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Anusuya Lahiri

Tesla Chief Wants To End 2018 Fraud Settlement With SEC: WSJ

  • Tesla Inc (NASDAQ:TSLA) CEO Elon Musk requested a federal judge to discard a settlement he reached with SEC regulators in 2018, the Wall Street Journal reports.
  • The settlement sought the preapproval of some of Musk's tweets.
  • Musk's lawyers argued that Twitter Inc's (NYSE:TWTR) oversight policy became ineffective, while the SEC has abused the deal, which called for "round after round of demands for voluminous, costly document productions, with no signs of abatement."
  • Musk also debated the SEC's earlier claims that he allegedly defrauded investors in 2018 by tweeting about taking Tesla private at $420.
  • Musk's request follows a new SEC investigation related to trading by himself and his brother, Kimbal Musk.
  • Price Action: TSLA shares traded higher by 2.58% at $845.69 in the premarket on the last check Wednesday.
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