Published: Sun, October 07, 2018
Markets | By Jeffery Armstrong

'Shortseller Enrichment Commission’? Musk mocks SEC over fraud probe

'Shortseller Enrichment Commission’? Musk mocks SEC over fraud probe

Murdoch, who owns roughly 10,000 shares of Tesla worth about $US3.03 million at Wednesday's price, also serves on the boards of Sky, TrueX Media, 21st Century Fox, New Corp, and Yankee Global Enterprises, as well as a handful of arts organisations, according to Bloomberg data.

Tesla delivered 8% more vehicles in the third quarter than Wall Street analysts had expected.

Facepalm: On Thursday, Elon Musk tweeted "Just want to that the shortseller enrichment commission is doing incredible work".

Under those agreements, which still have to be approved by a federal court, Tesla agreed to replace Musk with an independent chairman and to name two new independent directors. Tesla shorts were up more than $1.2 billion after the SEC filed its lawsuit against Musk, according to S3 Partners data from September 28.

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Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla.

Mr Musk, 47, has long had a hatred of shortsellers - investors who have been betting on a fall in Tesla stocks.

U.S. District Judge Alison Nathan, who must approve the settlement, has given the SEC, Musk and Tesla until October 11 to explain why the terms are fair and reasonable.

Musk's Twitter usage has been in the spotlight since the CEO's August 7 tweets about considering taking the company private. Einhorn said that just like Lehman, Tesla CEO Elon Musk has "bluffed" about the company's current financial position. He SEC alleged he rounded up the buyout price for Tesla to $420 a share to amuse his girlfriend at the time with a marijuana-culture reference.

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Tesla investors will be watching and hoping that the additional information provided in the letter will be enough for the judge to approve the settlement. But if you looked over Musk's Twitter feed - full of tweets about flamethrowers and flights to Mars - and "you took it too seriously", that's "80 percent on you".

Following the SEC's regulatory action against Musk, Tesla's board said it remains fully confident in his leadership.

In other news, Consumer Reports said the Cadillac Super Cruise was the top-rated partially automated driving vehicle over Tesla because it does the best job of balancing high-tech capabilities with ensuring that the auto is operated safely and that the driver is paying attention.

Originally, the SEC's lawsuit sought to bar Musk from serving in any type of officer role at a publicly traded company.

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Under terms of the settlement, neither Musk nor Tesla admitted or denied the allegations.

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