Elon Musk mocks SEC just days after Tesla settlement

It is reported that Murdoch hasn't volunteered for the post nor has he discussed it with any other director.

Just days after settling with the Securities Exchange Commission, Tesla CEO Elon Musk took to Twitter and trolled the SEC on Thursday. The tweets had no basis in fact, and the ensuring market chaos hurt investors, it claimed.

Mr Musk, chief executive of Tesla, described the SEC as the "Shortseller Enrichment Commission" hours after a federal judge ordered him and the agency to justify how they arrived at their settlement. The deal required him to give up the chairman role at the automaker and to pay a US$20 million fine.

Musk is believed to have experienced a change of heart after seeing Tesla's stock plunge the following morning.

As a result, the SEC reportedly increased Musk's fine from $10 (£7.7 / €8.7) million to $20 (£15.4 / €17.4) million.

Tesla Chief Executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016.

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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. A Fox Business Network scoop reports that the SEC is looking into mis-statements from Tesla about its Model 3 production goals. Last week, the SEC sought to prohibit him from serving as an officer of a public company.

Shares of Tesla fell more than 2 percent after hours following the tweet.

The settlement last Saturday was meant to resolve charges that Musk misled investors in tweets on 7 August, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share.

"At the very the least, they can read the riot act to Musk's lawyer", said Stephen Crimmins, a former SEC enforcement lawyer who's now a partner at Murphy & McGovern.

"Reading the mind of Elon Musk is beyond my ability, but he is soon to join the SEC in front of a federal judge to defend the recent settlement agreement", said Stephen Diamond, an associate professor of law at Santa Clara University, who specialises in corporate governance.

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