The court brief says that the settlement requiring prior approval before tweeting about the electric car company is an illegal “government-imposed muzzle on Mr. Musk’s speech before it is made.'
The document, filed late Tuesday with the federal appeals court in Manhattan, was written to support Musk's appeal of a lower court's April decision to uphold the settlement with Securities and Exchange Commission.
But in the brief, Musk attorney Alex Spiro contends that the SEC is continually investigating Musk for topics not covered by the settlement. It asks the Second Circuit Court of Appeals to strike or modify the prior approval provision. The whole dispute stems from an October 2018 agreement with the SEC that Musk signed. He and Tesla each agreed to pay $20 million in civil fines over Musk’s tweets about having the “funding secured” to take Tesla private at $420 per share.company remains public, but Tesla’s stock price jumped. The settlement specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of his tweets.
Musk, he said, is under constant threat that the SEC will disagree with his interpretation of what he can say. Musk also agreed to the deal when Tesla was a smaller company and the SEC action could have jeopardized its financing.
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