Elon Musk Takes A Jibe At SEC On Twitter After Being Forced To Quit

Elon Musk decided to step down as the chairman of Tesla as a part of the settlement between him and Securities and Exchange Commission after the charges of security fraud were levied on him.

Now, the Tesla CEO trolled SEC on Twitter. He said: “Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change has is so on point!”

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

Soon after this tweet, he tweeted again about SEC but not to apologize for his earlier tweet but the typo in it.

Sorry about the typo. That was unforgivable. Why would they be upset about their mission? It’s what they do.

— Elon Musk (@elonmusk) October 4, 2018

His tweets are seen as a response to SEC’s decisions and a federal judge’s order to submit a joint letter explaining how the settlement is “fair and reasonable.”

SEC has not taken any action on the tweet so far and we have not seen any statement from Tesla as of now. However, Tesla’s shares tumbled 2.5% in after-hours trading before showing some signs of improvements.

The settlement reached with SEC not only cost Musk his position as a Chairman of the board, a fine of $20 million was also imposed on Tesla. As per the settlement, Musk will resign within 45 days and will not contest for the position for the next three years. Moreover, he didn’t have to admit any allegations as well.

The fact that the SEC allowed him to remain the CEO of the company is seen as a huge relief for Tesla.

Venting out on Twitter is nothing new for Musk. But, after seeing the consequences of it, I think he must be careful about his tweets.

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