Tesla's Musk mocks US agency just days after settling with it

Wil James Murdoch be the new Chairman of Tesla?

Shares in Tesla were down 4.4 per cent at $281.83 after Tesla CEO Elon Musk appeared to troll the SEC as the "Shortseller Enrichment Commission" on Twitter just days after settling fraud charges it brought against him.

'Just want to [say] that the Shortseller Enrichment Commission is doing incredible work.

Musk and Tesla each agreed to pay separate $20 million fines to settle allegations that Musk misled investors in early August by tweeting that he had already secured funding to take Tesla private.

U.S. District Judge Alison Nathan, who must approve the settlement, has given the SEC, Musk and Tesla until October 11 to explain why the terms are fair and reasonable.

FILE PHOTO: Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California, U.S., June 22, 2012. "And the name change is so on point!" he said on Twitter. (FOX), to replace Elon Musk as the company's chairman, people familiar with the matter told The New York Times. Tesla shorts were up more than $1.2 billion after the SEC filed its lawsuit against Musk, according to S3 Partners data from September 28.

The Wall Street consensus for Tesla shares has fallen to $291, from above $300, in recent weeks amid the fallout from the Securities and Exchange Commission's lawsuit against Musk and its subsequent settlement.

Tesla also accepted a $20 million fine, despite not being charged with fraud.




Federal courts have rejected SEC settlements in the past if the judge thinks they are too lenient, the report added.

In addition, Musk will step down as Tesla's Chairman and will not seek re-election for at least three years.

Hedge fund manager David Einhorn lambasted Tesla Inc TSLA.O and its "despondent" Chief Executive Elon Musk on Friday, comparing the electric auto company to Lehman Brothers Holdings Inc, where he had flagged accounting problems several months before its 2008 collapse.

He has used Twitter to criticize short-sellers betting against his company. Critics accused the SEC of "letting him off easy", said David Gelles, also at the Times.

On Thursday, the federal judge responsible for green-lighting the settlement asked the SEC and Musk to provide a joint statement explaining why the deal should be approved. And their hope is founded, given the fact that Musk, having also been ordered by the SEC to have his public comments overseen by more stock market-savvy individuals, hasn't stopped mocking their kind.

While venting his anger, Musk took aim at short sellers, tweeting that "what they do should be illegal".

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