As an analyst with a background in constitutional law, I find the case of Elon Musk’s appeal against the U.S. SEC over his social media posts regarding Tesla to be an intriguing one. The Supreme Court’s refusal to hear Musk’s contentions that the agreement violates his constitutional free speech rights is a significant development in this long-running saga.
The US Supreme Court refused Elon Musk’s plea in the “Twitter sitter” dispute, meaning his deal with the SEC overseeing his Tesla-related social media messages by an in-house lawyer remains valid.
Elon Musk Lost Appeal in Tesla Posts
Elon Musk, CEO of Tesla, was unsuccessful in his bid to have the U.S. Supreme Court review his appeal against the Securities and Exchange Commission (SEC). The high court justices declined to consider arguments presented in the appeal, which Musk had signed in 2018 as part of a settlement agreement with the SEC. This accord requires Musk to have any Tesla-related social media posts pre-approved by an in-house lawyer.
Musk contended that the accord he entered into in 2018 infringed upon his constitutional right to free speech. However, the justices remained unimpressed by these claims and declined the petition without providing any explanation.
Musk has been at odds with the SEC since his August 2018 tweet stating he had secured financing for taking Tesla private. Following this announcement, which led to a significant surge in Tesla’s share price, the SEC filed a lawsuit alleging Musk misled investors. In the same week, Musk reached an agreement with the SEC, stepping down as Tesla chairman and paying a $20 million penalty.
The restriction imposed by this agreement is a clear violation of my constitutional rights, according to my legal team’s argument in the Supreme Court appeal. The requirement for pre-approval before making any public communications continues to create an unconstitutional fear that my speech may be suppressed.
Musk Buying Twitter for Freedom of Speech
As a crypto investor following Elon Musk’s moves closely, I was surprised when he faced subpoenas from the SEC in 2021 after posting a Twitter poll about selling 10% of his stock. His legal team argued for my fellow investors and his right to free speech, but unfortunately, these contentions were dismissed by a federal appeals court last year.
The Securities and Exchange Commission (SEC) strongly objected to Elon Musk’s attempt to appeal the court ruling against him. They asked the judge not to consider his arguments without a hearing since he breached his pre-screening agreement and publicly discussed Tesla company matters. In their brief, filed by the US Solicitor General Elizabeth Prelogar on behalf of the Biden administration, the SEC stated that parties in litigation have the freedom to relinquish even essential constitutional rights when resolving disputes.
As a crypto investor and fervent user of social media platforms, I’ve been closely following Elon Musk’s efforts to preserve free speech on his newly acquired social media company, which we now refer to as X. The acquisition of Twitter was an unprecedented move that resulted in significant changes, including mass layoffs, resignations, and lawsuits. Determined to make X a standout app, Musk is setting his sights on rivaling industry giants such as Disney by expanding its capabilities beyond social media.
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2024-04-29 18:55