Tesla related tweets had to be reviewed prior to posting.
Musk’s lawyer wrote to the court that the SEC lacks support for the settlement agreement due to the jury’s recent finding. The jury found earlier this month that Musk and Tesla were not liable for Tweets sent out in 2018 about taking Tesla private.
After the tweets and the resulting volatility in the market, Musk and the SEC struck a settlement and then agreed to a revised settlement later. The revised settlement included a clause for a legal and regulatory compliance point person at Tesla to pre-approve tweets that contained any information about Tesla that could affect the stock price.
In the letter, Musk’s lawyer wrote:
The jury’s verdict provides a further reason why the public interest in avoiding unconstitutional settlements easily subsumes the SEC’s purported stake in the consent decree.
Neither Musk nor the SEC provided a comment on the letter. Nor have we seen any response from the court as of yet.
