Musk appeals ruling that upheld securities fraud settlement

DETROIT (AP) — Tesla CEO Elon Musk is appealing a federal court ruling that upheld a securities fraud settlement over Musk’s tweets claiming that he had the funding to take Tesla private in 2018. Musk lawyer Alex Spiro filed a notice of appeal Wednesday with the federal appeals court in Manhattan. No grounds were stated, and a full filing with the Second Circuit Court of Appeals is expected later. In April, U.S. District Judge Lewis Liman rejected Musk’s bid to throw the settlement that Musk signed with the Securities and Exchange Commission. The settlement required that Musk’s tweets be approved by a Tesla attorney before being published. The SEC is investigating whether Musk violated the settlement with tweets last November asking Twitter followers if he should sell 10% of his Tesla stock.