Tesla shares fall after Musk mocks SEC on Twitter

Wil James Murdoch be the new Chairman of Tesla?

When someone helpfully suggested a social media team could help him avoid typos and enraging the "Shortseller Enrichment Committee" [sic], Musk apologized for the typos - but not for slamming the SEC.

Musk appears to have run afoul of the $20 million settlement he recently reached with the Securities & Exchange Commission, with a tweet that called the federal regulator the "Shortseller Enrichment Commission" and mocking the "name change".

Musk is believed to have experienced a change of heart after seeing Tesla's stock plunge the following morning.

After determining that the tech entrepreneur was guilty of misleading investors when he tweeted that that he had secured funding to take Tesla private, federal regulators reached out to the electric vehicle maker to discuss a suitable punishment.

Tesla did not immediately respond to a request for comment on what Musk meant by the tweet.

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FBN's Charlie Gasparino on how the SEC is investigating Tesla and CEO Elon Musk's stated production goals for the Model 3. As per SEC, Musk's statements violate the 1934 Securities Exchange Act, and that Musk "knew or was reckless in not knowing" that his tweets were not accurate and correct.

As part of the settlement, Musk must also step down as the chairman of the board for three years.

Tesla also accepted a $20m fine, despite not being charged with fraud.

The SEC declined to comment on the tweet.

Later, he re-posted a tweet he had written in 2012, saying: "That said, even though they cause me grief, I would defend the right of shorts to exist".

China Responds to US Provocations in South China Sea
Mattis this week acknowledged "tension points" between the US and China, but told reporters he did not "see it getting worse". The islands are mostly uninhabited but are close to busy shipping lanes - lanes which the US has an interest in protecting.

Mr Musk, 47, has long had a hatred of shortsellers - investors who have been betting on a fall in Tesla stocks.

While Musk wanted to fight the SEC, he reportedly had a change of heart when Tesla's stock plummeted almost 14 percent after the lawsuit was announced.

Musk doubled down on the tweet shortly after.

A federal judge is still considering the settlement of the SEC lawsuit.

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

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