Biden Administration Tells Supreme Court To Dismiss Musk Appeal In 'Taking Tesla Private' SEC Dispute
Portfolio Pulse from Anan Ashraf
The Biden administration has recommended the U.S. Supreme Court to dismiss Elon Musk's appeal against the SEC regarding his 2018 tweet about taking Tesla private. The administration supports the SEC's settlement terms, which include a fine and a review of Musk's tweets by a Tesla lawyer, to prevent misleading statements. This development follows Musk's ongoing legal battles with the SEC, including a recent order for him to testify in an investigation into his Twitter takeover.

March 25, 2024 | 2:39 am
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The Biden administration's support for dismissing Musk's appeal against the SEC could maintain the status quo of oversight on Musk's communications, potentially affecting investor sentiment and Tesla's stock price.
The recommendation by the Biden administration to dismiss Musk's appeal does not introduce new regulatory actions but supports existing settlement terms. This maintains the current oversight on Musk's communications, which could influence investor sentiment due to the high profile nature of the case and Musk's significant role in Tesla's public image. However, the direct impact on Tesla's stock price in the short term may be limited as the market has already absorbed the news of the ongoing legal battles and the settlement terms from 2018.
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