Tesla shares fall after Musk mocks SEC on Twitter

Adjust Comment Print

A Thursday afternoon tweet (exactly a week after the SEC sued him) sarcastically praised the SEC's name - changing it to "Shortseller Enrichment Commission".

Just days after settling with the Securities Exchange Commission, Tesla CEO Elon Musk took to Twitter to troll the SEC on Thursday. Tesla's stock was down 3% at $273.56 a share in after hours trading, adding to a 4.4% decline during the official trading session on Thursday. Musk reportedly rebuffed the SEC's demand that he refrain from saying publicly he did nothing wrong.

In addition to Tesla, Musk is also CEO of SpaceX, The Boring Company, and Neuralink. While Musk settled the charges by agreeing to pay a fine of $20 million and step down as Tesla's chairman, he doesn't seem to have gotten over the incident just yet.

The website description says they want to help Musk with this "preposterous" SEC filing against him.

The judge overseeing the case has asked Tesla and the SEC to write a joint memo justifying the settlement. "Maybe a 420M fine would have been more appropriate?" one Twitter follower said.

Man makes shocking discovery about 30-year-old doorstop
The meteorite hasn't sold yet, but the Smithsonian Museum is considering buying it, as well as another collector. He says the farmer who sold him the property told him it landed in his backyard in the 1930s.

"I think it is juvenile and sophomoric and narcissistic, but I don't think it has particular relevance to the subject of the lawsuit against him", said Harvey Pitt, the SEC chairman under President George W. Bush.

The SEC said those claims were "false and misleading". It sought to bar Musk from being an officer or director of a public company.

Murdoch, who owns roughly 10,000 shares of Tesla 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 organizations, according to Bloomberg data. "It's only inviting the SEC to rethink the settlement".

In court papers and at a news conference, the regulator went to great lengths to spell out Musk's carelessness and erratic behavior, highlighting his threat earlier this year to "burn" investors betting against Tesla stock.

Musk's Twitter usage has been in the spotlight since the CEO's August 7 tweets about considering taking the company private. The CEO said that at the time the needed funding was secured.