Elon Musk’s Twitter handle is one of the ‘lit’ places to be. Musk is known to break the internet with his often bold tweets. However, you may not know that Elon Musk’s tweets need SEC approval before he can send them out.
His tweets got him into enough trouble that the U.S. government allocated him the SEC as his Twitter nanny. Elon Musk has a deal with the U.S. Securities and Exchange Commission (SEC) to get his tweet pre-approved. This means Musk can’t tweet without the commission’s oversight board’s approval.
While this happened in 2018, Musk is now trying to get out of this arrangement but has a hard time. The SEC has asked a federal judge not to let Elon off the hook and ordered him to honor the deal.
What happened between Elon Musk and the SEC?
In 2018, Elon Musk tweeted that he had enough money to take Tesla private at $420 a share. Of course, the proposed amount per share tells us what may have been the meaning of this tweet, but it caused a ruckus with the SEC and the U.S. market.
When sued for the same, Musk agreed to settle with $20 million in fines and get his tweets pre-approved by the SEC. But seeing the current mess on Musk’s handle, we’re not so sure the SEC was even watching. But Musk now wants out and asked a judge to nullify the deal. His attorney also added that the pre-approval deal is “unworkable.”
And this is how Elon Musk, Twitter, and the SEC got tied together. The SEC has a committee to oversee and pre-approve Elon Musk’s tweets. We also empathize with the committee that has to go through every random thought Musk decides to tweet. So it won’t be a far stretch to say that the SEC is managing Elon Musk’s Twitter handle to avoid any more damage from the billionaire’s microblogs.
Find your dream job