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While some would argue Tesla got off lightly in regard to misleading investors, Elon Musk isn’t done testing the Securities and Exchange Commission via Twitter. On Thursday, Musk mocked the SEC by calling them the “Shortseller Enrichment Commission,” which led to Tesla’s shares ending 7% lower the following day. Both fans and shareholders are now “begging” him to stay away from social media.
Tesla stock ended down 1.1% for the week as the last four sessions of losses erased a 17% advance on Monday, the first day of trading after Musk and regulators reached an agreement to end SEC charges that he misled investors when he tweeted he had “funding secured” to take Tesla private. As part of the agreement, Tesla will impose controls to oversee Musk’s social-media communications, but it was unclear Friday when Tesla intends to step in.
Tesla stock ended down 1.1% for the week as the last four sessions of losses erased a 17% advance on Monday, the first day of trading after Musk and regulators reached an agreement to end SEC charges that he misled investors when he tweeted he had “funding secured” to take Tesla private. As part of the agreement, Tesla will impose controls to oversee Musk’s social-media communications, but it was unclear Friday when Tesla intends to step in.