Elon Musk mocks SEC just days after Tesla settlement

Elon Musk mocks SEC just days after Tesla settlement

Elon Musk mocks SEC just days after Tesla settlement

Tesla shares fell as Elon Musk mocked the U.S. financial markets watchdog on Twitter, describing it as the "Shortseller Enrichment Commission".

The CEO of Tesla, Elon Musk has mocked the Securities and Exchange Commission by calling the organisation the "Shortseller Enrichment Commission" only days after settling charges of fraud brought against him by the agency.

The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share.

The settlement also required Tesla's board to implement procedures for reviewing Musk's communications with investors, which include tweets.

Musk is playing with fire (again) as the SEC deal which allows him to stay on as CEO providing he resign the chairmanship and personally pay $20m, with the figure matched from Tesla's coffers, is yet to be approved.

The SEC has responded by denying any plans for a name change, but won't be drawn on the content of the Tweet.

As the news on the settlement emerged at the weekend, he also told employees in an email that Palo Alto, California-based Tesla was "very close to achieving profitability".

Later, he re-posted a tweet he had written in 2012, saying: "That said, even though they cause me grief, I would defend the right of shorts to exist".

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On Thursday, Tesla shares fell 2.4% to $275 in after-hours trading.

Musk has frequently sparred with short sellers who have bet against the company, and his tweet suggests he believes the SEC acted to benefit his enemies.

The SEC declined to comment.

Elon Musk has hit out at the United States financial regulator just days after they reached a deal on fraud charges against him. "It's what they do", he said of the SEC.

While Musk wanted to fight the SEC, he reportedly had a change of heart when Tesla's stock plummeted almost 14 percent after the lawsuit was announced.

Nevertheless, Musk doubled down on Thursday after getting questioned by another Twitter user about the tweet.

Musk has kept up his cryptic ways this week, tweeting out a music video by rap group Naughty by Nature for their 1991 hit song "O.P.P".

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