Musk takes swipe at SEC on heels of fraud settlement

05 October, 2018, 17:28 | Author: Mary Valdez
  • 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

Tesla CEO Elon Musk has taken to Twitter to mock the Securities and Exchange Commission, which recently moved to force him out as chairman of the electric vehicle company over security fraud charges stemming from a prior tweet.

Musk derided the SEC as the "Shortseller Enrichment Commission" before snidely praising it for "doing incredible work".

The SEC's allegation of fraud against Mr Musk related to tweets he posted in August in which he said he was considering taking electronic vehicle maker Tesla off the stock market and into private ownership.

Musk has often previously vilified short sellers, who bet that the price of a stock will go down, blaming them for spreading bad press and negative analysis on Tesla's prospects.

The tweets may imperil a deal struck with the SEC on Saturday - which isn't final - that bars Musk from serving as chairman of the carmaker for three years as punishment for problematic posts he sent about taking Tesla private.

The SEC has responded by denying any plans for a name change, but won't be drawn on the content of the Tweet.

Tesla shares, which fell more than 4 percent Thursday, retreated another 2 percent in after-hours trading.

BlackRock declined to comment on Musk's tweet.

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The settlement mandated that the company must implement "mandatory procedures and controls to oversee all of Elon Musk's communications regarding the Company made in any format".

Tesla was not charged with fraud.

Musk's sarcastic tweet could cause Nathan to reject the settlement if it gives her reason to believe that he "has no intention or ability to change his conduct", said Erik Gordon, a business professor at the University of MI.

Getting back to today's story, The New York Times says Musk demand that Tesla fight the SEC complaint and company's board "publicly extol his integrity".

Musk, 47, has rarely seemed hesitant to make provocative statements to his more than 22 million followers on Twitter.

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

The SEC settlement still needs court approval. "This is just a hoop to be jumped through", he said.

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