Elon Musk Mocks the SEC on Twitter: ‘Shortseller Enrichment Commission’

Wil James Murdoch be the new Chairman of Tesla?

"Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric auto company, wrote on Twitter. "And the name change is so on point!"

Tesla CEO Musk may have settled with the U.S. Securities and Exchange Commission over that August tweet claiming he had the funds to take his electric auto company private, but that hasn't stopped the eccentric billionaire from tweeting. As a part of the settlement, Elon Musk has agreed to pay $20 Mn each to financial regulators and Musk will step down as the company's chairman but remain as chief executive.

Elon Musk insulted the Securities and Exchange Commission days after settling a fraud lawsuit brought by the US agency, potentially imperiling a deal that allows him to remain Tesla Inc.'s chief executive officer.

Musk also dragged BlackRock Inc. into his long-running dispute with short sellers, claiming that the fund manager was reaping heavy profits by lending shares they hold to this group of investors.

The CEO said that at the time the needed funding was secured. "There's no real upside".

Shares in Tesla closed down 4.4%, and fell further in after hours trading following Mr Musk's tweet.

In June, Musk wrote that shorts "have about three weeks before their short position explodes"-presumably a prediction that Tesla's strong quarterly results would cause Tesla's stock to rise".

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The lack of support from investors eventually led to his "grudging approval" to reach a settlement with the SEC.

The judge said it was her regular practice to request such letters.

"Seriously? You know you still need their help convincing a judge that your penalty was sufficient".

"Elon appears to be resistant to signing this agreement" said Gene Munster, a managing partner at venture capital firm Loup Ventures.

The SEC declined to comment.

The post risks putting back in play stiffer forms of punishment that the SEC sought last week, including a prohibition on Musk serving as officer of a public company.

The settlement mandated that the company must implement "mandatory procedures and controls to oversee all of Elon Musk's communications regarding the Company made in any format". Nathan must approve the settlement's terms. "It's what they do", he said of the SEC.

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