Elon Musk and Tweets
Elon Musk’s tweets have always been in the headlines. He is constantly updating his followers about his work, life and thoughts. One such tweet, he made in 2018 was the infamous “funding secured” tweet. In which he claimed to have the funding to take Tesla private at $420 a share. The Securities and Exchange Commission immediately launched an investigation. Eventually, they came to a conclusion he had held a few meetings with Saudi Arabia’s sovereign wealth fund, Musk “had never discussed a going-private transaction at $420 per share with any potential funding source, had done nothing to investigate whether it would be possible for all current investors to remain with Tesla as a private company via a ‘special purpose fund,’ and had not confirmed support of Tesla’s investors for a potential going-private transaction.”
Musk defended his actions while his lawyers seek to quash the agency’s subpoena said “I never lied to shareholders,” Musk writes. “I would never lie to shareholders. I entered into the consent decree for the survival of Tesla, for the sake of its shareholders.”
Elon Musk now asking a federal judge to toss a consent decree with the Securities and Exchange Commission that requires his tweets to be approved by a lawyer before he can post them. He thinks this is the right way so he can stay away from controversies related to his work.
