US judge upholds sanctions against Elon Musk

Tesla has lost a court battle to get regulatory sanctions against chief executive Elon Musk suspended.

The Securities and Exchange Commission has won an appeal to review a judge’s sanction against Elon Musk and Tesla, according to a filing Monday evening.

The judge had ordered the SEC to put down more than $160m that Tesla owes to the bank for an initial violation in shorting shares in the electric carmaker in December 2017.

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Musk announced plans to buy the troubled solar panel company SolarCity and combine it with Tesla to form a solar-powered energy conglomerate. The deal was then called off.

Last month, the SEC filed charges against Musk for defrauding investors by tweeting that he was considering taking Tesla private. Musk has denied the charge.

The CEO pledged in a tweet on 17 August that the takeover would be done at $420 a share. The SEC case centered on the “wishful thinking” of Musk in weighing the $420 share price.

Tesla has asked the court to suspend enforcement of sanctions in the ongoing case until the final ruling.

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