Elon Musk Twitter swipe at U.S. markets regulator: 'Shortseller Enrichment Commission'

06 October, 2018, 18:35 | Author: Brooke Harris
  • Tesla Directors Propose James Murdoch To Succeed Musk As Chairman Report

"Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric vehicle company, wrote on Twitter.

An e-commerce website is selling merchandise with the slogan "Save Elon" to raise awareness about Tesla CEO Elon Musk's lawsuit with the Security Exchange Commission (SEC).

Though Musk and Tesla settled the suit with the SEC, some investors might worry Musk's actions on Thursday could still threaten the settlement.

"Just want to (say) that the Shortseller Enrichment Commission is doing incredible work".

Musk has long waged a rhetorical war against shortsellers-investors who borrow shares of Tesla in order to profit if the price drops.

The tweet surprised investors, analysts and Tesla's board of directors. Tesla also had to pay a $20m fine, despite not accepting charges. The tweets resulted in a suit from the SEC against Elon Musk, in which the SEC said some of the tweets were "false and misleading".

Tesla did not immediately respond to requests for comment.

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In a separate tweet, Musk took another shot at shortsellers and accused BlackRock Inc (BLK.N) of enabling them by saying, "The big funds can & will (sic), as they're suffering a net loss".

He then replied to it, writing: "The last several years have taught me that they are indeed reasonably maligned".

The judge overseeing the case has asked Tesla and the SEC to write a joint memo justifying the settlement. Its shares were down 7 percent at $262.05 in late afternoon trading.

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

Musk's defiance on Twitter, where he has 22 million followers, could prove risky or unwise: Regulators had pushed to bar him from leading the company, and could do so again if they feel Musk or the company have not abided by the deal.

As part of Musk's settlement with the SEC, Tesla is supposed to monitor its CEO's Twitter posts, but only those that have to do with company news.

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