Elon Musk is continuing his fight against the SEC, but a US District Judge turned down his request to get the Commission back into court for a hearing. The revisiting of their course does not need a hearing, rather a motion for it says the judge in charge of the case.
However, amidst this, the CEO and his brother, Kimbal Musk, are both under investigation for an alleged "insider trading" within Tesla.
Elon Musk vs. SEC: Judge Denies Request to Court Proceedings
WASHINGTON, DC - MARCH 09: Elon Musk, founder and chief engineer of SpaceX speaks at the 2020 Satellite Conference and Exhibition March 9, 2020 in Washington, DC. Musk answered a range of questions relating to SpaceX projects during his appearance at the conference.
US District Court Judge Alison Nathan denied the request of Elon Musk to another court hearing regarding its fight with the SEC that the CEO aims to reopen. According to the written letter, Musk's camp remains unclear about what they want or are appealing to, especially as there are other focuses for the case.
Judge Nathan said that Musk and Tesla could appeal for a motion that would set a deadline for the SEC in its 2018 settlement for its case, to which the CEO's camp did not clarify or applied for its case. For now, the CEO remains to have no actions against the SEC in his alleged campaign to bring its case against the regulatory agency.
Elon Musk, Kimbal Under SEC Investigation for 'Insider Trading'
In recent developments, the SEC revealed in its filings that it is launching an investigation against Elon Musk and his brother, Kimbal Musk, about an alleged "insider trading" by the duo. The filings detail that there was a potential sale of Tesla stocks to private entities that remain unknown to its shareholders and the likes, as well as public knowledge.
SEC vs. Elon Musk: What is Happening?
Earlier this February, Musk argued that the SEC is allegedly harassing himself and his company for the investigations into their actions and that it is the plan by the agency amidst the fight. The CEO is under close monitoring from the SEC because of his previous actions, which focused on his many tweets that caught their attention.
One particular tweet was about Tesla going private, and that happened in 2018, where it also faced court proceedings and a settlement about the case. Tesla allegedly failed to monitor its CEO's tweets after the settlement after appointing the company to be responsible for its CEO and avoid making the same mistakes that would lead to another lawsuit.
Now, there is a locked-on battle between the CEO and the SEC regarding this very matter, the 2018 case that remains unsolved for the technology company and the agency. Musk said that he will not back down and has built a case regarding this issue, stating that the fight will be finished soon, and he will be the one to do it against the SEC.
Related Article: Tesla: Elon Musk admits 'Building a Case' against the SEC, Says He Intends to 'Finish It'
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Written by Isaiah Richard
