DETROIT (AP) — US stock market regulators say they have legal authority to quote Tesla and its CEO Elon Musk about their tweets, and that Musk's attempt to overturn a 2018 court agreement that their tweets are approved beforehand is invalid.
The Securities and Exchange Commission (SEC) revealed that it is investigating Musk's tweets of November 6, 2021, in which he asked his followers if he should sell 10% of his Tesla holdings. The SEC confirmed that it issued administrative subpoenas while investigating whether Tesla and Musk meet the conditions of the 2018 agreement.
The commission is also investigating whether Tesla properly described in public documents for the agency whether it complied with disclosure controls
Details of the investigation were revealed Tuesday in the SEC's response to a motion by a Musk lawyer calling for a federal judge in Manhattan to overturn a summons and the 2018 settlement, including the requirement that Musk's tweets be pre-approved by a company lawyer.
Musk's lawyer, Alex Spiro, also alleged that the SEC has used the court agreement “to trample on Mr. Musk's rights under the (constitutional) First Amendment and impose pre-limits on his expression.”
The commission maintains that the orders were legal and that Musk does not follow the appropriate legal process to challenge them. SEC lawyer Melissa Armstrong called Musk's arguments “frivolous,” noting that Musk and Tesla agreed to have their tweets approved beforehand by company officials.
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