SEC Brushes Off Elon Musk's Tweet, Signs Off on Original Settlement

Steph Willems
by Steph Willems
sec brushes off elon musks tweet signs off on original settlement

Tesla CEO Elon Musk’s brilliant idea to call the Securities and Exchange Commission the “Shortseller Enrichment Commission” in a recent tweet did not land the impulsive executive in any additional hot water. The SEC, which decided that removing Musk from the chairman’s position and fining both him and the company $20 million was sufficient punishment for the August 7th “funding secured” tweet, still thinks it’s an appropriate settlement.

The two sides came together in agreement on Thursday, signing off on the settlement and submitting it to a judge.

Bloomberg reports that the SEC hasn’t changed its tune on Musk one way or the other, with the regulator claiming that the fine and Musk’s replacement as chairman was in the “best interest” of shareholders and investors. Both sides had until October 11th to come to an agreement.

There were worries that Musk’s childish display would threaten the 11th hour settlement, which came in the wake of an SEC-filed lawsuit against Tesla and Musk. It was reported that Musk turned down an initial settlement, only to run back to the SEC when it looked like things weren’t going his way. Intended or not, the snarky tweet signalled to his most ardent supporters that ‘ol Musk was still in the driver’s seat. A man who cannot be tamed.

As for the chairman’s seat, the identity of the individual whose butt will occupy that chair remains unknown. On Wednesday, a report in the Financial Times claimed Tesla board member and genetic lottery winner James Murdoch (son of media mogul Rupert Murdoch) was in line for the throne, but Musk kiboshed that speculation via Twitter.

[Image: Elon Musk/Twitter]

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4 of 10 comments
  • Asdf Asdf on Oct 11, 2018

    Tesla will still go bankrupt within the next few years.

  • WildcatMatt WildcatMatt on Oct 11, 2018

    Didn't someone recently label Elon Musk as John Schnatter 2.0? Damned if you keep him, damned if you kick him out...

  • Art Vandelay Art Vandelay on Oct 11, 2018


  • 01 Deville 01 Deville on Oct 12, 2018

    SEC Brushes Off Elon Musk’s Tweet, Signs Off on Original Settlement- to the dismay of TTAC. There completed the headline for you. And you did get the click for me for a Tesla clickbait. Those of you who think you should have more influence on Tesla than him, feel free to start your own great company. Agreed about Musk needing a better handler, but being slightly unhinged is apparently the latest culture of winning these days.