ibusinesslines.com
ibusinesslines.com October 23, 2018


'Shortseller Enrichment Commission' AKA SEC… Says Elon Musk

05 October 2018, 05:24 | Kelvin Horton

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Tesla shares fell as Elon Musk mocked the United States financial markets watchdog on Twitter, describing it as the "Shortseller Enrichment Commission".

Musk recently settled for $20 million with the Securities & Exchange Commission over a tweet he sent out during the summer regarding making Tesla a privately-owned company.

The Tesla boss agreed to pay a fine of $20m (£15m) to the Securities and Exchange Commission regarding a tweet he had written boasting that he had funding to take his firm private.

The SEC and Tesla did not immediately respond to requests for comment.

The tweet ends with "the name change is so on point", which appears to be a reference to the SEC - mocking the agency. (FOX), to replace Elon Musk as the company's chairman, people familiar with the matter told The New York Times.

The SEC declined to comment on the tweet.

Under the deal reached between the SEC and Mr Musk last weekend, Mr Musk will remain as Tesla CEO but has to step down as chairman for three years.


Tesla stock dropped 2 percent in after-hours trading after Thursday's tweet. Musk wrote on Twitter in an apparent jab at the SEC and short sellers, who he has slammed on social media before.

Thomas Gorman, a partner at Dorsey & Whitney in Washington, D.C., said Musk might argue that the latest tweet might be a mere "personal lament", and not a violation of the settlement.

While Musk wanted to fight the SEC, he reportedly had a change of heart when Tesla's stock plummeted almost 14 percent after the lawsuit was announced.

Musk is a long time critic of what he believes is a bias towards Short Sellers (ask an accountant).

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

"I think it is juvenile and sophomoric and narcissistic, but I don't think it has particular relevance to the subject of the lawsuit against him", said Harvey Pitt, the SEC chairman under President George W. Bush.



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