Elon Musk taunts SEC with 'fabulous short shorts in radiant red satin with gold trim'

Tesla CEO Elon Musk taunts SEC after second quarter earningsWikimedia
  • Elon Musk took to Twitter on Thursday to taunt the Securities and Exchange Commission after the company beat Wall Street estimates in its second quarter earnings.
  • "Tesla will make fabulous short shorts in radiant red satin with gold trim," said Musk calling the SEC the "Shortseller Enrichment Commission".
  • Over the last year, Tesla's stock has jumped by almost 200% making it the most valuable company as per market capitalisation.

Tesla CEO Elon Musk hit out against the US market regulator, the Securities and Exchange Commission, while celebrating the surge in the company's stock. "Tesla will make fabulous short shorts in radiant red satin with gold trim," he said in a tweet.

Referring to the SEC as the 'Shortseller Enrichment Commission', Musk celebrated that Tesla stocks were up almost 200% over the last year. Despite the company's massive gains, the company is still plagued by bearish investors.


Yesterday, Tesla's share price soared by nearly 8% after closing at a record $1,208.66, after the company's second-quarter delivery figures showed that it had delivered over 90,000 cars between April to June — beating every Wall Street estimate on the docket.

Tesla is now the most valuable car company in the world as per market capitalisation, according to Barron's.

The beef between Musk and the SEC

The tech billionaire, who is also the CEO of SpaceX, made a similar reference to the SEC in October 2018 after the regulator accused him of securities fraud. It filed a lawsuit against Musk over a tweet that claimed that he had funding to take Tesla private at $420 a share.

As part of the settlement, Musk had to step down as Tesla Chairman for a period of three years in addition to paying a $20 million fine.

"While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels," said Tesla during its quarterly earnings.

(with inputs from IANS)

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