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•The judge criticized Musk for “bemoaning” the agreement now that he feels that his company has become “invincible”
A US judge on Wednesday denied Elon Musk’s request to end an agreement with SEC for oversight of his 2018 Tesla Inc (NASDAQ: TSLA) tweets.
U.S. District Judge Lewis Liman in Manhattan criticized Musk for “bemoaning” the agreement now that he feels that his company has become “invincible.”
"Musk cannot now seek to retract the agreement he knowingly and willingly entered by simply bemoaning that he felt like he had to agree to it at the time but now — once the specter of the litigation is a distant memory and his company has become, in his estimation, all but invincible — wishes that he had not," wrote Liman.
Tesla shareholders had sued Musk for tweeting in 2018 that he had "funding secured" to potentially take the electric-vehicle company private. Shareholders incurred losses after Musk’s tweet due to volatility in Tesla's shares.
Musk stepped down as Tesla’s chairman then and also paid $20 million civil fines.
At the TED conference in Vancouver in April, Musk said that he had the funding secured to take Tesla private in 2018, but the U.S. Securities and Exchange Commission sued him over the tweets.
Musk called the SEC a profane name and said he only settled the case because bankers told him they would stop providing capital if he didn’t.
Picture Credits: Reuters
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