Misc

Elon Musk Has To Pay Millions in Fines But Still Finds Time To Mock The SEC

By Betty Joita

Posted on October 5, 2018

Seems like Elon Musk has not been put on the social media leash just yet and until he does, he most likely plans to have fun until the last moment.

Musk tweeted on Thursday :”Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!“, mocking the Securities and Exchange Commission.

Elon Musk and Tesla agreed to a settlement last week in order to resolve the charges filed against Musk of misleading the investors with his tweets about taking Tesla private and that the funding for it had been secured with $420 per share.

Musk has agreed to pay $20 million in fines and step away from his position as Tesla chairman for the next three years, without seeking re-election in the meantime. Tesla also suffered a hit, in spite of the company itself not being charged with fraud – it has to pay a $20 million fine as well.

Tesla has so far not made any official statement regarding Elon Musk’s most recent tweet but even so, the tweet does not, technically, violate any part of the settlement, since the tweet did not explicitly criticize the SEC as being unfair towards him or the company.

We can safely say that none of this is helping neither Musk or Tesla in the current situation.

It’s also worth noting that, just three minutes after Musk’s tweet, Tesla stock prices fell by another 2%.