VCR - Supreme Court Rejects Elon Musk's Bid To Overturn SEC Decision: Report | Benzinga
The U.S. Supreme Court declined to review Tesla Inc (NASDAQ:TSLA) CEO Elon Musk’s appeal regarding a securities fraud settlement with the Securities and Exchange Commission (SEC).
The court upheld the 2018 SEC settlement following Musk’s social media statement about Tesla, involving a $20 million fine, according to a report from Reuters.
The settlement stemmed from Musk’s claim of having “funding secured” to privatize Tesla, which the SEC deemed false, leading to accusations of defrauding investors.
Musk’s appeal argued against the SEC’s prior restraint on his speech, citing First Amendment constraints, but the court upheld the lower court’s decision.
Despite Musk’s attempt to challenge the pre-approval mandate for his social media posts, the ...