Politics

Supreme Court Denies Elon Musk's Appeal in 'Twitter Sitter' Dispute

Apr 29, 2024 1 min read

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The Supreme Court has declined to hear an appeal by Tesla CEO Elon Musk over a settlement with the Securities and Exchange Commission (SEC) that requires a company lawyer to review certain social media posts he makes about Tesla. The decision upholds previous rulings by a US District Court and the 2nd US Circuit Court of Appeals, which had both rejected Musk's request to make the "Twitter sitter" provision unenforceable. Musk had challenged this requirement, asserting it infringed upon his First Amendment rights.

The settlement in question was the result of SEC allegations that Musk had made "false and misleading" statements on Twitter in 2018 about having secured funding to take Tesla private, which led to significant stock price movements. As part of the agreement, Musk paid a $20 million fine and stepped down as Tesla's chairman, though he remained CEO. His lawyers had argued that the SEC overstepped by imposing a gag rule that violated constitutional free speech protections. Despite the appeal, the Supreme Court offered no comment on its decision to reject the case, effectively affirming the settlement's terms and the oversight role of regulatory bodies in financial markets.

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