"Shortseller Enrichment Commission:" Musk mocks SEC on Twitter

"Shortseller Enrichment Commission:" Musk mocks SEC on Twitter

This pushed the SEC to sue Musk for securities fraud as the agency alleged "Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source".

Tesla CEO Musk may have settled with the U.S. Securities and Exchange Commission over that August tweet claiming he had the funds to take his electric auto company private, but that hasn't stopped the eccentric billionaire from tweeting.

The tweet came less than four hours after U.S. District Judge Alison Nathan in Manhattan ordered Musk and the SEC to explain by October 11 in a joint letter why their settlement was fair and reasonable and would not hurt the public interest. "And the name change is so on point!" he tweeted, a jeering reference to the Securities and Exchange Commission, whom he'd settled with five days earlier. Hey, the "C" is still the same.

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. The tweet surprised investors, analysts and Tesla's board of directors.

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Musk must also step down as chairman of the board (he gets to stay on as CEO), and in addition to his penalty of $20 million, Tesla has been fined another $20 million.

The website description says they want to help Musk with this "preposterous" SEC filing against him.

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. A Fox Business Network scoop reports that the SEC is looking into mis-statements from Tesla about its Model 3 production goals.

But some former SEC officials and legal experts were divided over whether Musk's comment had crossed a legal line. It is also unclear whether this money will be used to cover Musk's $20 million SEC fine.

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