SEC Sues Tesla CEO Elon Musk For Securities Fraud


Tesla and Elon Musk the story that keeps giving:

Elon Musk mocked and lashed out at the Securities and Exchange Commission in a tweet on Thursday.

“Just want to that the Shortseller Enrichment Commission is doing incredible work (sic). And the name change is so on point!” Musk wrote in a tweet published at 4:16 p.m. ET.

Since Musk posted the tweet, Tesla shares have fallen more than 4 percent in after-hours trading, capping off a day that saw the auto company down more than four percent in regular hours.

Musk’s tweet accused the SEC of working on behalf of investors betting against his company, coming less than a week after he reached an agreement with the agency to settle fraud charges related to a separate Twitter outburst. As part of the settlement agreement, which still awaits judicial approval, Musk will be forced to step down as chairman of the company and pay a $20 million fine. He will remain CEO.

When ego gets out of control – you don’t know when to zip it Mr Musk