"Shortseller Enrichment Commission:" Musk mocks SEC on Twitter

Tesla CEO Elon Musk has reached a settlement with the US Securities and Exchange Commission that requires him to pay a US$20 million fine and step down as chairman, but lets him stay on as chief executive of the electric carmaker.

In a tweet referring to the SEC as "Shortseller Enrichment Commission", Musk wrote sarcastically that the regulator was "doing incredible work". Musk responded by further bullying short sellers on Twitter.

The settlement provided for appointment of a new chairman and directors, as well as moves to oversee Musk's output on social media.

Tesla's stock dipped more than 2% during after hours trading.

In a new tweet, Musk derided the regulator by mentioning a name that carries the SEC name once abbreviated.

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.

Tesla's top executive Elon Musk can't keep his fingers off the keyboard. It's the first tweet the tech mogul made after his SEC settlement was announced last Saturday.

India deports Rohingya Muslims to Myanmar
The men were in Silchar central prison in Assam since 2012 for illegally crossing the border in violation of the Foreigners Act. It is wrong, they haven't been recognised, Prashant Bhushan replied, saying it was the responsibility of the court.

"The board has a duty to shareholders to ensure that they are exercising their fiduciary oversight of the company, including the leadership and management", Courteney Keatinge, director of ESG at the proxy advisor, told Business Insider.

Also on Thursday, District Judge Alison Nathan in Manhattan gave Mr Musk and the SEC until 11 October to explain why the deal they had struck was fair and reasonable and would not hurt the public interest.

This rollercoaster started taking him on a more and more risky ride in the past two weeks, as he has been charged by the SEC with fraud, settled with the watchdog, has been banned from being chair of Tesla for the next three years and fined, together with the company he leads, $40 million. 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 Twitter usage has been in the spotlight since the CEO's August 7 tweets about considering taking the company private.

Nathan '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.

Cuban spent about 15 minutes on the phone urging Musk to reconsider his position after Musk rejected the SEC's original settlement offer on September 27 that would have required a $10 million fine and step down as chairman for two years.

Related Articles