Elon Musk continues his dispute with the SEC after his lawyers slammed the SEC for 'unprecedented overreach' by seeking to hold the Tesla CEO in contempt of court Monday.
The lawyers of Tesla CEO Elon Musk shot back at regulators on Monday night, arguing that the Securities and Exchange Commission was broadly overreaching and infringing on Musk's First Amendment rights by seeking to hold him in contempt of court.
Last September, the SEC sued Musk for a separate tweet on Aug. 7 in which he said Tesla had secured funding needed to take the electric car maker private at $420 a share. That claim wasn't true, and sent Tesla's stock soaring initially. Musk later had to walk back the claims. Musk's frequent and sometimes controversial use of Twitter has raised concerns among investors about his fitness to serve as an officer of a public company. Some former SEC attorneys say the agency could suspend him from serving as Tesla CEO.
Musk's team argued that"this contempt action, following Musk's sincerely-held criticism of the SEC on 60 Minutes, also reflects concerning and unprecedented overreach on the part of the SEC."
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