Musk loses appeal of SEC ‘Twitter Sitter’ ruling on Tesla tweets
The court in Manhattan on Monday ruled against Musk’s free speech claims just days after a three-judge panel heard arguments in the case on Thursday.
“We see no evidence to support Musk’s contention that the SEC has used the consent decree to conduct bad-faith, harassing investigations of his protected speech,” the panel said, upholding a lower-court ruling last year. Musk has been battling with the SEC over his social media posts since he tweeted in 2018 that he had “funding secured” to take Tesla private, sending shares of themaker surging. The regulator sued, claiming Musk and Tesla had misled shareholders. Musk and Tesla settled with the SEC, with each paying $20 million and agreeing that Musk’s Tesla-related tweets would be reviewed before he posts them.
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