Billions in cash and Elon Musk’s take-no-prisoners attitude led Twitter’s board to give in to his entreaties rapidly. Fortunately for regular investors, regulators and courts aren’t so easily persuaded, writes richardbeales1:
in his legal quest – also rooted in freedom of speech arguments – to get the U.S. securities regulator off his back.
At Tesla, Musk operates under a 2018 settlement with the U.S. Securities and Exchange Commission. Musk’s tweets and other statements material to the company have to be vetted before he can post them. The multibillionaire finds such constraints frustrating; he calls himself a “free speech absolutist” and tweets liberally.
His lawyers had previously asked a federal judge in New York to terminate the so-called consent decree with the SEC, arguing among other things that the regulator’s behavior had “crossed the line into harassment.” Earlier this month Musk referred to the SEC as “those bastards.”denying the request, Judge Lewis Liman did not mince his words.
The ruling notes, in essence, that Americans choose to waive their First Amendment free speech rights all the time, including in legal settlements. Moreover, it’s a tenet of the disclosure-based U.S. system of financial regulation that Musk and other corporate chieftains’ statements about their companies must be accurate, ensuring investors are not misled.
The same system allows anyone wealthy enough to buy a company, with shareholders' approval, just as Musk has agreed to do with Twitter – assuming he follows through
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