Following questions about Twitter’s commitment to free speech, Tesla CEO Elon Musk has bought a 9 percent stake in the company to become the company’s most important shareholder, making him the biggest shareholder.
On Friday, Musk bought 73.5 million shares worth $2.9 billion. It’s unclear what he plans to do with them, so we can’t say for sure. There are more than 80 million people who follow Elon Musk on Twitter. He’s recently raised questions about free speech on Twitter and whether the platform is hurting democracy, which he claims is not the case.
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On Monday, a regulatory filing said that Musk is an investor who wants to keep the number of shares he buys and sells low.Experts aren’t sure how long he would stay on the sidelines as the CEO of a company like Facebook.
They know this because they follow him on Twitter. Musk told them he was “thinking seriously” about making his social media platform. As you know, Musk has been fighting with the government about how he uses Twitter. He said he was “thinking seriously” about making his own social media platform, which means he could make his app.
It was during this time that he bought Twitter stock. Musk and U.S. securities regulators are in a bitter fight over whether he can post on Twitter, and they don’t like each other. The First Amendment: In a statement, the lawyer for Tesla CEO Elon Musk says that the U.S. Securities and Exchange Commission violates Elon Musk’s right to free speech.
This deal was made in October of last year between Tesla and Musk, and it was signed then. He tweeted that he could take Tesla private for $420 a share, and now Musk and Tesla have agreed to pay $40 million in civil fines and have his tweets approved by the company lawyer.
The electric car company didn’t have enough money yet, but Tesla’s stock price went up. As part of a settlement, Musk must be removed from the board as chairman, and his tweets must be approved before they can be sent. The SEC says that Musk used his posts to manipulate the stock price.
Musk’s lawyer wants this. They are harassing him and breaking his First Amendment rights, he says. He wants to throw out the settlement.
In March, Musk asked a judge to overturn an order from the SEC and throw out a settlement agreement that Musk had agreed to. First Amendment rights: His lawyer, Alex Spiro, said the SEC used the court agreement “to trample on Mr Musk’s First Amendment rights and to put restrictions on his speech in the past,”
SEC: We have the right to ask Tesla and CEO Elon Musk about his tweets, and we can’t throw out the settlement. Musk’s move isn’t valid.
On Nov. 6, 2021, Musk asked his followers if he should sell 10% of his Tesla stake. The SEC says that it is looking into these tweets. The commission sent out administrative subpoenas as it looked into whether Musk and Tesla were following the rules they agreed to in 2018.If Tesla said in public filings with the agency that it had done what it was supposed to do, the commission also looked into it.
The commission says there were legal subpoenas, and Musk isn’t following the correct legal process to fight them. The subpoenas were legal. Melissa Armstrong, a lawyer for the SEC, said that Musk’s lawsuit was “frivolous,” which is not true. She also said that Musk and Tesla agreed to have Musk’s tweets approved by other Tesla employees before he sent them. This is what they agreed to.
In a blog post, Armstrong said that courts have long agreed that “Congress has given the SEC broad authority to investigate possible violations of federal securities laws and demand relevant evidence.”
Faraz is professional tech writer, He writes about technology, gaming and laptop. and he is also a movie critic writer.