Elon Musk Accuses SEC Of Forcing Him To Sign Tesla Deal
Tesla CEO Elon Musk has accused the US Securities and Exchange Commission (SEC) of forcing him to sign a deal that saw him step down as chairman in 2018.
The deal was made after the SEC sued Tesla following a tweet from Musk who said he had “funding secured” to take the electric vehicle company private. According to the Telegraph, Musk said he was forced to step down as company chairman and needed to obtain permission from Tesla before sharing sensitive tweets.
“The SEC’s unrelenting regulatory pressure, combined with the attendant collateral consequence of the SEC’s complaint against me, caused a scenario in which I was forced to sign the consent decree in 2018,” Musk said.
“I learned from Tesla’s Investor Relations team that several of Tesla’s largest shareholders could cede their ownership in Tesla – substantially impacting Tesla’s financing – if the case was not settled expediently. I entered into the consent decree for the immediate survival of Tesla.”
“I never lied to shareholders. I would never lie to shareholders. I entered into the consent decree for the survival of Tesla, for the sake of its shareholders.”
Lawyers for Musk have urged the court to abandon the 2018 deal. They say the SEC “is targeting Mr. Musk and acting in bad faith.”