Shulou(Shulou.com)11/24 Report--

Beijing, February 24 (Xinhua) in a letter to the second Circuit Court of Appeals in New York this week, the Securities and Exchange Commission (SEC) argued that CEO Elon Musk (Elon Musk) of Tesla still needed a so-called "Twitter nanny" to guard him, and that the previous settlement agreement between the two sides was fully constitutional and effective.

The settlement stems from Mr Musk's infamous privatisation tweet in 2018. Under Musk's settlement with SEC, Musk's tweets need to be reviewed by securities lawyers before they can be posted, known as "Twitter nannies." But Musk shrugged it off, saying repeatedly that no one had censored him before he posted the tweet.

Earlier this month, Musk won a class action lawsuit initiated by Tesla shareholders. A jury in San Francisco ruled that Mr Musk's privatisation tweet did not violate specific securities laws and was not responsible for misleading investors. Musk appealed in the second Circuit Court of Appeals in New York, trying to rescind some of the terms of the settlement agreement with the SEC. Musk's lawyer said the decision on shareholder litigation should be taken into account in the trial of the Circuit Court of Appeals.

SEC's reply, SEC, retorted in a letter this week that "when Musk voluntarily (twice) accepted the consent order, he gave up the opportunity to test the commission's charges in the trial." They also argued that the San Francisco verdict "does not demonstrate continued public interest in the negotiated settlement terms, which does not prevent Musk from accurately tweeting about Tesla or other topics." instead, Tesla asked Tesla to review Musk's communications with Tesla, including through Musk's Twitter stream, which Tesla designated for disclosure. "

Lawyer SEC also questioned whether there was any legal basis to consider rescinding the settlement agreement after all these years. The oral debate on the appeal is scheduled for this spring, but the final date has not yet been set.

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