Elon Musk, the CEO of Tesla, attempted to dispute a settlement with the Securities and Exchange Commission (SEC) that requires a lawyer to examine his social media posts, but the US Supreme Court rejected his appeal earlier this week, according to NBC News.
The denial comes after the federal agency was granted a favorable decision by the second US Circuit Court of Appeals in New York.
The 52-year-old tech mogul claims the SEC illegally placed restrictions on his “Twitter sitter” clause, preventing him from making comments on matters pertaining to Tesla.
After purchasing the social media network in 2022 (which is now known as X), he made this assertion.
The SEC took aim at Musk because he allegedly obtained investment for Tesla’s private venture in tweets that were “materially false and misleading” in 2018. This led the company’s shares to spike at first, and the SEC said this was against securities law.
Musk approved the social media clause and consented to resolve a civil securities lawsuit launched by the SEC.
A jury in a different legal lawsuit concluded last year that Musk was not responsible for deceiving investors.
Musk now argues that he was forced into accepting the speech restrictions and that they are unlawful.
As per the legal documents filed by his attorneys, Musk has been the target of a “ongoing campaign” by the SEC.
