RELATED: Elon Musk and Grimes secretly welcome a second childHis Twitter stock purchase comes as Musk is locked into a bitter dispute with U.S.
securities regulators over his ability to post on Twitter. Musk’s lawyer has contended in court motions that the U.S. Securities and Exchange Commission is infringing on the Tesla CEO’s First Amendment rights.In October of 2018, Musk and Tesla agreed to pay $40 million in civil fines and for Musk to have his tweets approved by a corporate lawyer after he tweeted about having the money to take Tesla private at $420 per share.The funding was far from secured and the electric vehicle company remains public, but Tesla’s stock price jumped.
The settlement specified governance changes, including Musk’s ouster as board chairman, as well as pre-approval of his tweets.
The SEC brought a securities fraud charge, alleging that Musk was manipulating the stock price with his posts.Musk’s lawyer is now asking a U.S.