Washington, October 5: Tesla CEO Elon Musk took a dig at Securities and Exchange Commission (SEC) through a series of tweets. Musk hit out at the United States' SEC just days after settling a lawsuit with the commission. In his tweet, he referred to the commission as the ‘Shortseller Enrichment Commission’. He also called the short selling at outlawed. Through his tweet, he sarcastically mocked SEC by saying that it was doing ‘incredible work’.
Last week, Musk was fined $20million by the SEC after he reached a settlement on fraud charges. As part of the settlement, he will also step down as chairman of Tesla, but will continue to stay on as CEO of the company. Musk was accused of spreading 'false and misleading information' on Twitter about taking his company private at $420 a share. Musk tweeted on August 7 about privatising Tesla which is a public traded company. Elon Musk Trolled on Twitter For Calling British Diver Who Helped in Thai Cave Boys Rescue a 'Pedo Guy'
Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!
— Elon Musk (@elonmusk) October 4, 2018
The SEC claimed that Musk's tweets had no factual basis and it created chaos in the stock market. The commission believed that it hurt the sentiments of the investors. In another tweet on the same day, Musk said that he had secured the funding and only needed a shareholders’ vote. The SEC also asked the company to set up a new committee of independent directors and to check Musk's communications by placing additional controls.