Elon Musk Twitter swipe at United States markets regulator: 'Shortseller Enrichment Commission'

07 October, 2018, 01:46 | Author: Sheri Evans
  • Elon Musk tweet

The Tesla boss tweeted the "Shortseller Enrichment Commission", as he dubbed the Securities and Exchange Commission (SEC), was doing "incredible work". "And the name change is so on point!" he said, missing at least a word in the phrase.

"Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors", the SEC said in its complaint.

Shares in Tesla fell more than five per cent in the first hours of trading this afternoon, having already closed 4.4 per cent down yesterday evening.

Over the weekend, Musk reached an agreement with the SEC to settle charges stemming from the now-infamous August 7 tweet about having "funding secured" to take the company private.

"It probably doesn't affect the settlement between Musk and the SEC, because it does not deny wrongdoing and does not seem to be material company information", said former SEC enforcement official Alma Angotti, now serving as managing director of risk and compliance at Navigant Consulting, in an email.

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His extraordinary slap at federal regulators comes as U.S. District Judge Alison Nathan in Manhattan said on Thursday that Musk and the SEC would have one week to justify their settlement to resolve securities fraud charges against the CEO.

It was mere days ago that Musk and SEC agreed on a settlement to avoid a potentially lengthy battle over claims of securities fraud. Musk and Tesla also are required to pay $20 million in penalties each. The Tesla CEO is apparently taunting the government agency that accused him of duping investors just days after negotiating a settlement to keep his job.

The SEC has so far declined to comment on either of Musk's tweets.

Murdoch, who owns roughly 10,000 shares of Tesla worth about $US3.03 million at Wednesday's price, also serves on the boards of Sky, TrueX Media, 21st Century Fox, New Corp, and Yankee Global Enterprises, as well as a handful of arts organisations, according to Bloomberg data.

Tesla did not immediately respond to CNBC's request for comment.

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Will Musk's regret his latest Twitter outburst?

Additionally, Tesla's board must implement procedures for monitoring Musk's communications with investors, including on Twitter.

Einhorn's assessment of the Tesla CEO's motives should be taken with a grain of salt, however - he and Musk have battled each other through Musk's tweets and Greenlight's investment letters.

On Monday, Elon Musk tweeted a Youtube link to the 1990s hip-hop video entitled O.P.P. captioned with "Naughty by Nature", the group behind the popular rap song.

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