Elon Musk Twitter swipe at United States markets regulator: 'Shortseller Enrichment Commission'


The embattled executive mockingly said the "Short-Seller Enrichment Commission" is "doing incredible work", he wrote in a Twitter message.

The CEO of Tesla, Elon Musk has mocked the Securities and Exchange Commission by calling the organisation the "Shortseller Enrichment Commission" only days after settling charges of fraud brought against him by the agency. "And the name change is so on point!"

As you may recall, Musk and the SEC were prepared to settle their dispute over his "funding secured" tweet.

While the board has not engaged in any "serious" discussions of who should be the chairman, some members of Tesla's board of directors have proposed 21st Century Fox CEO James Murdoch take over the role of chairman following Elon Musk's settlement with the Securities and Exchange Commission.

As part of Musk's settlement with the SEC, Tesla is supposed to monitor its CEO's Twitter posts, but only those that have to do with company news.

As a result, the SEC reportedly increased Musk's fine from $10 (£7.7 / €8.7) million to $20 (£15.4 / €17.4) million.

Musk has long waged a rhetorical war against shortsellers-investors who borrow shares of Tesla in order to profit if the price drops.

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The SEC declined to comment.

"In and of itself it's not an ominous sign", said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer.

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 1.22am California time.

Tesla shares, which fell more than 4 percent Thursday, retreated another 2 percent in after-hours trading.

In court papers and at a news conference, the regulator went to great lengths to spell out Musk's carelessness and erratic behavior, highlighting his threat earlier this year to "burn" investors betting against Tesla stock.

The SEC reached a settlement with Musk on Saturday. Musk described the diver as a pedophile in a tweet that has since been deleted.

Some Twitter users celebrated Musk's tweet, while others expressed disapproval.