Culture

Elon Musk Tweet Appears to Mock the Securities and Exchange Commission

Elon Musk Tweet Appears to Mock the Securities and Exchange Commission”

Musk used his Twitter account to jab the Securities and Exchange Commission, the same agency that went after him for an August 7 tweet in which he declared he had secured financing for a Tesla buyout.

On Sept. 27, the SEC charged Musk with securities fraud, alleging he misled investors in tweets about taking the company private.

In a series of tweets, the CEO of Tesla and SpaceX Musk accused BlackRock of making "excessive profit" from lending shares they hold to short sellers because "they're suffering a net loss".

However, the next day, Tesla's attorneys were back at the SEC requesting them for a second chance, this time with Musk's "grudging approval", the paper said.

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.

On Thursday, Tesla shares fell 2.4% to $275 in after-hours trading.

Tesla declined to comment. The tweet may test the boundaries of an agreement not to deny wrongdoing, and a federal judge still has to decide whether the penalties levied against the CEO are appropriate. Ryan White, an SEC spokesman, declined to comment.

The SEC said those claims were "false and misleading".

Musk, 47, agreed to step down as chairman within 45 days and be replaced with an independent director.

Musk's latest tweet came less than four hours after the U.S. district judge Alison Nathan in Manhattan ordered him and the SEC to explain by 11 October in a joint letter why their settlement was fair and reasonable and would not hurt the public interest.

But two days after the settlement, Musk had already raised eyebrows by tweeting out the video for "OPP", a 1990s hip-hop tune by the group "Naughty by Nature", along with a winking emoji, at 1.22am California time.

Elon Musk has mocked a USA financial regulator just days after reaching an agreement with it over fraud charges.

Musk has been open about his thoughts on investors who are betting against Tesla known as short-sellers. "Naughty by Nature", he tweeted, including a winking face.

The stock market did not seem thrilled about Musk's latest tweet today.



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