Thursday, 18 October, 2018

Tesla CEO Elon Musk apparently rips SEC after deal: 'Shortseller Enrichment Commission'

Wil James Murdoch be the new Chairman of Tesla? Elon Musk Twitter swipe at US markets regulator: 'Shortseller Enrichment Commission'
Elsie Buchanan | 07 October, 2018, 01:49

Tesla (TSLA) shares were already down 5 percent Friday morning, a day after Musk sent out a tweet that appeared to mock the Securities and Exchange Commission , with whom Musk is trying to settle allegations of fraud.

Taking to his usual place to vent, Twitter, Elon Musk said "Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work". They then agreed to a settlement that was just recently signed by a judge, stipulating that Musk had to step down as Chairman of Tesla and pay a $20 million fine.

Musk, 47, has rarely seemed hesitant to make provocative statements to his more than 22 million followers on Twitter. "And the name change is so on point!" the often-erratic exec posted Thursday afternoon.

Musk, for his part, has used Twitter to mock Einhorn, saying on August 1 he would "send Einhorn a box of short shorts to comfort him through this hard time". Rather wisely, the SEC declined to comment on the tweets.

"Tesla and the board of directors are fully confident in Elon, his integrity, and his leadership of the company, which has resulted in the most successful USA auto company in over a century", the board said. Tesla also had to pay a $20m fine, despite not accepting charges. His tweet came hours after a federal judge ordered him and the regulator to justify their settlement. As per the settlement, Musk will resign within 45 days and will not contest for the position for the next three years. The SEC alleged that Musk hadn't locked up the estimated $25 billion to $50 billion that it would have required to pull off that deal, and wanted to punish him by forcing him out as Tesla's CEO.

The settlements were related to Musk's infamous "funding secured" tweets regarding a potential move to take Tesla public.

USMCA expected to improve investor confidence in Canada
Nearly two months ago, the US reached an agreement with Mexico, which pressured Canada into returning to the negotiating table. Todd Heyn, field adviser for the New York Farm Bureau, said the deal will "absolutely" help the state's dairy industry.


Tesla and Musk's deal with the SEC would allow Musk to stay on as CEO of Tesla (TSLA) and does not require that he admit wrongdoing.

"It also bolsters the SEC argument that the motive for the false and misleading tweets about taking the company private was to thwart the short sellers".

Separately, the Wall Street Journal said billionaire businessman Mark Cuban talked with Musk for 15 minutes and convinced him to take the deal.

That Musk stirred further controversy on Twitter could irk regulators, since his tweets are what prompted the SEC's accusations.

In fact, the head of the investors from Tesla wrote to Elon Musk whether the decision was the text legit.

The Tesla boss dislike of short-sellers is well-known: He once called them "jerks who want us to die".

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