A judge has shut down Elon Musk’s efforts to overturn part of a settlement with the Securities and Exchange Commission over a “secured funding” tweet that gave the agency the right to act as a kind of “Twitter police.”
It happened throughout 2018, but it’s still in the news today for a range of different reasons, ranging from Musk’s purchase of Twitter, civil lawsuits over the matter, and Musk’s own efforts to undo part of the settlement.
Earlier this month, Musk brought up the whole situation in an interview at TED and He insisted he didn’t lie about securing fundingand that he was forced to compromise with the Securities and Exchange Commission to save Tesla.
Musk’s lawyers have Petition the court to cancel the “Twitter Police” part of the deal After claiming that the Securities and Exchange Commission used force to “harass” Tesla and Musk and “obstruct First Amendment rights.”
Now, U.S. District Judge Louis Lehman in Manhattan has issued his opinion on the matter and halted the effort (via Bloomberg):
Musk cannot now undo the agreement he entered on purpose and willingly by sighing simply because he felt he had to agree to it at the time but now – once the specter of litigation became a distant memory and his company, appreciation, all but indomitable – desires He did not.
The decision comes after that Lots of emails and texts Between Musk and a representative of the Public Investment Fund in Saudi Arabia shortly after the infamous tweet that was published.
The communications revealed what seemed clear to people looking at the situation objectively, that Musk and PIF had early discussions about making Tesla private without discussing the details, and Musk was a bit early on claiming ‘secured funding’ in his above tweet.
I understand where musk comes from. Tesla was in a tough spot at the time, and I’m sure he felt a lot of pressure to settle the dispute with the Securities and Exchange Commission, and he probably wouldn’t have agreed to the otherwise “Twitter Police” bullshit.
However, he does not accept any blame for this situation.
The text messages along with Musk’s private testimony revealing his own version of the meeting with the PIF suggest he was very comfortable with his words when he claims that “funding is guaranteed”. Discussions were still early.
The fact that he still insists that it’s OK to tweet makes me think he might actually need the Twitter dash – however silly that sounds.
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