Thursday, 13 December, 2018


"Shortseller Enrichment Commission:" Musk mocks SEC on Twitter

"Shortseller Enrichment Commission:" Musk mocks SEC on Twitter
Conrad Doyle | 05 October, 2018, 17:27

"Just want to that the Shortseller Enrichment Commission is doing incredible work", he said. "And the name change is so on point!" Per the terms of the settlement: "Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications". The tweet surprised investors, analysts and Tesla's board of directors.

The Securities and Exchange Commission declined Business Insider's request for comment.

Last week Musk settled the securities fraud charge from the SEC, following his tweet in August about potentially taking Tesla private.

Also on Thursday Reuters reported that U.S. District Judge Alison Nathan in Manhattan gave Musk and the SEC until October 11 to justify why the settlement is fair and reasonable.

A federal judge is still considering the settlement of the SEC lawsuit.

About 40 minutes after his initial tweet, Musk published another in which he addressed a typo in that tweet and appeared to target the SEC again.

Tesla and Musk reached a settlement with regulators on Saturday, where they agreed to pay $20m each to financial regulators and the billionaire will step down as chairman but remain as CEO.

In June, Musk wrote that shorts "have about three weeks before their short position explodes"-presumably a prediction that Tesla's strong quarterly results would cause Tesla's stock to rise". Musk described the diver as a pedophile in a tweet that has since been deleted. It is also unclear whether this money will be used to cover Musk's $20 million SEC fine.

Nevertheless, Musk doubled down on Thursday after getting questioned by another Twitter user about the tweet.

But in 2014, the 2nd U.S. Circuit Court of Appeals overturned Rakoff's rejection of a $285 million settlement between the SEC and Citigroup Inc, saying he should have given "significant deference" to the regulator. "This is just a hoop to be jumped through", he said.

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