A Judge Wants Musk, SEC To Justify Fraud Settlement (NASDAQ:TSLA)

Kanye West performs during the World AIDS Day concert In Times Square in New York on Dec. 1 2014.					Charles Sykes The Canadian Press via AP

Last week, Musk settled with the Securities and Exchange Commission, after federal regulators accused him of duping investors after tweeting that he had "funding secured" to take the electric carmaker private.

In a tweet Thursday, Musk congratulated the "Shortseller Enrichment Commission" for its "incredible work", noting its "name change is so on point!" Bearing in mind that it was a tweet that got Musk in trouble in the first place, it's perhaps ironic that he has apparently taken aim at the SEC using Twitter.

Elon Musk tweets and stirs controversy again on the Internet in the wake of his SEC settlement.

The tweet appeared to jar investors, who drove Tesla shares down 2.4 percent in after-hours trading to $275.

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The electric carmaker's shares plunged last week after the SEC accused Musk, 47, of fraud over "false and misleading" tweets on August 7 that promised to take Tesla private.

However, the next day, Tesla's attorneys were back at the SEC requesting them for a second chance, this time with Musk's "grudging approval", the paper said.

The commission is asking the court for an order stopping him from making false and misleading statements along with repayment of any gains as well as civil penalties. Despite burning through approximately $3.48 billion over the course of a year, Elon Musk hinted that Tesla may soon be profitable in recent emails to employees.

"It probably doesn't affect the settlement between Musk and the SEC, because it does not deny wrongdoing and does not seem to be material company information", said former SEC enforcement official Alma Angotti, now serving as managing director of risk and compliance at Navigant Consulting, in an email. The company's current directors, which include Musk's brother, Kimbal, have come under repeated fire for being too deferential to and not adequately overseeing Musk.

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Tesla declined to comment.

But, after seeing the consequences of it, I think he must be careful about his tweets. Within 45 days, an independent chairman will replace Musk, who will be ineligible for reelection for the next three years. It is also unclear whether this money will be used to cover Musk's $20 million SEC fine. (FOX), to replace Elon Musk as the company's chairman, people familiar with the matter told The New York Times.

Updated at 5:25 p.m. PT with Musk's tweet about short sellers.

SEC charged the executive with securities fraud which led to the settlement in which Musk must pay $20 million and Tesla must also cough up a further $20 million.

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