Elon Musk, CEO of Tesla and owner of social media site
Gonzalo Fuentes | Reuters
WASHINGTON — The Supreme Court on Monday rejected a request by tech billionaire and Tesla CEO Elon Musk to challenge the terms of an agreement he reached with the Securities and Exchange Commission that required lawyers to review some of his social media posts. Media Posts.
The judge rejected Musk’s appeal of a ruling in favor of the government agency by the New York-based 2nd U.S. Circuit Court of Appeals.
Musk complained that the Securities and Exchange Commission unlawfully imposed conditions on his ability to comment online on Tesla-related matters, known as the “Twitter nanny” provision.
He has long been an impulsive user of Twitter (now known as X).
The U.S. Securities and Exchange Commission (SEC) cracked down on Musk in 2018 after he tweeted that he had secured funding to take Tesla private, a move that shocked markets and initially sent the company’s stock price soaring . The agency said the tweets were “materially false and misleading” and violated securities laws.
Musk agreed to settle a civil securities lawsuit brought by the U.S. Securities and Exchange Commission. As part of the agreement, he signed a social media clause.
In a separate civil case, a jury last year found Musk Not liable So as not to mislead investors.
Now, Musk says the restrictions on his speech are unconstitutional and says he was effectively forced to agree to them. his lawyer said In court documents, the SEC launched “ongoing action” against Musk.
The lawyers added that the provision “would be limiting even if Mr. Musk’s speech was true and accurate. It also applies to speech not covered by securities laws and is not relevant to the conduct of the SEC’s civil lawsuit against Mr. Musk.” “
The SEC responded in court documents that Musk gave up his right to make arguments when he signed the settlement agreement.
Lower courts agreed to reject Musk’s claims.
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