Elon Musk's appeal against his 2018 settlement with the US Securities and Exchange Commission, which required a Tesla lawyer to approve some of his tweets in advance, was rejected by a federal appeals court
NEW YORK, May 15 - A federal appeals court on Monday rejected Elon Musk's bid to modify or end his 2018 securities fraud settlement with the U.S. Securities and Exchange Commission that required a Tesla IncThe 2nd U.S. Circuit Court of Appeals in Manhattan rejected Musk's claim that the SEC exploited his consent decree to conduct bad-faith, harassing investigations that violated his First Amendment free speech rights under the U.S. Constitution.
It required advance review of tweets that might contain material information about Tesla. Musk and Tesla each also paid $20 million in civil fines, and Musk gave up his role as chairman." that amounted to an illegal prior restraint on his speech. The panel said the SEC's "limited, appropriate inquiries in this case have not made compliance with the consent decree 'substantially more onerous'" for Musk, as he had argued.
It also said Musk chose to allow screening of his tweets, and had no right to revisit the matter "because he has now changed his mind."
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