Tesla case is settled despite Musk’s “Shortseller Enrichment Commission” tweet: Jay Clayton

Jay Clayton, the Chairman of the SEC, appeared to be unaware of Musk’s October 4 tweet which described the SEC as the “Shortseller Enrichment Commission”.

Despite Tesla’s Chief Executive Elon Musk’s mocking tweet on the chairman of the U.S. Securities and Exchange Commission, the U.S. regulator stated it would not revisit its securities fraud settlement with Tesla Inc.

Jay Clayton appeared to be unaware of the October 4 tweet which described the SEC as the “Shortseller Enrichment Commission,” when CNBC anchors read it to him.

“He said that?” asked Clayton while declining to comment further. “As far as I’m concerned, that matter is settled.”

In September, Tesla and Musk agreed to pay $20 million each to the SEC after Musk allegedly misled investors with his August 7 tweets saying he was considering taking Tesla private.

The settlement requires him to be more restrained on Twitter, prompting speculation that the agency could review the agreement after Musk’s Oct. 4 tweet which came hours after a federal judge ordered him and the SEC to justify their settlement.

“I think it was an appropriate settlement; one that sent a message to the marketplace, letting CEOs know that if they speak, they need to speak accurately,” said Clayton.

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Categories: Creativity, Entrepreneurship, Regulations & Legal, Strategy

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