Elon Musk’s lawyer Alex Spiro has asked an appeals court to dismiss the Tesla CEO’s 2018 agreement with the SEC over his Tesla-related tweets.
Musk had agreed to have a Tesla legal and regulatory compliance person review and pre-approve any of his tweets containing any information about Tesla that could affect the company’s stock price.
In Spiro’s letter, he claims the SEC lacks support for their agreement considering a jury’s recent findings.
- Earlier this month, a jury in San Francisco federal court found Musk and Tesla not liable in a class-action securities fraud case related to Musk’s 2018 “take Tesla private” tweets.
- Some Tesla shareholders sued Musk over his August 2018 tweets where he claimed he had secured funding to take Tesla private at $420 a share.
- The deal never materialized.
- Trading in Tesla shares was halted following Musk’s tweets, and the stock experienced a lot of volatility weeks after the tweets.
- Last year, a judge in Manhattan federal court declined to end Musk’s tweet pre-approval agreement with the SEC.
