Tags: Financial Markets | elon musk | twitter | tweet | sec | short sellers

Tesla's Musk Mocks SEC in Tweet

Elon Musk points to the ceiling and looks up
Tesla CEO Elon Musk (Chris Carlson/AP)

By    |   Thursday, 04 October 2018 08:46 PM

Tesla CEO Elon Musk on Thursday mocked the Securities and Exchange Commission amid a settlement deal with the agency.

"The Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!" Musk said in a tweet where he was likely referring to investors who bet against the company – also called short sellers.

Musk's post came almost a week after he reached a deal with the SEC to settle a lawsuit over tweets he posted Aug. 7 when he said he had secured funding to take the electric car company private at $420 a share, causing the company's stock to soar. Musk was accused by the SEC of misleading investors.

Tesla and Musk agreed to pay $20 million each to the regulator under the settlement, and Musk will also step down as the company's chairman but remain chief executive as part of the deal.

His tweet came as the New York judge overseeing the settlement declined to immediately approve the deal. U.S. District Judge Alison Nathan asked the SEC and Musk to file a joint letter "explaining why the Court should approve the proposed consent judgment."

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After a settlement deal with the Securities and Exchange Commission this week, Tesla CEO Elon Musk on Thursday mocked the SEC in a tweet.
elon musk, twitter, tweet, sec, short sellers
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2018-46-04
Thursday, 04 October 2018 08:46 PM
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