Elon Musk risks SEC's wrath with sarcastic tweet
The Tesla CEO is playing with fire, as his settlement with the Securities and Exchange Commission has not yet been confirmed
San Francisco/Washington — 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’s CEO. In a tweet referring to the SEC as “Shortseller Enrichment Commission”, Musk wrote sarcastically that the regulator was “doing incredible work”. An agreement he reached with the agency on Saturday — which is not final — would bar him from serving as chairman for three years, as punishment for problematic posts he sent about taking Tesla private.
Tesla shares dropped as much as 3.5% to $272 after the close of regular trading. Representatives for the Palo Alto, California-based company did not respond to requests for comment. Ryan White, an SEC spokesman, 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 tweet may test the boun...
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