Tesla boss Elon Musk does not let up in the dispute with the US Securities and Exchange Commission SEC. After the agreement in the dispute over his tweets for the meantime contemplated stock market retreat Teslas prov*ked by the tech billionaire the overseers on.
Musk described the SEC on Twitter on Thursday as the “Shorteller Enrichment Commission” (instead of the Securities and Exchange Commission) and joked that the “name change” was “so apt!”.
Background: Short-skinners are investors who betting against certain stocks – in this case that of Tesla -, Enrichment Commission translates as much as “enrichment commission”. Musk subordinates the authority with his tweet so to speak, to work for speculators who want to profit from a price decline of Tesla shares. The SEC does “incredible work,” continues the star entrepreneur.
The SEC had sued Musk last week over its controversial tweets on Tesla’s possible exit from the stock market, which, according to regulators, has misled investors. At the weekend, Musk agreed with the authorities on a settlement. As a result, he may remain Tesla boss, but must be the chairman of the parent board for three years. The SEC initially wanted to banish him completely from the boards of listed US companies.
Already on Tuesday Musk had dropped a provocative message on Twitter, in which he wrote the name of the band Naughty By Nature for the music video with the song “OPP” (translated as “cheeky by nature”) and provided the whole thing with a winking smiley. The rap song from the 90s has no direct relation to Tesla. But on Twitter, the theory quickly spread that OPP could also stand for “operating profit positive” – possibly an indication of early profits of the previously chronically lossy company.
Investors, however, seem to be critical of the SEC skirmish, and the stock reacted adversely to Musk’s latest Twitter message. Even in regular US trading, the price had lost more than four percent on Thursday, much to the delight of Musk’s hated shortseller. The Tesla boss has been annoyed for a long time now enormously about the speculators, who in his opinion, neither effort nor trouble shy to harm his business.
Tesla’s shares are among the papers in the US market against which most bets are on a decline. Under the leadership of Musk, the e-carmaker is known for taking on very high business risks and is therefore highly polarized among investors. After all, there was good news in the hope of the last Model 3: Tesla has finally brought the production of his first cheaper car after the protracted teething problems in the momentum. In the past quarter, after all, 53 239 pieces were built, as the company announced on Tuesday.