“Prior approval for Twitter activities” Over the 2018 agreement, the workshop strongly criticized the U.S. Securities and Exchange Commission and Elon Musks actions to ask for “the freedom to post on Twitter.”
According to foreign media including TechCrunch, the SEC argued in a document submitted to the Manhattan Federal Court on the 22nd that the 2018 agreement must be kept.
Meanwhile, Musk has argued that the SECs pre-approval for his Twitter activity was “harassment”. On the other hand, the SEC said that the reason for the 2018 agreement was ‘pre-approval’ He emphasized that he should go through the process and then proceed to Twitter.
Elon Musk, Tesla CEO.
The battle between the two sides began when Musk sued the SEC for excessive restrictions on Twitter activity. The SEC raised an objection to Musks allegation on the same day, foretelling a full-fledged court battle.
■ Last year “10% stake sale” Conflict escalates after Twitter survey
This workshop dates back to 2018. At the time, the SEC sued Elon Musk for fraud, saying he was making “false and misleading” comments on Twitter.
At the time, Musk had a huge impact on the stock price by posting a series of posts on Twitter, such as “It could delist Tesla.”
In response, the SEC argued that “it failed to properly notify the regulatory body in charge of corporate asset relations.”
The two sides ended the lawsuit with an agreement in April 2019. Under the agreement at the time, Musk was granted the right to use Twitter whenever he wanted. However, in case of content related to a specific case or important financial decision, it is required to obtain approval from a lawyer specializing in evidence law in advance.
US Securities and Exchange Commission
Musk later hit the SECs nerves by pouring out sudden remarks on Twitter. Controversy arose last year when Musk posted a survey on Twitter about whether he should sell his 10% stake.
Musks actions caused a commotion that caused Tesla stock to plummet at one point.
The SEC then issued a subpoena in November last year to see if Musk was properly implementing the 2018 agreement.
In response, Elon Musk strongly opposed the 2018 agreement, saying it was not only “harassment” but also “an unjustifiable measure.”
In the end, Musk sued, claiming that the SEC was not only trying to punish him for violating the government, but was also restricting the freedom of speech guaranteed by the First Amendment.