Elon Musk is looking to end his Twitter posts restrictions after he was accused of manipulating Tesla stock prices through his tweets, Reuters reports.
Dates back to 2018, Musk signed an agreement with the U.S. Securities and Exchange Commission that made him consult with a Tesla lawyer before posting some materials on Twitter. The SEC believed Musk’s tweets could affect Tesla stock and create hype. At the time, Musk was accused of defrauding investors and securing funds to take his electric car company private.
Elon Musk has repeatedly tried to overturn this agreement in court. On April 27, his request was rejected by U.S. District Judge Lewis Liman. Musk is now asking the 2nd U.S. Circuit Court of Appeals in Manhattan to put an end to his restrictions. The SEC has declined to comment so far.
Musk wants to end his Twitter ban while trying to buy the company
At the time, Musk agreed to consult with a lawyer before posting tweets that may contain company information. Musk also had to surrender his role as Tesla chairman. Of course, he and Tesla each paid $20 million in civil fines.
The wealthiest man on the planet believes the decree and subpoena violate his constitutional right to free speech. He also said the SEC is trying to launch “endless, boundless investigations of his speech.” However, Judge Lewis Liman later said Musk’s arguments are “wholly unpersuasive.”
According to Liman, Musk can’t escape the decree by “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.”
Musk’s efforts to end his restrictions on Twitter come at a time when he has almost finalized a deal to buyout the company. He is also planning to meet Twitter staff for the first time.
Elon Musk has previously said he is a “free speech absolutist.” Also, one of his goals in paying $44 billion to buy Twitter is to protect freedom of speech on the platform.