Breaking news Elon Musk is Building a Case against the SEC
In a tweet, Elon Musk said he is building a case against the SEC
Tesla CEO Elon Musk has in the past said he does not respect the Securities and Exchange Commission, which sued him in the past for allegedly misleading investors, forcing him to pay a $20 million fine as part of the settlement and to step down as chairman.
Musk has publicly insulted the SEC, calling it the "Shortseller Enrichment Commission" at times.
According to an interview aired by "60 Minutes" in 2018, Musk said he was abiding by the agreement out of respect for the justice system, not because he respects federal securities regulators. "I do not respect the SEC," he said.
Additionally, Musk mentioned two new company policies - Tesla's policy of closely monitoring his Twitter posts, and the appointment of a chairman.
According to CNBC, Tesla CEO Elon Musk is pleased the Justice Department is investigating short sellers, a long-time target of billionaires. He also took another shot at the Securities and Exchange Commission.
“I am greatly encouraged by the Justice Department investigating short-sellers,” Musk told CNBC in an email Tuesday. “This is something the SEC should have done, but, curiously, did not.”
Musk attacked short-selling investing firms in his email exchange with CNBC.
“Too often, sophisticated hedge funds have used short-selling and complex derivatives to take advantage of small investors. They will short a company, conduct a negative publicity campaign to drive the stock price down temporarily and cash out, then do it all over again many times. The term for this, as you may be aware, is ‘short & distort,’ ” Elon Musk told CNBC
A Twitter user tagged Elon Musk in a tweet saying ''What if @elonmusk, #TSLA has been baiting the SEC for years, building their case on the level or corruption & now they have enough evidence to go public with it all? Grab your popcorn folks! ''
Which Elon Musk replied to and said that's exactly what he has been doing.
Another Twitter user said fighting with the sec is not a great look which Elon musk then replied and said he didn't start it but he would finish it.
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