The boss of the automotive group, accustomed to controversy on Twitter, asked a New York judge on Tuesday to cancel the agreement concluded in 2018. The SEC is seeking to “harassing Tesla and silencing Mr. Musk”, assures Alex Spiro, a lawyer for the billionaire, in a letter addressed to the judge.
The obligation to have the messages pre-approved was one of the sanctions imposed by the SEC after a tweet published in 2018, in which Elon Musk claimed to have the appropriate funding to remove Tesla from the stock market, without providing proof. After another misguided tweet in early 2019, Mr. Musk agreed to have his posts directly related to Tesla’s business pre-approved.
He explains today that he was there “constrained” by threats of lawsuits from the SEC.
The tweet of 2018 “was written when I was considering taking Tesla off the stock market, that I had the funding and the support of investors”says the leader in the file filed with the court. “I never lied to shareholders. I would never lie to shareholders. I agreed to (the SEC deal) for the survival of Tesla, for the benefit of shareholders.”
Repeated investigations against Elon Musk
His team blames the SEC for conducting investigations “tirelessly” on the boss’s tweets for the past four years.
In November, Elon Musk sold more than $6.9 billion worth of Tesla shares in one week, one of the largest sales ever seen in such a tight period without the sale being coerced or unconstrained. comes within the framework of a succession.
Even before the first documents reporting the sales were published by the regulator, he had carried out a poll from his Twitter account, to find out whether or not he should part with 10% of his Tesla shares. Some 57.9% of the 3.5 million voters responded positively.
According to the Wall Street Journal, the SEC has opened an investigation to determine whether the fifty-year-old born in South Africa and his brother had not committed insider trading around the sale of shares.
The stock price had fallen in the wake of the poll. The regulator wonders if Elon Musk warned his brother, also a member of the board of directors of Tesla, that he was going to publish this tweet and if Kimbal Musk consequently placed orders.
The SEC did not react immediately to a request from AFP.