Tesla's Musk mocks US agency just days after settling with it

Tesla's Musk mocks US agency just days after settling with it

Tesla's Musk mocks US agency just days after settling with it

It seems that the committee will start overseeing things in a few months, so we have about 80 days remaining of potential Twitter adventures with Musk.

The New York Times also said Musk had threatened to resign, in a phone call with directors, if the board insisted that he and the company enter into a settlement with the Securities and Exchange Commission (SEC).

The tweet ends with "the name change is so on point", which appears to be a reference to the SEC - mocking the agency.

Those tweets claimed that Musk had "funding secured" to take Tesla private at $420 a share, sending the company's stock briefly soaring and forcing a halt in trading.

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"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. Musk must also step down as chairman of the board (he gets to stay on as CEO), and in addition to his penalty of $20 million, Tesla has been fined another $20 million.

Tesla CEO Elon Musk is apparently taunting the government agency that accused him of duping investors just days after negotiating a settlement to keep his job.

The SEC declined to comment about Musk's tweet.

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.

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The Securities and Exchange Commission declined Business Insider's request for comment.

One such judge was Jed Rakoff, a colleague of Nathan's who objected to the SEC policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did. "The vast majority of settlements like this are approved by courts".

Musk's barb at the SEC doesn't violate the settlement because he didn't explicitly criticize as it as being unfair or unwarranted, said Peter Henning, a Wayne State law professor who was formerly an SEC attorney. "This is just a hoop to be jumped through", he said.

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