Tesla CEO Musk provokes Stock market watchdog SEC with a Tweet. Tesla founder Elon Musk sent a tweet a few days after he found a settlement with the American stock market watchdog SEC in which he provoked the regulator.
In the tweet, Musk mentioned that the abbreviation SEC stands for ‘Shortseller Enrichment Commission’ instead of Securities and Exchange Commission, as the official name is.
With this Musk states that the SEC primarily assists the interests of short sellers, people who speculate on price falls.
According to Musk, the stock market watchdog is entirely in line with the newly assigned name “incredible work”.
Later on, the Tesla CEO added that the stock market watchdog has shown in recent years,
to be “pretty malicious” and that his work “should be illegal”.
The stock exchange regulator recently accused Musk of fraud after he posted on Twitter,
about the privatisation of Tesla and thereby put investors on the wrong track.
Due to the investigation of the SEC, the price of the car manufacturer declined.
The two parties have meanwhile settled.
Musk must quit the position as CEO of the manufacturer of electric cars for three years,
and Tesla and Musk must each pay a fine of 15 million pounds.
However, the settlement still has to be confirmed by the court.