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Monday, March 20, 2023

Judge Rejects Elon Musk’s Attempt to Force SEC Into Court

Tesla CEO Elon Musk’s plea to compel the Securities and Exchange Commission to appear in court to discuss his concerns regarding unpaid settlement payments was refused by a federal judge.

In a recent court filing, US District Judge Alison Nathan stated that Musk’s motion was “unclear.” Musk has accused the SEC of subjecting him and his firm to “endless, unjustified investigations,” alleging that the agency is failing to follow through on its promise to disburse $40 million in fine money to Tesla shareholders as part of a 2018 settlement. The SEC reacted by saying it was still working on a strategy to distribute the monies.

Nathan denies Musk’s request for a meeting, claiming that if he wants to set a timeline for the distribution of cash, he must file a motion to do so. Nathan said, “Otherwise, the Court cannot impose a deadline that does not actually exist.”

She also dismisses Musk’s efforts to hold the Securities and Exchange Commission (SEC) responsible for allegedly leaking information. Musk’s team failed to present any “particular facts or legal authority to substantiate this request,” according to Nathan.

The judge’s filing follows the bombshell revelation that Musk and his brother, Kimbal Musk, are being investigated by the Securities and Exchange Commission (SEC) for possible insider trading. Since his 2018 tweet about taking Tesla private, in which he famously declared “financing secured,” Elon Musk has been at odds with the SEC. The SEC initiated an inquiry after Musk made the tweet, eventually determining that Musk deceived investors about his intention to take Tesla private.

Cedric Blackwater
Cedric Blackwater
Cedric is a journalist with over a decade of experience reporting on local US news, and touching on many global topics. He is currently the lead writer for Bulletin News.

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