Elon Musk did not think that his controversial tweet in 2018 will someday be a subject of a Supreme Court trial.
Recently, the Tesla CEO has appealed to the US Supreme Court over the "SEC funding secured" post. The entrepreneur said that the judges should reevaluate the case to see if SEC has abused the decree in harassing him over the tweet.
Elon Musk Believes SEC Went Too Far on His Tweet
Musk's lawyer Alex Spiro announced on Tuesday, July 25 that Musk is planning to appeal to the Supreme Court so he could ask him about SEC's authority.
The Securities and Exchange Commission, as Musk told Spiro, has "overstepped its authority" to the point that his free speech was suppressed, per Yahoo.
Moreover, Musk claimed that he was pushed into the decree and he couldn't do anything but challenge the terms that SEC proposed in the settlement.
Eventually, a truce was made and a $40 million fine is waiting for Musk and Tesla. SEC said that the tech billionaire should vacate his position as a board chairman and he has to seek legal approval especially when posting information about the company's financial standing.
Related Article: Elon Musk Still Has Plans to Bring His 'Everything App' X to Life, but Twitter Needs to Be Fixed First
SEC Calls Musk's Tweet a Fraud
The context behind Musk's tweet in August 2018 has caught the attention of the SEC to act swiftly on the subject, per Engadget.
When Musk claimed that the funding was already secured for Tesla's plans to go private, many shareholders thought that this was wrong on all levels.
Because of this, the shareholders did not acknowledge the quick transition of Tesla going private. The SEC noticed this and argued that Musk's tweets could fall under fraud.
The Tesla chief pointed out that it's not a requirement for people to respond to his tweets. He gave an example where the stock price of Tesla skyrocketed following another tweet that said that its value was "too high."
At the moment, no one knows if the Supreme Court will listen to Musk's request or not. At the end of the day, he can't dictate what the judges can do to his case. One thing is guaranteed: the court's decision will most likely affect Musk's blemished status on social media.
In other news, Musk announced that Twitter's iconic bird logo, which has been running for several years, will soon be replaced by an "X" symbol.
As Tech Times reported, this is what Musk has been envisioning for the overall improvement of the long-time-running microblogging site.
While some favored this change, other users think that this won't fare for too long. With Meta's Threads on the surge right now, Twitter needs a major overhaul to stand out and be different in the social media space.
