They believe that the government agency violates the right to freedom of speech of the entrepreneur.
Lawyers Elona Musk said that the entrepreneur did not violate the terms of the amicable settlement agreement concluded with the US Securities Commission. In February, a government agency accused Tesla’s head of misleading shareholders after his tweet about the company’s production volumes.
The court statement says that Musk, at his discretion, correctly determined that the controversial tweet does not contain information that could be considered relevant to Tesla. Tweet can be interpreted as a new wording of information already known to the public.
According to lawyers, Musk showed that he was seriously taking the settlement, because he began to publish fewer tweets. The statement also says that the Securities and Exchange Commission interprets the agreement in such a way that it violates the first amendment of the US Constitution, which guarantees the right to free speech.
February 20, the entrepreneur said on Twitter that Tesla will produce 500 thousand cars in 2019, although the company had previously stated that it would produce no more than 400 thousand cars. On February 26, the Securities Commission sued Musk and accused him of misleading shareholders. February 26, he replied that the agency did not understand the situation.