Tesla Shares Takes A Hit As Elon Musk Mocks The SEC On Twitter
Elon Musk and Twitter do not make for a good combination. While already being sued by Vernon Unsworth - a diver involved in the Tham Luang cave rescue - for a baseless Twitter accusation about the man being a paedophile, it was announced that the Tesla CEO is going to step down from his additional role as chairman for… something else he did on Twitter.
An investigation by the US Securities and Exchange Commission (SEC) concluded that Musk had presented “false and misleading” information by suggesting there were funds in place to take Tesla private. The resulting settlement also involves Musk and Tesla each paying a fine of $20 million, but the drama isn’t over yet, as the 47-year-old has decided to throw an insult in the SEC’s direction. On Twitter.
Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!
— Elon Musk (@elonmusk) October 4, 2018
“Just want to that the Shortseller Enrichment Commission is doing incredible work,” the CEO said in a reference to shortsellers - who effectively bet on the company’s failure. The Tweet prompted an angry reaction from many long-term shareholders on the platform and caused Tesla shares to drop by more than five per cent on Friday morning.
Amazingly, you too seem to be working against us longs.
— iavor ivanov (@iavor) October 4, 2018
Part of the settlement with the SEC involves Tesla monitoring any company-related Tweets and other publicly-posted updates about the company from Musk, but until the agreement has been approved by the courts, he’s free to Tweet as he pleases.
Growing up on a diet of World Rally Championship highlights and lengthy Gran Turismo 2 sessions, a life in cars was as good as inevitable for Matt.
Comments
Maybe now is the time to buy Tesla shares; they’re getting cheaper by the minute, and soon enough Elon will be gone and someone else will be in charge to bring the company back to ‘greatness’. And if that never happens, we’ll you haven’t lost much money have you?
Idk about you but I miss the old Elon Lmao. Elon and kanye are both crazy, especially on twitter but Elon is the good crazy, Kanye was just dropped on his head.
Wait, elon is 47?
I assumed him to be much younger
What would crash first? Tesla shares or Trumps presidency? 😛
Just when I thought it couldn’t get any worse
Elon has really gone off the deep end recently yet the Model 3 is now the best selling luxury car in America so you tell me…
You are using the wrong image
We all know what happens… the stocks will rise right back up or even higher than what they were, and the process is repeated.
I love how Musk is constantly trying to demonize the short-sellers over Twitter, yet this only lowers Tesla share prices, making short-sellers money.
Elon loves doing things that lower his stock price, because when they inevitably return to EXACTLY where they were before the drop he gets hundreds of news outlets reporting “TESLA STOCK SOARS INCREDIBLE 5 PERCENT!”, he gets a lot of good publicity out of it.