Billionaire Musk takes a dig at SEC just days after settlement

Billionaire Musk takes a dig at SEC just days after settlement

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

The board has not engaged in any "serious" discussions of who should be the chairman, the paper said, citing a source close to the selection process.

The sell-off started in morning trading the day after Musk stirred nerves about a settlement of his securities fraud lawsuit by calling the SEC the "Shortseller Enrichment Commission" on Twitter.

"Musk's false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla's stock and resulting harm to investors", the SEC said in its complaint.

Reuters couldn't reach out to Murdoch for comment.

Tesla was not available for comment to CNBC or the Wall Street Journal.

Peter Haveles, a partner in the Trial and Dispute Resolution Practice Group, said Musk's tweets showed his lack of self discipline and puts intense pressure on Tesla board.

The SEC filed a lawsuit on September 27 charging fraud and seeking to bar Musk from serving as an executive at any public company. The SEC declined to comment.

Ind vs WI: Virat Kohli hits 24th Test ton
Pujara too looked at ease at the other end until he was caught behind off debutant Sherman Lewis, missing out on a 16th Test ton. He was out trying to drive legspinner Devendra Bishoo but only chipping straight back to the bowler.

It's also worth noting that, just three minutes after Musk's tweet, Tesla stock prices fell by another 2%.

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.

Tesla said in its 3Q vehicle safety report that "we've registered one accident or crash-like event for every 3.34 million miles driven in which drivers had Autopilot engaged".

In a separate rambling tweet, he took another shot at short-sellers and accused BlackRock Inc of enabling them by saying, "The big funds can & will [sic], as they're suffering a net loss".

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.

His distaste for short sellers was viewed as a key reason why he briefly proposed taking Tesla private - a short-lived plan that he revealed on Twitter despite, the SEC said, not having lined up the funding he claimed to have gotten for the 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.

The case is SEC v Musk, U.S. District Court, Southern District of New York, No. 18-08865. The court expects to receive the joint statement by 11 October, explaining why their settlement should be approved.

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