Stock market
Musk wants to get rid of supervision over his X contributions to Tesla
Elon Musk bought Twitter in October 2022 and has since renamed the platform X. photo
© Michel Euler/AP/dpa
Tech billionaire Elon Musk sometimes influences share prices with his posts. The US Securities and Exchange Commission is therefore keeping a close eye on him. Right now this will finally end up here. He even goes to court for this.
The tech billionaire has already failed in two court cases in his attempts to overturn the requirement. It is unclear whether the Supreme Court will take up the case. The extended deadline for an application expired yesterday.
The SEC had enforced that Musk should first have the company approve his posts on the short message service Twitter about Tesla, which could have an impact on the car manufacturer’s share price. Musk bought Twitter in October 2022 and has since renamed the platform X.
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The trigger for the regulation were Musk’s tweets from August 2018. Musk wrote on Twitter at the time that he was considering delisting Tesla from the stock exchange. “Funding secured,” he added. This sentence later sparked a lot of controversy as it turned out that there were no written commitments from investors.
The SEC accused Musk of misleading investors and, in addition to supervising his tweets, also forced him to resign as chairman of the board of directors. Musk and Tesla also each paid a $20 million fine.