On Saturday, Elon Musk settled a lawsuit from the Securities and Exchange Commission claiming that he had violated federal securities laws by tweeting that he had "funding secured" to take Tesla private.
Elon Musk this afternoon openly mocked the SEC on Twitter.More news: Cubs' Russell suspended for 40 games by Major League Baseball
"Just want [say] to that the Shortseller Enrichment Commission is doing incredible work", Musk tweeted, likewise taking a jab at investors who have shorted Tesla shares.
Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla. As per SEC, Musk's statements violate the 1934 Securities Exchange Act, and that Musk "knew or was reckless in not knowing" that his tweets were not accurate and correct. However, the government was annoyed with Musk's decision to bail on the original agreement so they doubled down on the conditions for the new settlement. "Why would they be upset about their mission?" The company has declined to provide detail in recent days over what those controls would entail.
"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. "It's just plain bad taste".More news: Mitch McConnell Sets Friday Vote to Thwart Filibuster of Brett Kavanaugh
Ordinarily, this would just be a formality, but Musk's tweet is certainly not going to help the process go more smoothly. The letter should explain why the deal is "fair and reasonable", Nathan said in the court order.
Musk is believed to have experienced a change of heart after seeing Tesla's stock plunge the following morning.
Tesla shares dropped 4.4 percent Thursday, and were down an additional 2.5 percent in extended trading, to $274.75. "Naughty by Nature", he tweeted, including a winking face.More news: Venom end credits scene explained: What is the link to Spiderman?