Elon Musk lost his bid to get rid of a 2018 settlement with the SEC that requires him to get preapproval from a lawyer before posting certain tweets about Tesla.
Elon Musk’s so-called Twitter sitter is here to stay. A federal appeals court rejected Musk’s bid to toss or modify his 2018 fraud settlement with the US Securities and Exchange Commission, leaving in place a consent decree that requires his tweets to be approved by a lawyer before he can post them. Given the frequency and volume of Musk’s tweets — and the fact that he now owns Twitter — it’s unclear whether Musk is abiding by the order to have the Twitter sitter review his tweets.
The SEC immediately launched an investigation, eventually concluding that, while he had held a few meetings with Saudi Arabia’s sovereign wealth fund, Musk “had never discussed a going-private transaction at $420 per share with any potential funding source.” Musk eventually reached a settlement with the SEC requiring him to step down as chairman of Tesla and establishing the position of Twitter sitter.
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