Tesla CEO Elon Musk apparently rips SEC after deal: 'Shortseller Enrichment Commission'

Wil James Murdoch be the new Chairman of Tesla?

Tesla falls further after Musk mocks SEC in tweet

Hedge fund manager David Einhorn lambasted Tesla Inc and its "despondent" Chief Executive Elon Musk on Friday, comparing the electric auto company to Lehman Brothers Holdings Inc, where he had flagged accounting problems several months before its 2008 collapse.

The board has not engaged in any "serious" discussions of who should be the chairman, the paper said, citing a source close to the selection process.

The post appeared the same day that Judge Alison Nathan of U.S. District Court in Manhattan asked the SEC and lawyers for Musk and Tesla to submit in writing, by next Thursday, the reasons the settlement should be approved.

The SEC in its lawsuit accused Musk of making "false and misleading statements" in August about the possibility of taking Tesla private.

Musk agreed to pay a $20 million fine, and step aside as Tesla's chairman for three years, to settle charges that could have forced his exit from Tesla.

Reuters couldn't reach out to Murdoch for comment.

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Tesla did not immediately respond to request for comment about the latest tweet from Musk.

The SEC alleged that Musk hadn't locked up the estimated $25 billion to $50 billion that it would have required to pull off that deal, and wanted to punish him by forcing him out as Tesla's CEO. Tesla also suffered a hit, in spite of the company itself not being charged with fraud - it has to pay a $20 million fine as well.

The judge said it was her regular practice to request such letters.

BlackRock declined to comment on Musk's tweet.

Musk has long derided short sellers, who bet against a company's stock, for their thirst for Tesla's stock to decline.

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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"Seriously? You know you still need their help convincing a judge that your penalty was sufficient".

Exactly. Short-sellers are value destroyers.

For her part, Nathan may have limited room to intervene, after a federal appeals court curbed the ability of judges to reject SEC settlements. The hedge fund said Musk has been deceptive and the carmaker's woes resemble those of Lehman Brothers before its collapse.

That arrangement is unusual, says Jay Dubow, a partner at Pepper Hamilton and a former branch chief with the SEC's enforcement division. "This is just a hoop to be jumped through".

"The Court has a duty to ensure the proposed consent judgment is "fair and reasonable", Judge Nathan wrote in the order, numbered 18-cv-08865-AJN".

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