Elon Musk taunts SEC with 'fabulous short shorts in radiant red satin with gold trim'
Elon Musktook to Twitter on Thursday to taunt the Securities and Exchange Commissionafter 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.
Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times— Elon Musk (@elonmusk) 1593715812000
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.
Thanks Tesla owners & investors! Love you!! We will work super hard to earn your trust & support. https://t.co/6mgcmlLTsA— Elon Musk (@elonmusk) 1593720388000
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.
SEC, three letter acronym, middle word is Elon’s— Elon Musk (@elonmusk) 1593716246000
"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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