Tesla boss mocks U.S. agency days after reaching settlement

Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014.					Charles Sykes The Canadian Press via AP

Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014. Charles Sykes The Canadian Press via AP

Just in case there is any confusion, Shortseller Enrichment Commission is a jab at the Securities and Exchange Commission.

He has frequently criticized short-sellers who have bet against Tesla.

"Just want to (sic) that the Shortseller Enrichment Commission is doing incredible work", Musk, a frequent critic of investors betting against the electric vehicle company said in the tweet. "And the name change is so on point!" he said on Twitter.

The SEC declined Business Insider's request for comment.

Tesla's stock dipped more than 2% during after hours trading. That caused the company's stock to soar.

Greenlight is having a hard year, with its main fund down 25.7 percent through September, but said its Tesla short position was its second biggest victor in the third quarter. The agency ultimately filed a lawsuit against the billionaire chief executive last week.

Tesla also accepted a $20 million fine, despite not being charged with fraud.

Nathan "may want to know why Tesla is paying a fine because the CEO doesn't know when to shut up", said Adam Pritchard, a University of MI law professor and former SEC lawyer. Musk eventually backtracked on that statement, saying the electric-car company will remain public for the time being.

The settlement provided for appointment of a new chairman and directors, as well as moves to oversee Musk's output on social media.

Musk and the SEC have been given a week to submit a joint letter to explain why the deal should be cleared.

The SEC settlement still needs court approval.

Musk used his Twitter account to jab the Securities and Exchange Commission, the same agency that went after him for an August 7 tweet in which he declared he had secured financing for a Tesla buyout.

Nathan said it was her regular practice to request such letters.

The judge doesn't have to accept the proposed settlement deal.

The settlement, which still must be approved by a federal judge, includes a provision meant to rein in the Tesla chief's much-criticized use of Twitter. A higher court eventually sided with the SEC.

Along with the other people who are not associated with Tesla, the investors were also shocked to hear such an announcement.

"In and of itself it's not an ominous sign", said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. Typically, executives aren't allowed to stay on as chief executive when they're forced to exit the chairman role. The SEC had accused him of securities fraud in a lawsuit and had asked a federal judge to bar him from ever again leading a publicly traded company.

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