Elon Musk mocks United States agency just days after settling with it

Elon Musk mocks United States agency just days after settling with it

Elon Musk mocks United States agency just days after settling with it

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

Tesla CEO Elon Musk criticized the U.S. Securities and Exchange Commission in a tweet Thursday, referring to the stock-market regulator as the "Short-Seller Enrichment Commission". "And the name change is so on point!"

This pushed the SEC to sue Musk for securities fraud as the agency alleged "Musk had not even discussed, much less confirmed, key deal terms, including price, with any potential funding source".

Tesla CEO Musk may have settled with the U.S. Securities and Exchange Commission over that August tweet claiming he had the funds to take his electric vehicle company private, but that hasn't stopped the eccentric billionaire from tweeting.

The SEC declined to comment on Mr Musk's latest tweet.

While things aren't on the up-and-up for eccentric entrepreneur Elon Musk, ousted as Tesla chairman and sued by a USA agency for fraud over scandalous tweets, he's now put Twitter in overdrive with an act certain to invite trouble. An agreement he reached with the agency Saturday - which isn't final - would bar him from serving as chairman for three years as punishment for problematic posts he sent about taking Tesla private.

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Musk agreed in the settlement to pay a US$20 million fine. Ryan White, an SEC spokesman, declined to comment.

Peter Henning, a Wayne State law professor who was formerly an SEC attorney, said: "It certainly shows his pique at having to settle".

Tesla shares, which fell more than 4 percent Thursday, retreated another 2 percent in after-hours trading.

FILE PHOTO: Tesla Chief Executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016. Musk said on Twitter.

"I think it is juvenile and sophomoric and narcissistic, but I don't think it has particular relevance to the subject of the lawsuit against him", said Harvey Pitt, the SEC chairman under President George W. Bush.

Coincidentally or not, Musk's mocking tweet came about 15 minutes after the closing bell, making it less likely to be accused of violating regulations on corporate communications.

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