Elon Musk bites back at the SEC: Shortseller Enrichment Commission

06 October, 2018, 18:34 | Author: Billie Castillo
  • Wil James Murdoch be the new Chairman of Tesla?

However, it is important to note that the SEC has recognized Musk as one of Tesla's most valuable assets.

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

It is reported that some Tesla directors have proposed James Murdoch, a fellow board member of Tesla and Chief Executive Officer of Twenty-First Century Fox Inc.to succeed Elon Musk as its Chairman.

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

The SEC sued him last week, accusing him of misleading investors and pushing to ban him from running any public company.

Over the weekend, Musk settled with the SEC to charges that he had misled investors following a tweet that he had "funding secured" to take Tesla private at $420 per share.

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About 40 minutes after his initial tweet, Musk published another in which he addressed a typo in that tweet and appeared to target the SEC again. It reached a 52-week high of $387.46 on August 7 when Musk tweeted his plan to take Tesla private.

Saturday's settlement required Musk to step down as Tesla's chairman, appoint two new independent directors, and pay a $20 million fine. He then wrote "what they do should be illegal. It's what they do", he tweeted.

Additionally, Judge Alison Nathan who is handling the case has asked for a joint submission explaining why she should approve the deal, so poking the lion's cage at this stage isn't the brightest.

The settlement, which still must be approved by a federal judge, includes a provision meant to rein in the Tesla chief's much-criticised use of Twitter. "The vast majority of settlements like this are approved by courts".

Another reason for Tesla's decline on Friday is likely hedge fund manager David Einhorn's criticism of the automaker in his quarterly letter to investors. Musk responded by further bullying short sellers on Twitter. Tesla's stock was down 3% at $273.56 a share in after hours trading, adding to a 4.4% decline during the official trading session on Thursday.

Einhorn spent quite some time in his letter insulting the "despondent" Musk and allegedly doomed Tesla.

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