Well that re-escalated quickly…
Having started the week on such a high note, settling with the SEC and agreeing to be a grown-up C-level exec once again, Tesla’s Elon Musk has drifted day-by-day back into bad habits and along with his drift, his company’s share price has collapsed – erasing all the post-SEC-settlement gains.
Just hours after we reported that a judge was seeking further explanation on the fairness of the settlement between Elon Musk and the Securities and Exchange Commission, a tweet from Elon Musk’s Twitter account openly mocked the government agency. In a Tweet by Musk just after 4PM EST, he referred to the SEC as the “Shortseller Enrichment Commission“.
When called out about the typo (of leaving the word “say” out in between “to” and “that”), Musk doubled down on his comments, seemingly saying about the SEC, that it’s “their mission” and “what they do”.
He then went on to tell a concerned long investor to “hang in there” and that everything was going to be “fine”. Musk also decided to start handing out more detailed investment advice, instructing market participants when they should and should not buy Tesla stock.
He also stated that “so long as a company makes great products, it will have great value”.
As a reminder, one of the conditions of Elon Musk’s proposed settlement with the SEC was that he was to have all of his tweets vetted by the company before he put them out. The settlement required “Tesla Inc. to put in place a system to monitor his public communication.”
And it appears the market has had enough of this childish behavior!
TSLA bonds are also tumbling…
Well one thing is for sure – the board won’t do anything about it.
And finally, Musk just will not let go of the bears – now blaming Blackrock for profiteering from the seclend markets…
The big funds can & will, as they’re suffering a net loss. Index managers like Blackrock pocket make excessive profit from short lending while pretending to charge low rates for “passive” index tracking.
— Elon Musk (@elonmusk) October 5, 2018
The post Tesla Tumbles – Erases All Post-SEC-Settlement Gains After Musk Tweet appeared first on crude-oil.news.