The Securities and Exchange Commission (SEC) said that Tesla CEO Elon Musk will have to continue facing scrutiny of his tweets.

                By                    Yaёl Bizouati-Kennedy

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“So long as Musk and Tesla use Musk’s Twitter account to disclose information to investors, the SEC may legitimately investigate matters relating to Tesla’s disclosure controls and procedures, including Musk’s tweets about Tesla, as well as the accuracy of Tesla’s public statements about its controls and procedures,” the SEC said in a court filing, according to Bloomberg.

The SEC said it has a “legitimate purpose” in investigating whether Tesla has institutional controls over its corporate disclosures and if Musk is complying with them, Bloomberg reported.

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At the time, Musk’s lawyer asked the court to terminate or modify the settlement, which was revised in 2019, claiming complying with its rules “has become impossible under the SEC’s skewed conception of its authority.”

“The more the SEC monitors Mr. Musk’s Twitter activity, and forces others to do the same, the more Mr. Musk’s freedom of expression is infringed,” the document alleged, according to CNBC.

“Am considering taking Tesla private at $420. Funding secured,” Musk tweeted in August of 2018. “Shareholders could either to sell at 420 or hold shares & go private.”

Following the 2018 tweets, the SEC sued Musk, claiming, “Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions. When he made these statements, Musk knew that he had never discussed a going-private transaction at $420 per share with any potential funding source, had done nothing to investigate whether it would be possible for all current investors to remain with Tesla as a private company via a ‘special purpose fund,’ and had not confirmed support of Tesla’s investors for a potential going private transaction,” according to the 2018 SEC filing.

And in February, Tesla revealed it received another SEC subpoena in November, “seeking information on our governance processes around compliance with the SEC settlement, as amended,” according to an SEC filing. The development sent Musk on a Twitter rant on Feb. 7., making him wonder “Why is the “traditional” media such a relentless hatestream? Real question.”

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