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

Tesla’s Musk seeks to end SEC muzzle

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

Stocks gain as upbeat wall St earnings lift outlook

Bloomberg might pick up Wall St. Journal or W.Post, citing Axios

Rocky market giving macro funds a boost

Funds begin progress aiming for the peak of the U.S. interest rate: McGeever

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

Romer: Fed must make a “tough call” to prevent a shocker

FTX invested $300 million in Bahamas property as “personal fiefdom”

Bankman-Fried lawsuit’s link with the former head attorney of FTX

China signals crackdown on privacy, data, anti-trust to go on

Caixin PMI: China’s December manufacturing activity continues to fall because of a rise in COVID

Startup life outside the Tech hub

Start-ups emerge from the wreckage of Big Tech’s purging

Global Business Review Magazine
Thursday, March 23, 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

Start-ups emerge from the wreckage of Big Tech’s purging

U.S. alarmed by China’s hold of outdated chip technology

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

Data shows that US inflation cooling

Household wealth anticipation has declined, claim by global poll

Support measures push Japanese corporate bankruptcies to 50 year low

How is the bond yield controlled in Japan?

BOJ’s Kuroda signals readiness to extend pandemic-aid scheme

Policy takes the u-turn; BoJ’s yield curve may slip

Asia shares falls on worries over inflation, Fed outlook

Stocks are calm ahead of a possible CPI hurricane

Artificial intelligence to take on the Aviation industry too

Normalcy wished to revert to airlines after FFA blackout

Dollar dented as consumer sentiment dives

Dollar declines on expectations of weaker US rate increases and China’s resumption

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

  • Household wealth anticipation has declined, claim by global poll
  • How is the bond yield controlled in Japan?
  • Policy takes the u-turn; BoJ’s yield curve may slip
  • Stocks are calm ahead of a possible CPI hurricane
  • Normalcy wished to revert to airlines after FFA blackout

Categories

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

© 2022 Global Business Review Magazine - All Rights Reserved.

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

© 2022 Global Business Review Magazine - All Rights Reserved.

Go to mobile version