2 weeks ago
A bid by Tesla CEO Elon Musk to bring his free reside lawsuit against nan Securities Exchange Commission earlier nan Supreme Court was turned down by nan sheet connected Monday. File Photo by Jim Ruymen/UPI | License Photo
April 29 (UPI) -- The Supreme Court connected Monday turned down a bid by billionaire tech investor and Tesla CEO Elon Musk seeking a reappraisal of an statement he signed pinch U.S. regulators concerning his societal media posts.
The precocious tribunal denied certiorari for his case, Musk vs. SEC, successful an order list released Monday.
In doing so, nan nation's highest tribunal fto guidelines a ruling issued past twelvemonth by nan New York-based 2nd U.S. Circuit Court of Appeals uncovering successful favour of nan Securities Exchange Commission.
In his suit, Musk based on he should beryllium released from a 2018 consent decree struck pinch regulators calling for his posts connected Twitter -- now rebranded arsenic "X" aft his acquisition of nan level -- to beryllium monitored by an attorney.
The statement was put successful spot aft a verdict by a San Francisco jury recovered that his 2018 tweet astir Tesla contained inaccurate information. In nan tweet, Musk declared that he had "funding secured" to return nan electrical conveyance institution backstage -- an inaccurate explanation that led to a frenzied surge successful nan company's stock price.
Musk based on nan tweet was a "non sequitur" and that it did not break securities laws.
Late successful 2022, Musk and Tesla challenged nan statement successful a national appeals court, saying it violates nan billionaire's free reside and arguing nan SEC did not person nan authority to transportation retired specified enforcements.
He besides based on regulators person since utilized nan statement to harass him and limit his free reside rights.
The agency responded by arguing nan statement does not preclude Musk from tweeting accurately astir immoderate taxable -- including Tesla -- but alternatively only requires nan automaker to reappraisal Musk's Tesla-related posts earlier publication.
Musk, they said, forfeited his chance to trial nan free reside constitutionality of statement erstwhile he "voluntarily agreed (twice)" to nan consent judgment.
The appellate tribunal agreed successful its May 2023 ruling, stating successful its decision, "We spot nary grounds to support Musk's contention that nan SEC has utilized nan consent decree to behaviour bad-faith, harassing investigations of his protected speech. To nan contrary, nan grounds indicates that nan SEC has opened conscionable 3 inquiries into Musk's tweets since 2018."
President Barack Obama (C) tours nan commercialized rocket processing installation of Space Exploration Technologies, known arsenic SpaceX, on pinch CEO Elon Musk astatine Cape Canaveral Air Force Station successful Cape Canaveral, Fla., connected April 15, 2010. Photo by Bill Ingalls/NASA | License Photo
