Good ol’ Elon Musk has accused the SEC of misconduct relating to a lawsuit they’re locked in together. Some background here – Musk has gotten into trouble with his tweets in the past, particularly when they relate to Tesla. So, now there’s an in-house “Twitter-sitter” whose job is to make sure that none of his tweets impact Tesla stocks. But Musk is now saying that the SEC has gone too far to try to get its hands on info about how Tesla handles public disclosure, including his tweets.
Key comments:
“The SEC argues that it has unfettered authority to subpoena whatever it wants, whenever it wants, so long as it obtains a formal order,” Musk’s lawyers said in a court filing. “But the SEC’s investigatory power has limits, especially once, as here, it is leveraging a binding order specially entered and superintended by this Court.”
“So long as Musk and Tesla use Musk’s Twitter account to disclose information to investors, the SEC may legitimately investigate matters relating to Tesla’s disclosure controls and procedures, including Musk’s tweets about Tesla, as well as the accuracy of Tesla’s public statements about its controls and procedures,” the SEC said in a court filing earlier this month.
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