The US Supreme Court has turned down Elon Musk’s appeal regarding a 2018 settlement agreement with the Securities and Exchange Commission (SEC) that imposed restrictions on his Tesla-related public statements.
The 2018 settlement agreement stems from allegations that Musk was influencing Tesla’s stock with social media posts, specifically a tweet about his intentions to take Tesla private, that caused the company’s stock to rise.
Musk’s legal battle, initiated last December, centered on his assertion that the agreement infringed upon his First Amendment rights.
This legal saga stems from allegations that Musk was influencing Tesla’s stock with social media posts, notably a tweet about taking Tesla private, that caused the company’s stock to rise.
Despite Musk’s efforts to alter or nullify the agreement in 2022, a federal appeals court dismissed his challenge in May, citing a lack of evidence supporting his claims of SEC overreach in monitoring his protected speech.
The Supreme Court on Monday declined to hear Musk’s challenge to the settlement.
