Despite Settlement, Elon Musk Continues To Bash The SEC

If you thought that Elon Musk’s recent settlement with the U.S. Securities and Exchange Commission would discourage him from speaking his mind, you might want to reconsider.

Musk recently sat down with 60 Minutes in the United States for a wide-ranging interview about Tesla. When the topic of Musk’s now-infamous “funding secured” tweet came up, the entrepreneur didn’t hold back when discussing the SEC.

“I want to be clear. I do not respect the SEC. I do not respect them,” he stated.

In October, Musk settled with the SEC to charges that he had misled investors when he tweeted that funding had been secured to take Tesla private at $420 a share. As part of the deal, Musk agreed to pay a $20 million fine and step aside as chairman for three years. Additionally, Tesla itself will have to hand over an extra $20 million.

Moreover, the settlement requires Tesla’s board to implement procedures designed at reviewing Musk’s communications with investors, including what he publishes on Twitter.

During the 60 Minutes interview, Musk said that these measures had yet to prevent him from tweeting whatever he wants. But that’s not the first time he lashes out against the SEC. Shortly after reaching his settlement last month, Musk took to Twitter and wrote that SEC stands for “Shortseller Enrichment Commission.

 

  • Six_Tymes

    awww, good “ole musky” staying hip with the kids, hate and smoke weed. hes so cute.

    • Jason Miller

      See that’s the problem. He doesn’t even smoke it. He was offered, didn’t want to refuse, so took a single puff and probably didn’t even inhale. AND THAT’S THE END OF IT. Find something else to troll about.

      • Mike anonymous

        I would agree to a degree, but he did state that he actually does (or did) partake in the smoking of marijuana personally (prior to ‘that’ interview). He also was taking a number of other drugs (non-illegal (depending on country or state)). The interview was simply just the first time the public had actually ever seen him do it.

        • Jason Miller

          As far as I am aware he had stated that he had never done so before the interview.

          • Mike anonymous

            Well,.. he was either lying stating he never did (any of) it before, or he was lying stating that he had done it (in addition to drug-use) before the interview.

  • Blade t

    This was an interesting interview .

  • robotlogic

    I’d be mad too if I had to toss $20 million down the toilet.

  • ➡️ProtectOurHeritage⬅️

    I’m sure if you’re smashing the Ambien hard enough that Twitter, along with everything in real life, will feel like a “war zone”. Even during the interview, it looks like he is as high as a kite.

  • Sébastien

    Looks like it was poorly edited, see his Tweets

  • Jason Miller

    Still confused why Tesla as a company had to fork over $20 million. SEC = money hungry.

  • john1168

    It doesn’t matter if Elon doesn’t trust the SEC. It matters if we, the people, trust the SEC. The SEC is out there to protect investors (regular people) from corporate executives who say certain things in public that could influence stock prices to a point where said investors/regular people lose a lot of money. Hey Elon! Here’s an idea. Stop tweeting, keep your mouth shut and do what you do best with your space program and your electric cars. You know…. your job.

    • TheBelltower

      I could do with a lot less of his mouth. Love his cars though.

    • PK

      what’s a sec?

      • john1168

        Securities and exchange commission

  • Jason Miller

    Yeah, they fined him. I get that. But Tesla as a company had nothing to do with it. Money hungry.

  • SteersUright

    Ive also been a fan of his accomplishments but cant stand his current ego-driven rants against a regulator out to protect Americans. If he can’t see the risk his own comments posed, his head is way to high up his own…

    • sidewaysspin

      When he talks we should listen, I mean mankind should listen.

  • Ben

    Let it go Elon. You’re a big fish, but there are always bigger fish in the sea. Focus on your life’s work, not the peanut gallery.

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