This article describes resolution of board oversight of Tesla CEO Elon Musk's tweets and the possible return of millions to investors.
Citing freedom of speech issues, attorneys for Tesla’s CEO have argued that the SEC has not lived up to its side of a 2018 agreement and, as a result, should distribute fines set aside for Tesla stockholders.Tesla CEO Elon Musk’s tweets have always been the object of scrutiny. They’ve been variously humorous, unsettling, visionary, juvenile, or spontaneous. With 62.
As part of the settlement, Musk and Tesla each paid a separate $20 million penalty. The $40 million in penalties were to be distributed to harmed investors under a court-approved process. A related consent decree also required Musk to have Tesla lawyers vet his tweets and other public statements that could be material to Tesla.Fast forward to 2022.
“The SEC seems to be targeting Mr. Musk and Tesla for unrelenting investigation largely because Mr. Musk remains an outspoken critic of the government,” Alex Spiro, a lawyer for the South African billionaire and his company, wrote in a letter last month. His lawyers said the 2018 consent decree resolving SEC securities fraud charges should not allow “roving and unbounded investigations” into the Tesla CEO. “The SEC’s pursuit of Mr. Musk has crossed the line into harassment, which is quintessential bad faith,” Musk’s lawyers wrote to US District Judge Alison Nathan in Manhattan.
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