CEO Elon Musk wants out of Tesla tweet jail. Lol, no, says SEC
from a separate class-action suit brought against Musk by shareholders, which cleared him of liability, the SEC lacked support for its tweet-vetting consent decree.
The verdict further justifies, Musk's lawyers asserted,"why the public interest in avoiding unconstitutional settlements easily subsumes the SEC's purported stake in the consent decree," and that it also means the"unconstitutional conditions doctrine" can be applied to relieve Musk of his legal obligations.
According to the billionaire's lawyers, the unconstitutional conditions doctrine"prohibits deals achieved 'through gimmickry, which converted a valid [settlement] into 'an out-and-out plan of extortion'.
Beyond that, the SEC claimed that Musk doesn't have a leg to stand on, since he waived his right to challenge the consent agreement when he voluntarily agreed to it – twice.
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