Thursday, 18 October, 2018

Tesla Shares Fall After Elon Musk Mocks SEC on Twitter

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 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
Kenneth Drake | 07 October, 2018, 08:42

But in a tweet late on Thursday, Mr Musk described the SEC as the "Shortseller Enrichment Commission", saying it was doing "incredible work". "And the name change is so on point".

Also among the settlement's provisions: Tesla must set up a committee to review Musk's communications directed at investors, including his posts on Twitter and other social media.

Several sources also told the newspaper that Musk single-handedly prevented Tesla from reaching an earlier, more satisfactory settlement with the SEC.

The SEC's complaint was sent out last week and suggests Musk tweeted the take-private proposal, in part, to lift the stock of the company and therefore publish the short sellers.

Shares of Tesla closed down 4.4% at $281.83, and fell another 2.2% after market hours following Musk's tweet.

Musk tweeted August 7 that he had "secured" funding to privatize the electric automaker at $420 a share, causing a brief spike in Tesla's share price.

The tweet on Thursday was "plainly a statement that the SEC's case against Musk lacked merit", Crimmins said.

Some Tesla directors have proposed James Murdoch to succeed Elon Musk as its Chairman.


"He'll blame the board for taking him out, or the SEC for derailing his genius", Sonnenfeld said. "The vast majority of settlements like this are approved by courts". It sought to bar Musk from being an officer or director of a public company.

"Reading the mind of Elon Musk is beyond my ability, but he is soon to join the SEC in front of a federal judge to defend the recent settlement agreement", said Stephen Diamond, an associate professor of law at Santa Clara University, who specializes in corporate governance. Musk responded, again on Twitter, by announcing he would "send Einhorn a box of short shorts to comfort him during this hard time".

What do you think these Elon Musk tweets meant?

His extraordinary slap at federal regulators comes as U.S. District Judge Alison Nathan in Manhattan said on Thursday that Musk and the SEC would have one week to justify their settlement to resolve securities fraud charges against the CEO.

Musk agreed in the settlement to pay a US$20 million fine.

The tweets come days after Musk agreed to relinquish his Tesla chairmanship for at least three years and pay a $20 million fine.

Musk has been vocal about his animus toward short-sellers, especially in the past year as Tesla has struggled to meet the ambitious production goals that the CEO set for its Model 3 vehicle.

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