Thursday, December 8, 2022

Elon Musk wants out of SEC settlement

Elon Musk is working on filing yet another appeal in his long-running legal battle with the SEC. This is on top of running Tesla and SpaceX, and if the takeover is successful, Twitter as well.

Elon Musk with the SEC stems from a 2018 settlement he struck after becoming charged with securities fraud over a tweet about taking Tesla private. This is how things have been for a few years now. In April, Elon’s lawyers made their case about Eminem, but United States District Judge Lewis Liman disagreed with them. He resolved to follow the deal exactly.

Musk’s lawyer, Alex Spiro, wants the case forwarded to the US Court of Appeals in hopes of a different conclusion. The world’s richest man said settling with the SEC is like putting a gun to his child’s head. He has also said in court that the SEC is biasing against him because it wants to watch what he says on Twitter. He says that this is why the SEC is biase against him.

“Musk cannot now try to wriggle out of an arrangement he knew and freely made simply stating he feels he will have to at the time but wishes he hadn’t now that the prospect of litigation is past and he thinks his company is unstoppable,” Judge Liman wrote in April. “Musk can’t now try to back out of a deal he made willingly and on purpose.”

But Musk and his lawyers will now try to convince a second judge that the first judge was wrong.

Read more about: Your linked car may risk your privacy

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