Billionaire Musk takes a dig at SEC just days after settlement

Wil James Murdoch be the new Chairman of Tesla?

Less than a week after he reached a settlement with federal regulators who had sued him, claiming he misled investors, Musk, the chief executive of Tesla, called the agency the "Shortseller Enrichment Commission" in a Twitter post Thursday.

"Just want to [sic] that the Shortseller Enrichment Commission is doing incredible work", wrote Musk, who has frequently blasted investors who bet against the company's share price rising. "And the name change is so on point!" And their hope is founded, given the fact that Musk, having also been ordered by the SEC to have his public comments overseen by more stock market-savvy individuals, hasn't stopped mocking their kind.

Murdoch, who owns roughly 10,000 shares of Tesla worth about $US3.03 million at Wednesday's price, also serves on the boards of Sky, TrueX Media, 21st Century Fox, New Corp, and Yankee Global Enterprises, as well as a handful of arts organisations, according to Bloomberg data.

Tesla shares fell as Elon Musk mocked the USA financial markets watchdog on Twitter, describing it as the "Shortseller Enrichment Commission".

The tweet on Thursday was "plainly a statement that the SEC's case against Musk lacked merit", Crimmins said. "Elon Musk's erratic behaviour suggests that he sees it the same way". "It's what they do", he said of the SEC. It's the first tweet the tech mogul made after his SEC settlement was announced last Saturday.

It's thought that both sides will argue that removing Musk will damage the company's stock, which already dropped 2 per cent after the Tweet.

Musk has been vocal about his animus toward short-sellers, especially in the past year as Tesla has struggled to meet the ambitious production goals that the CEO set for its Model 3 vehicle.

Following a freakish August 16 interview with The New York Times, Musk's actions were under scrutiny again last month after he appeared to smoke marijuana and drink whiskey during comedian Joe Rogan 's podcast.

"The last several years have taught me that they are indeed reasonably maligned", he tweeted, before adding, "What they do should be illegal".

Speaking of that role, Tesla has 45 days from when the settlement is finalized before Musk has to resign as chairman.

The SEC, Mr Musk and Tesla must file documents later this month to prove the terms are "fair and reasonable".

While Musk settled the charges by agreeing to pay a fine of $20 million and step down as Tesla's chairman, he doesn't seem to have gotten over the incident just yet.

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