Thursday, 18 October, 2018

Musk mocks 'Shortseller Enrichment Commission' after SEC settlement

Wil James Murdoch be the new Chairman of Tesla? Elon Musk Twitter swipe at US markets regulator: 'Shortseller Enrichment Commission'
Herman Weaver | 06 October, 2018, 09:56

In a tweet Thursday, Musk congratulated the "Shortseller Enrichment Commission" for its "incredible work", noting its "name change is so on point!"

The fallout of the tweet led to Musk settling fraud charges with the agency last weekend, stepping down as chairman of the Tesla board and he and the company each paying a $20 million fine.

Musk did a deal with the SEC on September 29, consisting of a $20 million fine and a ban precluding him from acting as chairman of Tesla for at least three years.

While things aren't on the up-and-up for eccentric entrepreneur Elon Musk, ousted as Tesla chairman and sued by a United States agency for fraud over scandalous tweets, he's now put Twitter in overdrive with an act certain to invite trouble.

The possibility of Tesla going private caused upheaval not only for shareholders caught unawares but also caused turbulence in the stock market. "There's no real upside".

Although Musk and Tesla represent the first recorded case of a corporate CEO's issuance of false and misleading tweets regarding a proposed transaction, this will not be the last such occurrence. In August, the Tesla executive said, "Am considering taking Tesla private at $420".

Suspect in S.Carolina shooting disbarred lawyer
The shooting in Florence ended in a two-hour standoff in a neighborhood where the shooter took children hostage inside a house. The conditions of the three other Florence officers and three deputies who were wounded were not immediately known.


Man uses meteorite as doorstop, finds out it's worth $100G
She found that it was an iron-nickel meteorite with about 88 per cent iron and 12 per cent nickel, a metal rarely found on Earth. A man has discovered that a rock he's been using as a doorstop for 30 years is a meteorite worth $100,000.


MI man's doorstop rock turns out to be a $100k meteorite
The farmer claimed the rock had fallen in the 1930s and that the new owner could have it since it was "part of the property". The Smithsonian and a mineral museum in ME are considering purchasing the meteorite for display, according to CMU.


Musk "doubled down" on the remark when another user on Twitter commented saying that Musk needs "a social team that can get attention without typos and without enraging the Shortseller Enrichment Committee".

The SEC declined Business Insider's request for comment.

A little more than an hour after his initial tweet about the SEC on Thursday, one follower wrote to Musk that he seemed to be working against Tesla investors.

In addition to Tesla, Musk is also CEO of SpaceX, The Boring Company, and Neuralink. Way the trick works is companies like Blackrock keep up to 50% of short interest revenue, but suffer nearly none of equity decline, as they're just "passive" managers. A federal judge still has to decide whether the penalties levied against the CEO are appropriate.

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

"In and of itself it's not an ominous sign", said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. Nathan must approve the settlement's terms. 'This is just a hoop to be jumped through'.

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