'Shortseller Enrichment Commission’? Musk mocks SEC over fraud probe

'Shortseller Enrichment Commission’? Musk mocks SEC over fraud probe

'Shortseller Enrichment Commission’? Musk mocks SEC over fraud probe

A NY district court judge has asked Tesla Inc Chief Executive Officer Elon Musk and the U.S. Securities and Exchange Commission to provide a joint statement by October 11, explaining why their settlement should be approved.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work", he said. This rollercoaster started taking him on a more and more risky ride in the past two weeks, as he has been charged by the SEC with fraud, settled with the watchdog, has been banned from being chair of Tesla for the next three years and fined, together with the company he leads, $40 million.

FILE PHOTO: Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California, U.S., June 22, 2012. "Short sellers are desperately pushing a narrative that will possibly result in Tesla's destruction", Musk said in a now notorious interview with the New York Times in August.

Tesla did not immediately respond to requests for comment.

As per SEC, Musk's statements violate the 1934 Securities Exchange Act, and that Musk "knew or was reckless in not knowing" that his tweets were not accurate and correct. Tesla stock skyrocketed 16 percent Monday as investors and analysts believed the settlement was a best-case scenario for Tesla. "The vast majority of settlements like this are approved by courts". An agreement he reached with the agency Saturday - which isn't final - would bar him from serving as chairman for three years as punishment for problematic posts he sent about taking Tesla private.

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Teresa Goody, a former SEC attorney and CEO of The Goody Group, said Musk's "contempt for the SEC is sending a message that he has no regard for the securities laws that are meant to protect investors and ensure a fair and efficient marketplace".

Musk doubled down on the tweet shortly after. The SEC alleged that Musk hadn't locked up the estimated $25 billion to $50 billion that it would have required to pull off that deal, and wanted to punish him by forcing him out as Tesla's CEO.

Tesla shares took another leg down Friday afternoon after hedge fund manager and Tesla short David Einhorn of Greenlight Capital criticized the automaker in his third-quarter letter to investors.

"I do not think there is any serious chance of the settlement being rejected, based on 2nd Circuit precedent", Pritchard added. They don't include any provision that would prohibit him from voting, as a director of Tesla, on its new chairman or its new directors.

The SEC declined to comment on Mr Musk's latest tweet.

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