Despite the takeover of the short message service Twitter, Tesla boss Elon Musk still has to have tweets about his electric car company approved by a lawyer. A New York judge dismissed the world's richest person's request to quash an earlier agreement with the US Securities and Exchange Commission.
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The policy agreed in 2018 stipulates that Musk's tweets that could affect Tesla's share price must first be approved by the company. Musk said this limits his freedom of speech and also wanted to stop inquiries from the SEC about what happened to a recent sensational tweet. In March, Musk petitioned the court to have the agreement overturned. He accused the SEC of wanting to "harass and silence" him.
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The judge ruled that the SEC has every right to monitor compliance and did not exceed its powers by making requests to Musk and Tesla. The most recent tweet is about Musk's Twitter poll last fall, in which he had users of the service vote on whether to sell 10 percent of his Tesla shares. The judge wrote that inquiries from the SEC were actually to be expected.
Musk paid a $20 million fine
Musk cannot seek the cancellation of an agreement he "knowingly and willingly" agreed to just because, now that he believes his company is "nearly invincible," he wishes he had not done so then, the judge said.
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In 2018, following SEC investigations, Musk agreed to have tweets related to Tesla's business checked by the company. The trigger at the time was his failed attempt to take the electric car manufacturer off the stock exchange. Musk wrote in a tweet that the funding was "secured".
It later turned out, however, that there were still no final commitments. The SEC then accused Musk of misleading investors and obtained the caveats.
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