Elon Musk Mocks SEC, Calls It the ‘Shortseller Enrichment Commission’
Tesla Motors founder and CEO Elon Musk, who was recently ousted as chairman and fined by the Securities and Exchange Commission, mocked the agency in a Thursday tweet. “Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!” he wrote. Musk got in trouble with the SEC over a tweet he wrote claiming that he was going to take Tesla private at $420 a share and that he already had “funding secured.” The SEC sued, claiming that he was lying about the funding and that he based the $420 valuation on a weed joke. According to the settlement, Musk is mandated to pay a $20 million penalty and had to step down as board chairman for three years. He remains CEO of the company.