Defiant Elon Musk Mocks SEC on Twitter

He calls them the 'Shortseller Enrichment Commission'
By Rob Quinn,  Newser Staff
Posted Oct 5, 2018 3:36 AM CDT
Defiant Elon Musk Mocks SEC on Twitter
Elon Musk speaks after announcing Japanese billionaire Yusaku Maezawa as the first private passenger on a trip around the moon, Monday, Sept. 17, 2018, in Hawthorne, Calif.   (AP Photo/Chris Carlson)

Elon Musk is a man of many talents, but knowing when to stop tweeting apparently isn't one of them. The Tesla CEO, who has agreed to pay $20 million and step down as chairman to settle a lawsuit brought by the Securities and Exchange Commission over a "false and misleading" tweet, mocked the SEC in another tweet Thursday, Politico reports. The "Shortseller Enrichment Commission is doing incredible work," Musk tweeted sarcastically. "And the name change is so on point!" Musk, who frequently targets short-sellers who seek to profit from drops in Tesla's share price, was suggesting that the SEC is "harming the value of Tesla's stock by enforcing securities laws," Ars Technica reports.

Musk tweeted after a federal judge declined to immediately approve the settlement and asked for a joint letter from Musk and the SEC "explaining why the Court should approve the proposed consent judgment." The agreement also requires Tesla to establish greater oversight over Musk's communications. But that provision doesn't take effect until 90 days after the settlement date, and Musk's tweet suggests he might continue tweeting about the SEC until he is required to stop, the Atlantic reports. The Guardian reports that Tesla shares, which closed down 4.4% Thursday dropped another 2.2% in after-hours trading following Musk's tweet. (Questions are being asked about hundreds of Teslas parked around the US.)

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