Thursday, 18 October, 2018

Tesla’s Musk mocks U.S. agency just days after settling with it

Wil James Murdoch be the new Chairman of Tesla? Tesla falls further after Musk mocks SEC in tweet
Lloyd Bates | 07 October, 2018, 17:41

As part of the deal, the company also has to implement procedures and controls to oversee Musk's communications, including his tweets.

The board has not engaged in any "serious" discussions of who should be the chairman, the paper said, citing a source close to the selection process.

Mr. Musk's post came nearly a week after he reached a deal with the SEC to settle a lawsuit over Tweets he posted on 7 August when he said he had secured funding to take the his niche EV company private at 420/share, causing the company's stock to soar. In August, he tweeted that he was considering taking Tesla private at $420 a share.

Two days later, the agency announced that Musk agreed to a settlement deal that would force him to step down as Tesla's chairman and pay a $20 million fine.

Reuters couldn't reach out to Murdoch for comment.

The SEC and Tesla did not immediately respond to request for comment.

Peter Haveles, a partner in the Trial and Dispute Resolution Practice Group, said Musk's tweets showed his lack of self discipline and puts intense pressure on Tesla board.

The SEC told CNN Business that it has not changed its name and declined further comment on the tweet.

The tweet appeared to jar investors, who drove Tesla shares down 2.4 percent in after-hours trading to $275. The SEC had accused him of securities fraud in a lawsuit and had asked a federal judge to bar him from ever again leading a publicly traded company. A federal judge still has to decide whether the penalties levied against the CEO are appropriate.

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"Keep it coming, Elon", one person said.

Exactly. Short-sellers are value destroyers.

It was a Twitter post that began Musk's path to a settlement with the commission.

Some judges have complained about being viewed as rubber stamps for SEC settlements.

Separately, the Wall Street Journal said billionaire businessman Mark Cuban talked with Musk for 15 minutes and convinced him to take the deal.

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.

The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common. "The vast majority of settlements like this are approved by courts". "This is just a hoop to be jumped through", he said.

US District Judge Alison Nathan asked the SEC and Mr. Musk to file a joint letter "explaining why the Court should approve the proposed consent judgment".

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