Elon Musk Mocks SEC on Twitter: 'Shortseller Enrichment Commission'

Wil James Murdoch be the new Chairman of Tesla?

Wil James Murdoch be the new Chairman of Tesla?

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.

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.

The SEC has responded by denying any plans for a name change, but won't be drawn on the content of the Tweet. The settlement also requires Tesla to add two independent directors to its board.

The SEC's complaint was sent out last week and suggests Musk tweeted the take-private proposal, in part, to lift the stock of the company and therefore publish the short sellers.

Last week Mr Musk agreed to settle SEC charges that he misled the stock market and harmed investors by tweeting that he had "funding secured" to take Tesla private.

The commission is asking the court for an order stopping him from making false and misleading statements along with repayment of any gains as well as civil penalties.

Elon Musk can't seem to help himself.

The SEC filed a lawsuit on September 27 charging fraud and seeking to bar Musk from serving as an executive at any public company.

The settlement, which still must be approved by a federal judge, includes a provision meant to rein in the Tesla chief's much-criticized use of Twitter.

Separately, a roofing tile product that could collect energy from the sun was justification for buying SolarCity, a company run by Musk and some family members. A federal judge sought to rip up a settlement between Citigroup and the SEC in 2011, launching a three-year battle with the SEC.

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. Rather wisely, the SEC declined to comment on the tweets.

Tesla's total deliveries for the third quarter easily topped Wall Street's expectations this week, but an upcoming quarterly earnings report and CEO Elon Musk's departure as board chairman have analysts turning their attention back towards the electric-car maker's balance sheet.

"I have lost 30 years of my life savings all in $tsla thanks to your tweets please stop", TrendTrader007 wrote.

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