Elon Musk mocks SEC just days after Tesla settlement

Tesla Owners Can Have Images Sent to Deep Space

"And the name change is so on point!"

Musk's post came nearly a week after he reached a deal with the SEC to settle a lawsuit over tweets he posted August 7 when he said he had secured funding to take the electric auto company private at $420 a share, causing the company's stock to soar.

"I'm shocked", Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of DE, said of Musk's attack on the agency. "There's no real upside". He also reportedly demanded that Tesla's directors publicly back him, prompting the company to issue a statement saying that it is "fully confident in Elon, his integrity, and his leadership of the company".

FILE PHOTO: Tesla Chief Executive Elon Musk stands on the podium as he attends a forum on startups in Hong Kong, China January 26, 2016.

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The SEC's complaint was sent out last week and suggests Musk tweeted the take-private proposal, in part, to lift the stock of the company and therefore publish the short sellers. He's staying on as CEO of Tesla but is stepping down as chairman and paying a $20 million fine. "Maybe a 420M fine would have been more appropriate?" one Twitter follower said. "Index managers like Blackrock pocket [sic] make excessive profit from short lending while pretending to charge low rates for "passive" index tracking". Ryan White, an SEC spokesman, declined to comment.

A Tesla showroom is seen in Santa Monica, California, U.S., January 4, 2018.

The SEC declined to comment on Musk's tweet.

Elon Musk this afternoon openly mocked the SEC on Twitter. Nathan must approve the settlement's terms. The letter should explain why the deal is "fair and reasonable", Nathan said in the court order. "It's what they do", he said of the SEC. However, the government was annoyed with Musk's decision to bail on the original agreement so they doubled down on the conditions for the new settlement. "This is just a hoop to be jumped through", he said.

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