Published: Fri, October 05, 2018
Entertaiment | By Lawrence Myers

Musk mocks watchdog that fined him

Musk mocks watchdog that fined him

The SEC initially put forward a proposal that would have enabled Musk to stay on as CEO and step down as chairman for two years.

It is reported that Murdoch hasn't volunteered for the post nor has he discussed it with any other director.

Last week Musk settled the securities fraud charge from the SEC, following his tweet in August about potentially taking Tesla private. Under terms of the settlement, Tesla and Musk will each pay a $20 million fine, and Musk must give up his role as chairman.

Tesla Chief Executive Office Elon Musk speaks at his company's factory in Fremont, California, U.S., June 22, 2012.

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However, according to some reports, it is also speculated that Murdoch may not be everyone on the board's top choice, citing his implication in scandals at 21st Century Fox subsidiaries Fox and News Corp, as well as a lack of relevant automotive or green technology experience. The company also accepted a $20 million fine, despite not being charged with fraud.

Tesla CEO Elon Musk is apparently taunting the government agency that accused him of duping investors just days after negotiating a settlement to keep his job. The SEC declined to comment.

A spokesperson for Tesla did not immediately respond to a request for comment. It sought to bar Musk from being an officer or director of a public company.

Shares of Tesla closed down $12.97, or 4.4 percent, at $281.83, and fell another 2.1 percent to $276 following Musk's tweet after market hours.

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"Keep it coming, Elon", one person said.

The judge overseeing the case has asked Tesla and the SEC to write a joint memo justifying the settlement. The judge said to submit the statement by October 11.

After determining that the tech entrepreneur was guilty of misleading investors when he tweeted that that he had secured funding to take Tesla private, federal regulators reached out to the electric vehicle maker to discuss a suitable punishment.

"In and of itself it's not an ominous sign", said Jordan Thomas, a partner at Labaton Sucharow and former SEC lawyer. But that doesn't mean Tesla's board can't order Musk to tone done his Twitter posting in the best interests of the company.

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