Elon Musk Twitter swipe at U.S. markets regulator: 'Shortseller Enrichment Commission'

Wil James Murdoch be the new Chairman of Tesla?

CNBC's Jim Cramer sees Elon Musk 's tweet poking fun at the Securities and Exchange Commission as erratic and deeply concerning, and he warns that this brand of continued obstinance could put Tesla (TSLA) on a bleak path.

Just want to that the Shortseller Enrichment Commission is doing incredible work. The company's current directors, which include Musk's brother, Kimbal, have come under repeated fire for being too deferential to and not adequately overseeing Musk. "Beyond that, if they feel he hasn't lived up to his deal, they can theoretically seek to pull the settlement". The company has declined to provide detail in recent days over what those controls would entail.

As news on the settlement emerged at the weekend, he told employees in an email that Palo Alto, California-based Tesla was "very close to achieving profitability".

The SEC declined to comment Thursday. A federal judge still has to decide whether the penalties levied against the CEO are appropriate.

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".

In its lawsuit, the SEC suggested that Mr Musk was trying to harm short-sellers - investors who bet that a company's share price will fall. Representatives for BlackRock in London weren't immediately available for comment.

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Greenlight Capital, an investment firm who had just short sold Tesla stocks, felt particularly irritated.

Those tweets claimed that Musk had "funding secured" to take Tesla private at $420 a share, sending the company's stock briefly soaring and forcing a halt in trading. "Short sellers are desperately pushing a narrative that will possibly result in Tesla's destruction", Musk said in a now notorious interview with the New York Times in August.

Shares of Tesla closed down 4.4% at $281.83, and fell another 2.2% after market hours following Musk's tweet.

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.

"I'm shocked", said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware.

Additionally, the agreement requires its board to create within 90 days a permanent committee comprised exclusively of independent directors that will oversee the implementation of the settlement SEC and set guidelines for top executives' communications with the public.

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