In his legal filing on Tuesday, Mr Musk denied he had misled investors but experienced been compelled to indicator the deal to conserve Tesla.
“The SEC’s unrelenting regulatory stress, put together with the attendant collateral consequence of the SEC’s criticism against me, induced a scenario in which I was pressured to indication the consent decree in 2018,” he wrote.
“I acquired from Tesla’s Trader Relations crew that many of Tesla’s biggest shareholders could cede their possession in Tesla – substantially impacting Tesla’s financing – if the situation was not settled expediently. I entered into the consent decree for the instant survival of Tesla.
“I by no means lied to shareholders. I would by no means lie to shareholders. I entered into the consent decree for the survival of Tesla, for the sake of its shareholders.”
Legal professionals for Mr Musk have requested a New York court to toss out the 2018 offer and claimed the SEC “is concentrating on Mr. Musk and performing in undesirable faith”.
“The SEC’s vendetta towards Mr. Musk must be put to a stop,” the filing said.
The SEC did not remark.