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.”
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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.
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The Ticker
Upcoming news themes and events we’re watching:
Treasury SecretaryJanet Yellenwill 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.
Good to Know
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)
A MESSAGE FROM BP
More lower carbon energy + keeping oil & gas flowing
From updating turbines at one of our Indiana wind farms to producing more energy with fewer operational emissions in the Gulf of Mexico, see how bp is investing in America.
Colleges across the country are barreling toward crisis as pro-Palestinian student protesters show no signs of relenting, posing growing risks to the schools and threatening to become a major election-year issue. Read more
Texas Gov. Greg Abbott (R) said Monday his state will not abide by the Biden administration’s sweeping new changes to Title IX, the federal civil rights law prohibiting sex-based discrimination at government-funded schools. Read more
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