Why Tesla Inc. Stock Took a Hit Friday

Elon Musk tweet

He said: "Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!"

Also among the settlement's provisions: Tesla must set up a committee to review Musk's communications directed at investors, including his posts on Twitter and other social media.

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

In its lawsuit, the SEC suggested that Mr Musk was trying to harm short-sellers - investors who bet that a company's share price will fall.

It's also worth noting that, just three minutes after Musk's tweet, Tesla stock prices fell by another 2%.

Musk recently settled for $20 million with the Securities & Exchange Commission over a tweet he sent out during the summer regarding making Tesla a privately-owned company.

Musk and the SEC came to an agreement late last week to settle charges alleging that the billionaire had defrauded investors in statements relating to an August 7 tweet about bringing the company private with "funding secured".

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"It bolsters the SEC's argument that he is uncontrollable", Angotti said. If the settlement is struck down, the SEC would likely move towards enforcement-it's unlikely they would be as lenient in that case.

"The board has a duty to shareholders to ensure that they are exercising their fiduciary oversight of the company, including the leadership and management", Courteney Keatinge, director of ESG at the proxy advisor, told Business Insider.

It is worth noting Musk had said he expected Tesla would be profitable from the third quarter onward.

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. Musk resigned as Chairman of the company, but remains the CEO and will have to pay a fine. Musk must also step down as chairman of the board (he gets to stay on as CEO), and in addition to his penalty of $20 million, Tesla has been fined another $20 million.

Musk's latest tweet came less than four hours after the United States district judge Alison Nathan in Manhattan ordered him and the SEC to explain by 11 October in a joint letter why their settlement was fair and reasonable and would not hurt the public interest. Ryan White, an SEC spokesman, declined to comment.

Musk doubled down on the tweet shortly after.

But, after seeing the consequences of it, I think he must be careful about his tweets.

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