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• The billionaire will now ask the 2nd U.S. Circuit Court of Appeals in Manhattan to overturn the decision
Elon Musk on Wednesday appealed a judge’s refusal to end an agreement with the US Securities and Exchange Commission for oversight of his 2018 Tesla Inc (NASDAQ: TSLA) tweets.
Musk will now ask the 2nd U.S. Circuit Court of Appeals in Manhattan to overturn the decision.
This comes after US District Judge Lewis Liman in late April criticized Musk for “bemoaning” the agreement now that he feels that his company has become “invincible.”
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.
The SEC had sued him over the tweets.
Picture Credits: Reuters
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