‘Shortseller Enrichment Commission’ AKA SEC… Says Elon Musk
Elon Musk: the man, the meme, the legendâ¦
The CEO of Tesla, Elon Musk has mocked the Securities and Exchange Commission by calling the organisation the âShortseller Enrichment Commissionâ only days after settling charges of fraud brought against him by the agency.
In the tweet where Musk takes a sarcastic tone on the SEC and changes the name of the organisation, he says:
âJust want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!â
Think you might need to download Grammarly for the future there Elonâ¦
Musk âdoubled downâ on the remark when another user on Twitter commented saying that Musk needs âa social team that can get attention without typos and without enraging the Shortseller Enrichment Committee.â
After the now infamous tweet, shares in Tesla sunk over 2% just hours after sending it out on the social platform. Itâs worth noting that stock was already down 4.4% during regular hours anyway.
Last week, Musk came to an agreement with the SEC to settle fraud charges in connection with his tweet on 7th August about taking the company to become private. The CEO said that at the time the needed funding was secured.
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 âfair and reasonable.â
Musk has been open about his thoughts on investors who are betting against Tesla known as short-sellers. He has accused them spreading a negative image and last year he even called them âjerks who want us to die.â
Later on 4th October, Musk responded to another userâs tweet saying that short selling should be illegal by agreeing and describing short sellers as âvalue destroyers.â
The SECâs complaint was sent out last week and suggests Musk tweeted the take-private proposal, in part, to lift the stock of the company and therefore publish the short sellers. Investors who betted against Tesla lost over $1 billion near enough straight after the tweet was posted.
What are your thoughts? Let us know what you think down in the comments below!