After agreeing to a settlement deal, Elon Musk mocks SEC with cheeky tweet


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After agreeing to a settlement deal, Elon Musk mocks SEC with cheeky tweet

Days after Tesla co-founder Elon Musk agreed to a settlement deal with the Securities and Exchange Commission (SEC), the 47-year-old courted controversy again by tweeting. On Thursday, Musk posted a tweet which mocked the SEC.

The tweet said, "Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!" Tesla chief executive's tweet didn't bring about any further scrutiny from the SEC who, initially had a problem with him tweeting about turning his company into a private company from its present status as a public holding.

The SEC went on to file a suit against Musk before presenting to him a settlement deal. The settlement which was firstly refused by Musk, was later agreed by him. As per the terms of the settlement, both Tesla and Musk had to pay a fine of $20 million to the SEC.

Likewise, Musk also agreed to resign from his post of the company's chairman. Following Musk's irreverent tweet, the company's shares plunged by about 2.5%. Earlier, on Thursday, both Musk and the SEC were asked to provide a justification for the aforementioned deal which was agreed between the two parties by an American district judge.

Alison Nathan, who is the judge handling the approval of the terms of the deal as agreed between Musk and the SEC said that she was legally required to affirm whether the deal wouldn't contravene the interests of the general public.