Elon Musk also is disputing the SEC’s earlier claims that he defrauded investors with a 2018 Twitter message.
Photo:
win mcnamee/Agence France-Presse/Getty Images
Tesla Inc.
TSLA 2.02%
Chief Executive
Elon Musk
asked a federal judge on Tuesday to scrap a settlement he reached with securities regulators in 2018 that required his tweets be preapproved, a condition that has fomented an ongoing conflict with the government over whether he and
Tesla
TSLA 2.02%
have followed the rule.
In a motion filed in Manhattan federal court, Mr. Musk’s lawyers argued that the Twitter oversight policy has become unworkable, while the Securities and Exchange Commission has abused the deal to make “round after round of demands for voluminous, costly document productions, with no signs of abatement.”
In a separate filing, Mr. Musk also disputed the SEC’s earlier claims that he defrauded investors in 2018 when he tweeted that he had “funding secured” to take Tesla private. The Tesla CEO said he felt pressured to settle the SEC’s civil lawsuit at the time and added: “I never lied to shareholders. I would never lie to shareholders. I entered the consent decree for the survival of Tesla, for the sake of its shareholders.”
An SEC spokesman didn’t immediately respond to a request for comment.
Write to Dave Michaels at [email protected] and Rebecca Elliott at [email protected]
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