Tesla’s Musk mocks USA agency just days after settling with it

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A NY district court judge has asked Tesla Inc Chief Executive Officer Elon Musk and the U.S. Securities and Exchange Commission to provide a joint statement by October 11, explaining why their settlement should be approved. "And the name change has is so on point!"

The SEC declined to comment to CNBC news on Musk's tweet.

Shares in Tesla fell more than five per cent in the first hours of trading this afternoon, having already closed 4.4 per cent down yesterday evening.

New details are emerging about Elon Musk's showdown with the Securities and Exchange Commission (SEC) as a bombshell report from The New York Times claims the executive threatened to quit if Tesla's board pushed him to accept a settlement.

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Also in the mix, Musk said early Friday morning on Twitter that Tesla is releasing the ninth version of Autopilot, Tesla's automated driver assistance system, but that it is holding back the release of a widely anticipated feature that would have given the system a considerably greater degree of control over the auto, allowing the system to guide the vehicle on and off the highway.

Arguably, Elon Musk is in an even more precarious position.

The SEC filed a lawsuit on September 27 charging fraud and seeking to bar Musk from serving as an executive at any public company.

"Months later, shareholders, creditors, employees and the global economy paid a big price when management's reckless behavior led to bankruptcy", Einhorn said. As the settlement is still under review, it will be interesting to see whether the SEC may try to review its stance due to the implication that the agency is acting under the desire to enrich investors and not in the interest of fairness. And, why not? It should be noted that Tesla has just completed its third quarter and Musk promised that the company would deliver a profit this time.

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But regulators chose to balance the penalty for violating securities law with investors' fervor for Musk, who is Tesla's "animating force".

Also as part of the settlements, Musk and the company will each pay a $20 million fine to the SEC. However, the winking emoji at the end of the caption appears to suggest something else, not to mention it comes from Musk who loves to stir controversy on Twitter.

"I think it's the judge being careful", he said. "It also bolsters the SEC argument that the motive for the false and misleading tweets about taking the company private was to thwart the short sellers".

The SEC declined to comment.

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Senator Susan Collins, a Maine Republican who also has yet to declare her stand on the nomination, was also critical of Trump. Corker, who is retiring in January after two terms in the Senate, said, "This is the worst it's been since I've been here".

The tweets come days after Musk agreed to relinquish his Tesla chairmanship for at least three years and pay a $20 million fine.