Economy

Elon Musk Tweets Cryptic "OPP" Message Amidst SEC Settlement

Elon Musk Tweets Cryptic

Hedge fund manager David Einhorn lambasted Tesla Inc TSLA.O 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.

Musk, for his part, has used Twitter to mock Einhorn, saying on August 1 he would "send Einhorn a box of short shorts to comfort him through this hard time".

Another day, another tweet storm from Elon Musk that's sent Tesla Inc. shares tumbling.

The SEC and Tesla did not immediately respond to request for comment.

But regulators chose to balance the penalty for violating securities law with investors' fervor for Musk, who is Tesla's "animating force".

U.S. District Judge Alison Nathan in Manhattan said her regular practice is to have parties submit a joint letter, in this case by October 11, to show why their settlement was fair and reasonable and would not hurt the public interest.

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She realized there were no garments available at the the time that were both pretty and comfortable. "That's really so important. ECU graduate student of health and communication, Hunter Roberts said she was representing the campus LGBTQ organization.

The deal also calls for Tesla to pay a $20 million fine and vet any social media posts by Musk that could have a material impact on the company's finances. "It's what they do", he said of the SEC.

Later Thursday, Musk returned to Twitter to deride short-sellers.

Widely seen as the driving force behind the company, Musk's talent for promotion has helped Tesla vault much bigger manufacturing operations like General Motors (GM.N) and Ford (F.N) to become America's most valuable vehicle company.

His distaste for short sellers was viewed as a key reason why he briefly proposed taking Tesla private - a short-lived plan that he revealed on Twitter despite, the SEC said, not having lined up the funding he claimed to have gotten for the deal.

Will Musk's regret his latest Twitter outburst? A judge has yet to approve the settlement.

One of the terms of the settlement was that Musk would not take any action or make any public statement denying any SEC allegations or "creating the impression that the complaint is without factual basis".

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Aid and supplies are being sent in via military and commercial aircraft, including helicopters, to reach badly affected areas. The scenic town of Palu sits at the mouth of a narrow bay in northeastern Sulawesi and is home to around 380,000 people.

In its quarterly letter, Greenlight said on Friday its short position on Tesla was its second-biggest victor in the third quarter.

The SEC charged Musk with misleading investors with the tweet, saying it had no basis in fact.

Teresa Goody, a former SEC attorney and CEO of The Goody Group, said Musk's contempt for the regulator shows how "he is undercutting the fair and efficient execution of the markets".

Tesla's board has already been under fire for being too deferential to Musk.

"Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk's communications", according to an SEC summary of the settlement.

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