Monday, 10 December, 2018

SEC Mocked by Elon Musk on Twitter

Tesla Owners Can Have Images Sent to Deep Space New photos of Tesla’s next-gen Roadster surface online
Orlando Vargas | 05 October, 2018, 17:24

Tesla CEO Elon Musk seemed to take aim at the Securities and Exchange Commission (SEC) in a tweet on Thursday, calling it the "Shortseller Enrichment Commission". "And the name change is so on point!" In its lawsuit, the SEC suggested that Mr Musk was trying to harm short-sellers - investors who bet that a company's share price will fall.

The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets. This likely explains why Tesla's board of directors released a statement saying they're "fully confident in Elon, his integrity, and his leadership of the company".

The stock dropped as much as 3.8 per cent as of 9:40 a.m. Friday in NY, after Musk fired off more than a dozen tweets targeting the Securities and Exchange Commission and short sellers the night before.

Last week Musk settled the securities fraud charge from the SEC, following his tweet in August about potentially taking Tesla private.

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

Some judges have complained about being viewed as rubber stamps for SEC settlements.

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Peter Henning, a Wayne State law professor who was formerly an SEC attorney, said: "It certainly shows his pique at having to settle".

Tesla shares dropped 4.4 percent Thursday, and were down an additional 2.5 percent in extended trading, to $274.75. The company also accepted a $20 million fine, despite not being charged with fraud.

But Musk and Tesla might not even be out of the woods yet.

The 2nd Circuit has jurisdiction over Nathan's court, and Pritchard said the Citigroup decision likely foreshadows approval of Musk's settlement.

"I'm shocked", Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of DE, said of Musk's attack on the agency. "This is just a hoop to be jumped through", he said.

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