• Latest
  • Trending
STARLINK satellite internet service gets 500,000 preorders, Musk says

Tesla’s Musk seeks to end SEC muzzle

Fed’s stress test on bank health results roll out on Thursday

Surprise Fed Announcement Spurs Record Treasury Yield Surge

Ericsson and Deutsche Telekom Partner to Harness Network APIs for Telecom Revenue Growth

Ericsson and Deutsche Telekom Partner to Harness Network APIs for Telecom Revenue Growth

National World’s Pursuit of Telegraph Group: Shaping the Future of British Media

National World’s Pursuit of Telegraph Group: Shaping the Future of British Media

HSBC’s Mexico Unit analysing possible Citibanamex purchase

HSBC’s Strategic Vision for Global Growth Amid Shifting Economic Dynamics

Emerging FX Trading Engine opened by Deutsche Bank in Singapore

Deutsche Bank Partners with Taurus to Offer Custody Services for Institutional Clients’ Digital Assets

Investors caught off guard as Bank of Canada’s inflation indicator fails

Canadian Home Sales Dip Following Bank of Canada’s Interest Rate Hike

After China central bank vows to crack crypto trade, Bitcoin slips

Global Regulators and IMF Unite to Tackle Crypto Risks

Rothschild & Co Set to Delist from Paris Market as Majority Owners Secure 96% Control

Rothschild & Co Set to Delist from Paris Market as Majority Owners Secure 96% Control

Arm Considers Higher Valuation as IPO Demand Surges

Arm Considers Higher Valuation as IPO Demand Surges

South Korea Should Maintain Current Monetary and Fiscal Policies, IMF Says

South Korea Should Maintain Current Monetary and Fiscal Policies, IMF Says

Mastercard and Visa Deny Reports of Credit Card Fee Increases

Mastercard and Visa Deny Reports of Credit Card Fee Increases

Northern Trust Appoints Aisling Keane as Head of Asset Servicing in Hong Kong

Northern Trust Appoints Aisling Keane as Head of Asset Servicing in Hong Kong

Global Business Review Magazine
Wednesday, September 27, 2023
Nominate Here
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine
No Result
View All Result
Global Business Review Magazine
No Result
View All Result

Tesla’s Musk seeks to end SEC muzzle

STARLINK satellite internet service gets 500,000 preorders, Musk says

GRUENHEIDE, GERMANY - SEPTEMBER 03: Tesla head Elon Musk talks to the press as he arrives to to have a look at the construction site of the new Tesla Gigafactory near Berlin on September 03, 2020 near Gruenheide, Germany. Musk is currently in Germany where he met with vaccine maker CureVac on Tuesday, with which Tesla has a cooperation to build devices for producing RNA vaccines, as well as German Economy Minister Peter Altmaier yesterday. (Photo by Maja Hitij/Getty Images)

Tesla Inc Chief Executive Elon Musk asked a federal judge to terminate his 2018 agreement with the top U.S. securities regulator. Musk also asked the judge to block a U.S. Securities and Exchange Commission (SEC) subpoena requesting records of pre-approval of a Twitter poll he conducted in November.

Musk’s lawyers wrote to U.S. District Judge Alison Nathan in Manhattan that the SEC’s pursuit of Mr. Musk has crossed the line into harassment. Musk’s lawyers said that the 2018 consent decree resolving SEC securities fraud charges should not allow roving and unbounded investigations into the outspoken government critic. This is while impeding his constitutional right to free speech. Musk’s push to end the consent decree may fail.

YOU MAY ALSO LIKE

Juniper Group Elevates Travel Technology with Acquisition of Vervotech

SoftBank Poised for Profit Return as Vision Fund’s Tech Stocks Rebound

Urska Velikonja, a law professor at Georgetown University Law Center said that the SEC clearly has authority to enforce a consent decree issued by a federal court. This is without having to conduct a new investigation. Also, she added that apart from concerns that the consent decree is overbroad and difficult to enforce.

In early November, Musk posted on Twitter that he would offload 10% of his Tesla stake if users approved. A majority did, and the poll sent Tesla shares into a slump. Musk has since sold $16.4 billion of stock. The tweet renewed questions about whether Musk complied with his SEC agreement to obtain approval from a Tesla lawyer before issuing written communications about information material to his company or its shareholders. Musk faces a real uphill fight, according to Stephen Crimmins. He also said that the courts generally give the SEC a lot of leeway to enforce subpoenas.

The regulator sued Musk after he tweeted in August 2018 that he had funding secured to potentially take his electric-car company private at $420 per share. In reality, a buyout was not close. Tesla and Musk settled by agreeing to each pay $20 million in civil fines.

Musk told Nathan in a separate court filing that he never lied to shareholders. He entered into the consent decree for the survival of Tesla. In his filing, Musk said he was forced to sign the decree. The SEC’s action stood to jeopardize the company’s financing. He said that Tesla’s investor relations teams said at that time that several large shareholders could cede their ownership in Tesla. The company accused the SEC of exploiting the consent decree to micro-manage Mr. Musk’s Twitter activity and retaliate against him for criticizing the agency. Musk has also mocked the agency in his tweets since the 2018 probe that the SEC, three letter acronym, middle word is Elon’s. He also tweeted in 2020 that Tesla would make short pants in radiant red satin with gold trim and send them to the SEC. This he called the shortseller enrichment commission.

Tags: Elon MuskTechnologyTesla
ShareTweetShare

Search

No Result
View All Result

Recent News

Fed’s stress test on bank health results roll out on Thursday

Surprise Fed Announcement Spurs Record Treasury Yield Surge

Ericsson and Deutsche Telekom Partner to Harness Network APIs for Telecom Revenue Growth

Ericsson and Deutsche Telekom Partner to Harness Network APIs for Telecom Revenue Growth

National World’s Pursuit of Telegraph Group: Shaping the Future of British Media

National World’s Pursuit of Telegraph Group: Shaping the Future of British Media

HSBC’s Mexico Unit analysing possible Citibanamex purchase

HSBC’s Strategic Vision for Global Growth Amid Shifting Economic Dynamics

Emerging FX Trading Engine opened by Deutsche Bank in Singapore

Deutsche Bank Partners with Taurus to Offer Custody Services for Institutional Clients’ Digital Assets

Investors caught off guard as Bank of Canada’s inflation indicator fails

Canadian Home Sales Dip Following Bank of Canada’s Interest Rate Hike

Global Business Review Magazine

Global Business Review is a online print magazine focusing on the updates and information about on emerging markets, Finance, Banking, Technology. Global Business Review provides news, features, analysis, commentary, and interviews from industry across the globe.

Recent News

  • Surprise Fed Announcement Spurs Record Treasury Yield Surge
  • Ericsson and Deutsche Telekom Partner to Harness Network APIs for Telecom Revenue Growth
  • National World’s Pursuit of Telegraph Group: Shaping the Future of British Media
  • HSBC’s Strategic Vision for Global Growth Amid Shifting Economic Dynamics
  • Deutsche Bank Partners with Taurus to Offer Custody Services for Institutional Clients’ Digital Assets

Categories

  • Banking
  • Business
  • Events
  • Finance
  • FinTech
  • Tech
  • Uncategorized
  • Videos
  • About
  • Nominate
  • Privacy & Policy

Copyright © 2020 - 2023 Global Business Review Magazine - All Rights Reserved.

No Result
View All Result
  • Home
  • Banking
  • Finance
  • Technology
  • FinTech
  • Business
  • Videos
  • Events
  • Awards
  • Magazine

Copyright © 2020 - 2023 Global Business Review Magazine - All Rights Reserved.

Go to mobile version