Greenlight comment adds to Tesla losses from Musk mocking SEC

Wil James Murdoch be the new Chairman of Tesla?

Wil James Murdoch be the new Chairman of Tesla?

Elon Musk has posted a tweet about the "Shortseller Enrichment Commission" doing incredible work.

According to the SEC, Tesla must create a committee of independent directors and "put in place additional controls and procedures to oversee Musk's communications", including on platforms like Twitter.

Musk has frequently sparred with short sellers who have bet against the company, and his tweet suggests he believes the SEC acted to benefit his enemies.

Shares of Tesla closed down $12.97, or 4.4%, at $281.83, and fell another 2.1% to $276 following Musk's tweet after market hours.

In a new tweet, Musk derided the regulator by mentioning a name that carries the SEC name once abbreviated.

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While Shaw punched and drove effortlessly off pacers, he was equally comfortable against the spin duo of Bishoo and Chase. Rahul was gone for a golden duck when Caribbean pacer Shannon Gabriel trapped the Indian opener in front of the wickets.

His crime? An August tweet in which he falsely claimed to have "funding secured" for a buyout of Tesla at $420 a share.

Amid controversies over his appearance on "Saturday Night Live" and comments about slavery, musician Kanye West visited Detroit, where he commented about Elon Musk.

"It probably doesn't affect the settlement between Musk and the SEC, because it does not deny wrongdoing and does not seem to be material company information", said former SEC enforcement official Alma Angotti, now serving as managing director of risk and compliance at Navigant Consulting, in an email.

But Musk had not secured the funding, the SEC said.

Additionally, the agreement requires its board to create within 90 days a permanent committee comprised exclusively of independent directors that will oversee the implementation of the settlement SEC and set guidelines for top executives' communications with the public.

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Separately, a roofing tile product that could collect energy from the sun was justification for buying SolarCity, a company run by Musk and some family members.

But two days after the settlement, Musk had already raised eyebrows by tweeting out the video for OPP, a 1990s hip-hop tune by the group "Naughty by Nature", along with a winking emoji, at 1:22 am California time.

Judge Alison Nathan said it was a regular practice at the Southern District of New York Court to ask for a joint statement.

"I do not think there is any serious chance of the settlement being rejected, based on 2nd Circuit precedent", Pritchard added. Rather wisely, the SEC declined to comment on the tweets.

The tweet came just hours after U.S. District Court Judge Alison Nathan in Manhattan ordered Musk and the SEC to submit a joint letter justifying the terms of the settlement by October 11. "It also bolsters the SEC argument that the motive for the false and misleading tweets about taking the company private was to thwart the short sellers". As part of the settlement, Musk will step down as Tesla's chairman for three years but will remain CEO and retain a seat on the board.

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He'll be opposed by Kyle Freeland of the Rockies, who is 17-7 with a 2.85 ERA, but he will be making his first playoff start. A Cubs team that preaches a positive one-day-at-a-time attitude only has one more guaranteed game left this year.

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