Friday, 19 October, 2018

Billionaire Musk takes a dig at SEC just days after settlement

Wil James Murdoch be the new Chairman of Tesla? Elon Musk Twitter swipe at US markets regulator: 'Shortseller Enrichment Commission'
Lindsey Cook | 07 October, 2018, 08:40

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work", he said. Short interest was $10.19 billion, with more than 33 million shares shorted, or almost 26% of the company's float.

Tesla was not immediately available for comment.

The SEC had sought to remove Mr Musk from... The tweet may test the boundaries of an agreement not to deny wrongdoing, and a federal judge still has to decide whether the penalties levied against the CEO are appropriate.

The SEC did not respond to requests for comment on Nathan's order and Musk's tweet. On Monday - after the settlement was reached - the shares surged 17 percent.

But two days after the settlement, Musk had already raised eyebrows by tweeting out the video for OPP, a 1990s hip-hop tune by the group "Naughty by Nature", along with a winking emoji, at 1:22 am California time.

The deal also calls for Tesla to pay a $20 million fine and vet any social media posts by Musk that could have a material impact on the company's finances. "He wasn't vindicated, and it is needling at him".

The settlement between Tesla and the U.S. Securities and Exchange Commission stipulates that CEO Elon Musk will no longer have free reign to tweet.

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

"I'm shocked", Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of DE, said of Musk's attack on the agency. If the settlement is struck down, the SEC would likely move towards enforcement-it's unlikely they would be as lenient in that case.

"That's why we're looking for independent directors because we want to make sure that they are looking for the interest of shareholders and not the interest of themselves".

The tweet came just hours after U.S. District Court Judge Alison Nathan in Manhattan ordered Musk and the SEC to submit a joint letter justifying the terms of the settlement by October 11.

The judge gave Tesla and the SEC one week to submit a joint letter explaining the settlement in further detail. However, the winking emoji at the end of the caption appears to suggest something else, not to mention it comes from Musk who loves to stir controversy on Twitter. In August, he tweeted that he was considering taking Tesla private at $420 a share.

Like the famed Helen of Troy who launched a thousand ships in Homer's Iliad, Musk has once again started a barrage of tweets because of his rebellious nature.

Still, the stock sank following the announcement and is continuing to slide Wednesday as analysts look to Tesla's third-quarter earnings later this month.

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