Elon Musk fires back at SEC, days after settlement
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Elon Musk is back on Twitter antagonizing the Securities and Exchange Commission just four days after settling with them for $20 million.
Why it matters: The SEC reached settlements with Musk and Tesla that contain provisions aimed at vetting Musk’s shoot-from-the-hip tweeting. He’s mocking the very commission he struck a deal with — before that deal has even been approved by a judge.
The big picture: Elon Musk has shown himself to be his own worst enemy. This tweet could herald continued erratic behavior by the CEO, which would be bad for both the company and the share price which the SEC was ostensibly trying to protect.
- The settlement isn't approved yet and some have noted the settlement would take effect 90 days after approval.
- It included a provision that Tesla must create a process for reviewing any his social media posts directly related to Tesla, or which "reasonably could contain" information material to Tesla shareholders.
- After the settlement was signed, a judge who was asked to approve it required Musk to write a letter explaining why the judge should approve the settlement deal, per CNN.
Go deeper:
- Podcast: Elon Musk's surprise settlement
- Elon Musk and the SEC both cave
- What they're saying: Tesla investors filed SEC complaints about Elon Musk
Axios' Dan Primack and Felix Salmon contributed to this story.
