Elon Musk Tweet Appears to Mock the Securities and Exchange Commission

Elon Musk Tweet Appears to Mock the Securities and Exchange Commission

A federal judge on Thursday gave Tesla Inc Chief Executive Elon Musk and the U.S. Securities and Exchange Commission one week to justify their settlement to resolve securities fraud charges against the head of the electric vehicle company.

A 1:16 p.m. California time, Mr. Musk's Twitter account tweeted, "Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!"

Musk's comments on the SEC come less than a week after Musk reached a settlement with the SEC, which sued him over his declaration that he had "funding secured" to take Tesla private. Musk agreed to personally pay a $20-million fine, give up his chairman's seat at Tesla and bring two new independent directors onto the electric-car maker's board.

Tesla was not charged with fraud.

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

The judge said it was her regular practice to request such letters.

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Tesla declined to comment.

While things aren't on the up-and-up for eccentric entrepreneur Elon Musk, ousted as Tesla chairman and sued by a USA agency for fraud over scandalous tweets, he's now put Twitter in overdrive with an act certain to invite trouble. But according to Recode's Teddy Schleifer, that requirement doesn't kick in for 90 days after signing, giving Musk a few more weeks of unfettered tweeting.

The judge overseeing the case has asked Tesla and the SEC to write a joint memo justifying the settlement.

The 2nd Circuit has jurisdiction over Nathan's court, and Pritchard said the Citigroup decision likely foreshadows approval of Musk's settlement. "The vast majority of settlements like this are approved by courts".

"I do not think there is any serious chance of the settlement being rejected, based on 2nd Circuit precedent", Pritchard added. "This is just a hoop to be jumped through", he said. The settlement was announced on September 29, two days after Musk was charged.

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