Published: Sun, October 07, 2018
Money | By Arnold Ball

Tesla’s Musk mocks USA agency just days after settling with it

Tesla’s Musk mocks USA agency just days after settling with it

Mr. Musk's post came nearly a week after he reached a deal with the SEC to settle a lawsuit over Tweets he posted on 7 August when he said he had secured funding to take the his niche EV company private at 420/share, causing the company's stock to soar.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. Separately, Tesla agreed to pay $20 million to settle claims it failed to adequately police Musk's tweets.

According to an account by the Detroit Free Press, West had a busy day in the Motor City, which he documented on social media.

The CEO of the electric vehicle maker (TSLA) fired off a tweet Thursday afternoon in an apparent snub of the Securities and Exchange Commission, referring to the agency as the "Shortseller Enrichment Commission". The deal settled charges that Musk made false and misleading statements about having secured the funding to take Tesla private.

Cuban spent about 15 minutes on the phone urging Musk to reconsider his position after Musk rejected the SEC's original settlement offer on September 27 that would have required a $10 million fine and step down as chairman for two years. U.S. District Judge Alison Nathan today ordered the SEC, Musk and Tesla to filed documents by October 11 explaining why the agreement is "fair and reasonable".

By Randy PennellElon Musk can't say he did anything wrong, but he can let you know how he feels about the Securities and Exchange Commission.

Tesla has consistently been one of the most-shorted USA stocks as many investors continue to bet on declines in share prices. "And the name change is so on point!" he said on Twitter. Musk said on Twitter.

Elon Musk’s "Funding Secured" Tweet Just Cost Him & Tesla $40 Million
Musk, a co-founder of Tesla , is the company's largest stockholder, owning approximately 22 per cent of its outstanding shares. As of Friday afternoon, Tesla's stock price dropped by 14 percent to $264.77, erasing $7.3 billion in shareholder value.

"They promised to have controls to keep him from doing these things", she said.

Tesla shares declined by more than 2 percent to $274.50 in extended trading after Musk's tweet.

Musk's dispute with the SEC originated on August 7, when Musk said he was considering taking Tesla private at $420 a share, and that he had already secured the funding.

Representatives for the Palo Alto, California-based company didn't respond to requests for comment.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

He will also be able to help pick the two new independent directors the SEC ordered Tesla to add to its board.

"Someone has to get a hold of his Twitter account and stop him", Henning said.

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