Elon Musk mocks SEC just days after Tesla settlement

Tesla CEO Elon Musk mocked the Securities and Exchange Commission in a tweet on Thursday. 


David Mcnew / AFP/Techhnews

Tesla CEO Elon Musk broke his Twitter silence about his deal with the US Securities and Exchange Commission on Thursday, dubbing the regulatory agency the “Shortseller Enrichment Commission.”

Last month, the SEC filed a lawsuit against Musk after an August tweet in which he said he was considering taking the company private. The tweet surprised investors, analysts and Tesla’s board of directors. Musk eventually backtracked on that statement, saying the electric-car company will remain public for the time being. 

“Musk’s false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla’s stock and resulting harm to investors,” the SEC said in its complaint.

Musk reached a settlement with the SEC in September, in which he agreed to step down as the chairman of Tesla’s board and pay a $20 million fine, in addition to other penalties and mandated changes levied at the company.

The SEC declined to comment on Musk’s tweet.

But Musk apparently was done venting about his frustrations with the securities market, taking aim a few hours later at the investors who are short selling his company’s stock. 

“The last several years have taught me that they are indeed reasonably maligned,” he tweeted​, before adding, “What they do should be illegal.”

Here’s the SEC’s lawsuit:

Originally posted at 2 p.m. PT

Updated at 5:25 p.m. PT with Musk’s tweet about short sellers.

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