Elon Musk mocks US stock market regulator SEC and short sellers as Tesla share price soars 8%

By: |
Published: July 3, 2020 10:57 AM

An ecstatic Elon Musk was seen celebrating Thursday’s 8% jump in Tesla Inc’s stock price by mocking not just short sellers, but also the US capital market regulator Securities and Exchange Commission

The remarks were made by the Chief Executive Officer of Tesla after the stock surged on the company’s record manufacturing and delivery numbers.

An ecstatic Elon Musk was seen celebrating Thursday’s 8% jump in Tesla Inc’s stock price by mocking not just short sellers, but also the US capital market regulator Securities and Exchange Commission. Elon Musk, who has a history of posting controversial tweets, first took on short sellers when he tweeted that his company Tesla will “make fabulous short shorts in radiant red satin with gold trim”. The tech entrepreneur further added, “Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times,” — a jibe aimed at the market regulator, with whom, Elon Musk had first clashed in 2018 over his tweets.

The remarks were made by the Chief Executive Officer of Tesla after the stock surged on the company’s record manufacturing and delivery numbers. With the recent surge in the stock price, the company’s valuation inched up to $224 billion making it the world’s most valuable car company. After sending out initial tweets mocking the SEC and short sellers, Elon Musk was still not done. The tech entrepreneur further tweeted, “SEC, three-letter acronym, the middle word is Elon’s.”

With Tesla shares gaining 8% on Thursday, short sellers who were betting on the stock price to fall were in losing position, hence Elon Musk went ahead to mock them. His relationship with the US market regulator has not been very ideal since 2018 when Musk tweeted claiming he had secured funding to take Tesla private at $420 per share, for which he was sued by the SEC. This had cost Elon Musk and his company a whopping $20 million and implementation of a requirement that his social media use be supervised by Tesla.

Tesla, the electric car manufacturer, informed investors that it had produced close to 82,000 vehicles and delivered around 90,650 in the second quarter. These numbers were high considering the coronavirus pandemic was at its peak during the last few months and production facilities were witnessing disruptions. Elon Musk’s recent tweets attracted advice to stay cautious from people on the internet. Ross Gerber, CEO and President of GerberKawaski, a wealth management firm, replied saying “Dangerous” to which Elon Musk replied, “But sooo satisfying”.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Companies post worst profit decline in a decade, but market analysts are happy about it
2ICICI Bank closes QIP after raising Rs 15,000 crore; sells shares at 1.9% premium to floor price
3How new-age banking solution geared with AI can help make wise investment decisions