Elon Musk calls SEC the 'Shortseller Enrichment Commission' in tweet

It is reported that Murdoch hasn't volunteered for the post nor has he discussed it with any other director.

Tesla CEO Elon Musk on Thursday taunted the Securities and Exchange Commission on Twitter, just days after he settled fraud charges with the agency.

After initially refusing an offer to settle the case, Mr Musk backed down, agreeing that he and his company would each pay a $20m fine, he would step down as Tesla's chairman (but remain chief executive), and that he would allow oversight of his communications about company news.

The Securities and Exchange Commission declined Business Insider's request for comment. The company also accepted a $20 million fine, despite not being charged with fraud.

Tesla declined to comment.

The SEC, Mr Musk and Tesla must file documents later this month to prove the terms are "fair and reasonable".

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Following Musk's tweet, Tesla shares fell 2.4 per cent to US$275 after the markets closed in NY. Musk claimed at the time the necessary funding had been secured - a claim the SEC alleged was "false and misleading".

"Keep it coming, Elon", one person said. The judge said to submit the statement by October 11.

"At the very the least, they can read the riot act to Musk's lawyer", said Stephen Crimmins, a former SEC enforcement lawyer who's now a partner at Murphy & McGovern.

The tweet came five days after Musk settled SEC charges that he misled investors in tweets on August 7, including that there was "funding secured" to take his Palo Alto, California-based company private at $420 per share.

But in 2014, the 2nd U.S. Circuit Court of Appeals overturned Rakoff's rejection of a $285 million settlement between the SEC and Citigroup Inc, saying he should have given "significant deference" to the regulator.

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

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