Elon Musk calls SEC the 'Shortseller Enrichment Commission' in tweet

Some Twitter users celebrated Musk's tweet, while others expressed disapproval.

Tesla CEO Elon Musk broke his Twitter silence about his deal with the US Securities and Exchange Commission Thursday, dubbing the regulatory agency the "Shortseller Enrichment Commission". "And the name change is so on point!" he tweeted, a jeering reference to the Securities and Exchange Commission, whom he'd settled with five days earlier.

On September 27, the SEC had filed charges against Musk, claiming that he made false statements about taking his company private at $420 a share.

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

Musk has often previously vilified short sellers, who bet that the price of a stock will go down, blaming them for spreading bad press and negative analysis on Tesla's prospects.

Musk was subsequently forced to give up his position as Tesla chairman and pay a $20-million penalty to settle fraud charges.

More news: Venom: What the critics are saying

Tesla was not charged with fraud.

The SEC declined Business Insider's request for comment.

Tesla declined to comment.

"She may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up", said Adam Pritchard, a University of MI law professor and former SEC lawyer.

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. He also reportedly demanded that Tesla's directors publicly back him, prompting the company to issue a statement saying that it is "fully confident in Elon, his integrity, and his leadership of the company". However, the government was annoyed with Musk's decision to bail on the original agreement so they doubled down on the conditions for the new settlement.

The SEC settlement still needs court approval.

Like this



05 October 2018
Police Say Drunk Birds Will Sober Up Soon
Police in northern Minnesota are asking the public to please stop calling them about the influx of "drunk" birds flying around. The warning was posted in response to reports of drunk birds flying into windows and cars, and just generally being wasted.

05 October 2018
Taking selfies has killed at least 259 people according to report
For perspective, there were 12 selfie-related deaths reported that year while there were eight deaths caused by shark attacks. More than half of those deaths occurred in India, but Russian Federation , the USA and Pakistan round out the top four.

05 October 2018
Amy Schumer detained while protesting Brett Kavanaugh in Washington, DC
Outside the Hart Senate Office Building, where Senators are still "deciding" on their votes, the protesters were evacuated. Ratajkowski concluded: 'I demand a government that acknowledges, respects and supports women as much as it does men'.

05 October 2018
The Goblin dwarf planet may lead to Planet Nine discovery
The astronomers have submitted a paper describing the discovery to The Astronomical Journal . Scientists discovered an extremely distant object billions of miles beyond Pluto .

04 October 2018
Pompeo optimistic progress will be made on North Korea trip
Secretary of State Mike Pompeo plans to meet with North Korean leader Kim Jong Un in Pyongyang on Sunday, the State Department announced Tuesday.

04 October 2018
Juventus forward Cristaino Ronaldo omitted from Portugal national team amid rape allegations
Portugal visit Poland for a Nations League match on October 11 and then travel to Scotland for a friendly three days later. The lawsuit said Mayorga reported the alleged assault to police the same day and was examined at a local hospital.

04 October 2018
Doug Ford concerned about USMCA dairy concessions
What they received is more than what Canada offered up under the Comprehensive and Progressive Trans Pacific Partnership (CPTPP). The U.S. first proposed phasing out Canada's dairy system in NAFTA talks and eventually sought more moderate demands.

04 October 2018
Jimmy Kimmel Stormy Daniels Clip
Stephen Colbert had some thoughts on Wednesday's test of the new emergency alert system , which allows President Donald Trump to send messages to most US cellphones.

04 October 2018
‘Ex-Navy sailor’ behind Pentagon ricin package scare
The mail screening facility is on the Pentagon grounds but separate from the main building. The letter was sent to the White House but it never entered the presidential residence.

04 October 2018
Indian court allows deportation of 7 Rohingya to Myanmar
It was because of the persecution at home, the Rohingya fled to India and other neighbouring countries in 2012 for refuge. With the Supreme Court refusing to intervene, India has handed over the 7 Rohingyas to Myanmar on Thursday morning.