Elon Musk straight-up taunts the SEC on Twitter

05 Octobre, 2018, 06:08 | Auteur: Christine Menetries

Just days after settling with the Securities Exchange Commission, Tesla CEO Elon Musk took to Twitter and trolled the SEC on Thursday.

Shares dipped 3pc on Thursday afternoon within minutes of Mr Musk publishing the tweet: "Just want to [say] that the Shortseller Enrichment Commission is doing incredible work".

According to the Times, the SEC had initially offered the Tesla board a settlement ahead of filing the suit but Musk insisted the board reject it and endorse him, or else he would resign on the spot. Tesla did not immediately respond.

However, the government was annoyed with Musk's decision to bail on the original agreement so they doubled down on the conditions for the new settlement. "Why would they be upset about their mission?"

The SEC alleged that Musk said a representative from Saudi Arabia's Public Investment Fund had shown interest in taking Tesla private but had never discussed with Musk any of the specific terms he described on Twitter, including a proposed $US420 share price and an option for all existing Tesla shareholders to remain with the company after it went private.

Musk agreed to pay a $20m fine and step aside as Tesla's chairman for three years.

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The judge overseeing the case has asked Tesla and the SEC to write a joint memo justifying the settlement. The company has declined to provide detail in recent days over what those controls would entail.

A federal judge is still considering the settlement of the SEC lawsuit.

"It is the essence of free speech".

Shares of Tesla closed down $12.97, or 4.4 percent, at $281.83, and fell another 2.1 percent to $276 following Musk's tweet after market hours.

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.

But in 2014, the 2nd U.S. Circuit Court of Appeals overturned Rakoff's rejection of a $285 million settlement between the SEC and Citigroup Inc, saying he should have given "significant deference" to the regulator.

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