Monday, 12 November, 2018

SEC, or Shortseller? Elon Musk appears to mock agency following $40m settlement

Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014.					Charles Sykes The Canadian Press via AP Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014. Charles Sykes The Canadian Press via AP
Andy Castillo | 07 October, 2018, 08:42

"Just want to that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric auto company, wrote on Twitter. "And the name change is so on point!" the often-erratic exec posted Thursday afternoon.

While some investors then came forward and confirmed that meetings had taken place in which Musk had raised the possibility of taking Tesla private, the message also caught the attention of SEC, which demanded an explanation.

Shares in Tesla closed down 4.4%, and fell further in after hours trading following Mr Musk's tweet.

Elon Musk made a decision to step down as the chairman of Tesla as a part of the settlement between him and Securities and Exchange Commission after the charges of security fraud were levied on him.

After determining that the tech entrepreneur was guilty of misleading investors when he tweeted that that he had secured funding to take Tesla private, federal regulators reached out to the electric vehicle maker to discuss a suitable punishment.

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

Amid controversies over his appearance on "Saturday Night Live" and comments about slavery, musician Kanye West visited Detroit, where he commented about Elon Musk. Yes, the SEC's job is to make sure shareholders can rely on what CEOs say.

Teenager Shaw's debut ton puts India on top
Overall, he faced 137 balls and hit only four boundaries, not the most fluent knock by the world's No 1-ranked test batsman. Kemar Roach returned home for the funeral of his grandmother, and captain Jason Holder withdrew because of an ankle injury.

"The Court has a duty to ensure the proposed consent judgment is "fair and reasonable", Judge Nathan wrote in the order, numbered 18-cv-08865-AJN".

In addition, Musk will step down as Tesla's Chairman and will not seek re-election for at least three years. It is also unclear whether this money will be used to cover Musk's $20 million SEC fine. Tesla didn't immediately respond to requests for comment.

'I do not think there is any serious chance of the settlement being rejected, based on 2nd Circuit precedent, ' Pritchard added.

Musk is a long time critic of what he believes is a bias towards Short Sellers (ask an accountant).

Musk and Tesla each agreed to pay separate $20 million fines to settle allegations that Musk misled investors in early August by tweeting that he had already secured funding to take Tesla private.

Later Thursday, Musk returned to Twitter to deride short-sellers.

U.S. District Judge Alison Nathan in Manhattan said her regular practice is to have parties submit a joint letter, in this case by October 11, to show why their settlement was fair and reasonable and would not hurt the public interest.

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