Tesla Shares Fall After Elon Musk Mocks SEC on Twitter

Wil James Murdoch be the new Chairman of Tesla?

Cramer has previously suggested that Tesla's board should put Musk on a short medical leave after weeks of what Cramer called "bizarre" behavior.

The rapid growth, as well as the proven relative stability of the stock, shows that investors trust Tesla and its future.

Musk derided the SEC as the "Shortseller Enrichment Commission" before snidely praising it for "doing incredible work".

Elon Musk is photographed in NY. past year. As per the settlement, Musk will resign within 45 days and will not contest for the position for the next three years.

Tesla and the SEC declined requests for comment.

Musk and Tesla each agreed to pay separate $20 million fines to settle allegations that Musk misled investors in early August by tweeting that he had already secured funding to take Tesla private.

Barclays analyst Brian Johnson argued in a recent note that Tesla's stock has a $130 "Musk premium", which could disappear if he is forced to leave the company. Tesla also had to pay a $20m fine, despite not accepting charges. "It's what they do", he said of the SEC.

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The website description says they want to help Musk with this "preposterous" SEC filing against him. He SEC alleged he rounded up the buyout price for Tesla to $420 a share to amuse his girlfriend at the time with a marijuana-culture reference. Nathan must approve the settlement's terms. But if you looked over Musk's Twitter feed - full of tweets about flamethrowers and flights to Mars - and "you took it too seriously", that's "80 percent on you". This invited speculation he may have been referring to "operating profit positive" merely hours after Tesla wrapped up the end of a quarter in which he's predicted the company will post positive net income.

The SEC charged Musk with misleading investors with the tweet, saying it had no basis in fact.

But Musk and Tesla might not even be out of the woods yet.

Among them was Nathan's colleague Jed Rakoff, who had objected to the SEC's decades-old policy of letting some corporate defendants settle without admitting or denying wrongdoing, as Musk did.

US District Court Judge Alison Nathan asked on Thursday that both Musk and the SEC supply justification for the settlement reached over the Tesla privatisation fiasco.

Some Tesla directors have proposed that James Murdoch, fellow board member at the electric carmaker and chief executive officer of Twenty-First Century Fox Inc, succeed Elon Musk as its chairman, the New York Times reported on Tuesday, citing people involved in the board's discussions.

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