Sunday, 21 October, 2018

Elon Musk Tweets Cryptic "OPP" Message Amidst SEC Settlement

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 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
Jodi Jackson | 07 October, 2018, 08:44

Elon Musk has posted a tweet about the "Shortseller Enrichment Commission" doing incredible work. "And the name change is so on point". Tesla stock plummeted on news of SEC action against Tesla but stabilized on the settlement news.

The SEC's complaint said that Musk "falsely indicated" that he could "take Tesla private at a purchase price that reflected a substantial premium over Tesla stock's then-current share price, that funding for this multi-billion dollar transaction had been secured, and that the only contingency was a shareholder vote".

Murdoch, who owns roughly 10,000 shares of Tesla worth about $US3.03 million at Wednesday's price, also serves on the boards of Sky, TrueX Media, 21st Century Fox, New Corp, and Yankee Global Enterprises, as well as a handful of arts organisations, according to Bloomberg data.

The settlement agreements Musk and Tesla reached with the Securities and Exchange Commission don't include any kind of bar on Musk's continued service as a director of the vehicle company.

The SEC said those claims were "false and misleading".

Arguably, Elon Musk is in an even more precarious position. "It's what they do", he said of the SEC.

"The Court has a duty to ensure the proposed consent judgment is "fair and reasonable", Judge Nathan wrote in the order, numbered 18-cv-08865-AJN". 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.

But two days after the settlement, Musk had already raised eyebrows by tweeting out the video for OPP, a 1990s hip-hop tune by the group "Naughty by Nature", along with a winking emoji, at 1:22 am California time.

Tesla did not immediately respond to requests for comment. In another tweet, Musk also criticized short-sellers, saying, "Short-sellers are value destroyers".

The SEC accuses Musk of violating anti-fraud provisions of the federal securities law. Under its terms, Musk doesn't admit or deny the allegations in the agency's lawsuit but will step down as the chairman of Tesla's board of directors for three years and pay a $20 million fine.

This rollercoaster started taking him on a more and more unsafe ride in the past two weeks, as he has been charged by the SEC with fraud, settled with the watchdog, has been banned from being chair of Tesla for the next three years and fined, together with the company he leads, $40 million.

Judge Nathan asked that Musk and the SEC submit a joint letter explaining why she should approve the settlement - and set a one-week time limit.

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