Elon Musk Tweet Appears to Mock the Securities and Exchange Commission
Elon Musk Tweet Appears to Mock the Securities and Exchange Commission
Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014. Charles Sykes The Canadian Press via AP
06 October, 2018, 09:59
In a tweet referring to the SEC as "Shortseller Enrichment Commission", Musk wrote sarcastically that the regulator was "doing incredible work".
The agency accused Musk in its September 27 complaint of misleading investors with his infamous August 7 tweets about having the investor support and "funding secured" to take Tesla private.
Tesla's shares dropped more than 7 percent on Friday, following Musk's swipe at the regulator.
In a tweet, CEOElon Musk pledged to give Tesla owners that refer someone to make a purchase the option to have a picture of their choice launched into outer space.
That came just five days after Musk settled SEC fraud charges, in an accord that lets him remain Tesla's chief executive but requires he step aside as chairman.
As the settlement is still under review, it will be interesting to see whether the SEC may try to review its stance due to the implication that the agency is acting under the desire to enrich investors and not in the interest of fairness. A judge has yet to approve the settlement.
The tweets resulted in a suit from the SEC against Elon Musk, in which the SEC said some of the tweets were "false and misleading".
"In and of itself it's not an ominous sign", said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer.
"Keep it coming, Elon", one person said.
Einhorn argued that Tesla's recent activity mirrors that of Lehman Brothers, noting that "Lehman threatened short-sellers, refused to raise capital (it even bought back stock), and management publicly suggested it would go private" in the days before its collapse.
Musk agreed in the settlement to pay a US$20 million fine.
As the news on the settlement emerged at the weekend, he also told employees in an email that Palo Alto, California-based Tesla was "very close to achieving profitability".
Have a Tesla news tip? Part of the deal reportedly also required him to get approval for all tweets related to his company before posting. "It's only inviting the SEC to rethink the settlement".
The tweet on Thursday was "plainly a statement that the SEC's case against Musk lacked merit", Crimmins said.
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