Elon Musk mocks USA financial watchdog after settlement

Elon Musk mocks USA financial watchdog after settlement

"Just want to (sic) that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric auto company said in the tweet.

The stock dropped as much as 3.8 per cent as of 9:40 a.m. Friday in NY, after Musk fired off more than a dozen tweets targeting the Securities and Exchange Commission and short sellers the night before.

Experts spoken to by Reuters suggested there was no "serious chance" for Musk's settlement to be rejected by Nathan, with one adding: "This is just a hoop to be jumped through".

"Just want to (sic) that the Shortseller Enrichment Commission is doing incredible work".

The statement by the electric automaker's CEO alludes to "shortsellers", investors who have bet that Tesla shares will fall and who are frequently the subject of Musk's derision.

Shares of Tesla closed down 4.4% at $281.83, and fell another 2.2% after market hours following Musk's tweet.

As part of the settlement, Musk must also step down as the chairman of the board for three years.

The settlement hit a bump in the road on Thursday after the federal judge on the case ordered Musk and the organisation to justify the agreement as "fair and reasonable".

Pompeo to visit Pyongyang for weekend talks with North Korean leader
Pompeo stressed that, in the meantime, global sanctions would have to remain in place on North Korea. Pompeo's visit to Pyongyang comes as North Korea is seen as toughening its negotiating stance.

As a result, SEC then sued Musk over the tweet, which the United States agency said was "misleading" and caused "significant market disruption". The tweets resulted in a suit from the SEC against Elon Musk, in which the SEC said some of the tweets were "false and misleading".

The SEC did not comment on Mr Musk's tweets, nor did Tesla.

"I have lost 30 years of my life savings all in $tsla thanks to your tweets please stop", TrendTrader007 wrote. U.S. District Judge Alison Nathan on Thursday ordered the SEC, Musk and Tesla to filed documents by October 11 explaining why the agreement is "fair and reasonable".

The SEC settlement still needs court approval. Tesla did not immediately respond.

Elon Musk has mocked a U.S. financial regulator just days after reaching an agreement with it over fraud charges.

Tesla's shares dropped more than 7 percent on Friday, following Musk's swipe at the regulator.

Back in May, Musk rudely cut off analysts on Tesla's first-quarter earnings call.

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