JAKARTA - Elon Musk on Wednesday, June 15, appealed the judge's refusal to terminate his 2018 agreement with the US Securities and Exchange Commission. The agreement required Tesla Inc.'s attorneys to examine some of his posts on Twitter.
According to the lawsuit, Musk will ask the 2nd US Circuit Court of Appeals in Manhattan to overturn a decision made by US District Judge Lewis Liman on April 27. It was that decision that allowed his agreement with the SEC to remain in effect.
The ruling settles an SEC lawsuit accusing Musk of defrauding investors by tweeting on August 7, 2018. In the tweet he stated he had "raised funds" to make his electric car company private, though the purchase was not imminent.
Musk agreed to let Tesla's attorneys screen out tweets that might contain material information about the company. He and Tesla also paid a $20 million civil fine each, and Musk relinquished his role as Tesla chairman.
The SEC then opened an investigation and examined documents about Musk and Tesla's compliance with the decision, after Musk asked his followers in a November 6, 2021 tweet if he should sell his 10% stake in Tesla, to cover a tax bill on stock options.
Musk argues that court decrees and decisions undermine his constitutional right to free speech. He also accused the SEC of trying to launch an "endless and indefinite investigation into his speech."
Liman, however, continues to reject Musk's argument. He even found it "completely unconvincing" that Musk, already one of the world's richest people in 2018, is still trying to avoid economic pressure. The judge said Musk could not escape or evade the decision.
Now Musk, the richest person in the world according to Forbes magazine, is trying to buy Twitter Inc for $44 billion.
He calls himself an "absolute free speech" who wants to change Twitter's speech moderation policy. He also said that the tweet about "funding guaranteed" was true.
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