The Securities and Exchange Commission (SEC) is pushing for Elon Musk’s Twitter Sitter to remain in place. In a letter to the US Court of Appeals, the SEC insists that the Court keeps the oversight position.
Per the letter obtained by Yahoo Finance, the SEC notes:
Musk waived his opportunity to test the Commission’s allegations at trial when he voluntarily agreed (twice) to a consent judgment
Musk is hoping the Court will grant his wish to overrule the settlement he made with the SEC over his 2018 tweets about taking Tesla private after winning a lawsuit last month which cleared him of wrongdoing with his “funding secured” tweet in 2018.
This is the second time he has attempted to get the Court to do this. Last year, a judge denied an attempt to scrap the agreement.
For the SEC, the verdict in the case in San Francisco has nothing to do with Musk’s ability to Tweet. They note:
[The verdict] says nothing about the continuing public interest in a negotiated settlement term that does not preclude Musk from tweeting accurately about Tesla or other topics but rather requires Tesla to review Musk’s Tesla-related communications before publication, including through Musk’s Twitter feed—a communication channel designated by Tesla for disclosure.
A hearing date is not set but should be in the coming months. Tesla nor Musk provided a comment on the SEC letter.
