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No Respect For SEC—Musk Says

No Respect For SEC—Musk SaysSerial entrepreneur of Tesla Elon Musk said during an interview with news channel CBS wherein he discussed about his controversial posts on Twitter he also accepted that he has no respect for financial regulator (SEC)or Securities and Exchange Commission. This was because he was sued by SEC for alleged securities fraud following his tweet that he was planning to make his firm Tesla a private firm as he had secured enough funding to buy all the stock. Calling his claim false and misleading SEC made him pay an enormous fine of $20 million as settlement that was paid immediately as Musk says that he believes in the nation’s justice system but does not respect the SEC.

The row over Musk’s Twitter claim led to Musk losing his position as Tesla’s chairman and receiving reprimands for his irresponsible tweets as SEC went to the extent of saying that his tweets should be monitored. After the settlement was done Musk took to the micro-blogging site to mock the SEC by praising its incredible work as Shortseller Enrichment Commission. He told reporter Lesley Stahl of CBS that he was happier without the title of Tesla’s chairman and his tweets were not supervised either.

Elon stated that his tweets would be reviewed only if it had probability to affect performance of Tesla’s stock. He is recognized for his fiery tweets and posts on social media which he calls a war zone where everyone can speak their mind. He jokingly said that while he uses Twitter to express himself some people use their hair to do the same. He gave that particular nickname to SEC because he often made his dislike for short-sellers very public and when he made that comment on Twitter they claimed to have lost millions by trading in Tesla’s shares. After his tweets the shares of Tesla plummeted by several points sending investors into panic mode which was the cue for SEC to step in.

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