SCOTUS shoots down Musk challenge

{beacon}

BP Logo 3 e1699482175126

Supreme Court rejects Musk challenge to SEC order

The Supreme Court on Monday declined to hear Elon Musk’s challenge to a 2018 settlement agreement with the Securities and Exchange Commission (SEC) that required lawyers to approve some of the billionaire’s public posts about Tesla.

The Tesla CEO filed an appeal with the Supreme Court in December, arguing that the agreement is a “prior restraint” on his First Amendment speech rights and is unconstitutional.

The 2018 settlement agreement stems from allegations that Musk was influencing Tesla’s stock with social media posts, specifically a tweet about his intentions to take Tesla private, that caused the company’s stock to rise.

In 2022, Musk asked a lower court to modify or end the agreement, arguing it was unconstitutional and had been abused by the SEC to improperly police his speech.

But federal appeals court rejected his challenge last May, saying it found “no evidence to support Musk’s contention that the SEC has used the consent decree to conduct bad-faith, harassing investigations of his protected speech.”

The Hill’s Julia Shapero has more here.

Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.

Key business and economic news with implications this week and beyond:

Five companies are responsible for a quarter of all plastic waste worldwide, according to a study published in the journal Science Advances.

Bob Bakish is stepping down as head of media conglomerate Paramount, the company announced on Monday.

The Federal Communications Commission (FCC) issued a fine totaling $200 million to the nation’s four largest mobile carriers after concluding an investigation that found the companies illegally shared access to customers’ location data, the agency said Monday.

President Biden celebrated a new labor agreement between United Auto Workers union (UAW) and Daimler on Sunday, as the union continues a streak of victories in hopes of expanding in theSouth.

Wednesday Top 1

Upcoming news themes and events we’re watching:

Treasury Secretary Janet Yellen will testify before the House Ways and Means Committee Tuesday at 10 a.m. ET.
The Federal Open Markets Committee (FOMC) meets tomorrow and Wednesday to review the central bank’s monetary policy stance – i.e. interest rates. The FOMC will announce the decision Wednesday at 2 p.m., and Fed Chair Jerome Powell will hold a press conference at 2:30 p.m.

Business and economic news we’ve flagged from other outlets:

A Strong U.S. Dollar Weighs on the World (NYTimes)
Biden praises UAW-Daimler Truck agreement as a ‘testament to the power of collective bargaining’ (CNN)
Wall Street Has Spent Billions Buying Homes. A Crackdown Is Looming. (WSJ)

Wednesday Bottom 1

What Others are Reading

Top stories on The Hill right now:

You’re all caught up. See you tomorrow!

Supreme Court rejects Musk challenge to SEC order

About The Author

Tina Stanley

Supreme Court rejects Musk challenge to SEC order

About The Author

Tina Stanley

Start typing and press enter to search