Musk mocks 'Shortseller Enrichment Commission' after SEC settlement

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

A Thursday afternoon tweet (exactly a week after the SEC sued him) sarcastically praised the SEC's name - changing it to "Shortseller Enrichment Commission". Per the terms of the settlement: "Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications".

Musk is playing with fire (again) as the SEC deal which allows him to stay on as CEO providing he resign the chairmanship and personally pay $20m, with the figure matched from Tesla's coffers, is yet to be approved.

The agency accused Musk in its September 27 complaint of misleading investors with his infamous August 7 tweets about having the investor support and "funding secured" to take Tesla private.

As part of the settlement, Musk must also step down as the chairman of the board for three years. The company also accepted a $20 million fine, despite not being charged with fraud.

Tesla declined to comment.

Elon Musk this afternoon openly mocked the SEC on Twitter.

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Musk's cheeky tweet came only hours after a judge ordered Musk and the SEC to justify their settlement over his false tweet last month that he'd secured funding to take the company private.

West has tweeted several times about the need for "innovation" and new technology, and in 2011, he went to visit the SpaceX rocket factory with Musk.

Tesla shares dropped as much as 3.5 percent to $272 after the close of regular trading.

The lawsuit threatened to pull Tesla and Musk into a long drawn-out fight that could have undermined the company's operations and ability to raise capital.

Pritchard said before Musk's tweet that he saw no "serious chance" for a rejection of Musk's settlement, based on 2nd Circuit precedent.

The 2nd Circuit has jurisdiction over Nathan's court, and Pritchard said the Citigroup decision likely foreshadows approval of Musk's settlement.