Published 13:38 IST, July 3rd 2020
Elon Musk trolls SEC and short sellers on Twitter after Tesla stock surges to new highs
As Tesla became the most valuable carmaker in the world and overtook Toyota, Elon Musk took to Twitter to mock the securities regulators and short-sellers.
- Republic Business
- 2 min read
As Tesla became the most valuable carmaker in the world and overtook Toyota as well, Elon Musk took to Twitter to mock the securities regulators and short-sellers. In a series of tweets, Musk taunted the short sellers and joked that Tesla would now make ‘fabulous short shorts’. The 49-year-old also wrote that he would send short shorts to SEC while referring the agency as the ‘Shortseller Enrichment Commission’.
Musk’s tweets come after Tesla became the world’s richest car company. As per reports, the electric-car maker company produced over 82,000 vehicles and delivered approximately 90,650 in the recently ended quarter despite the production being disrupted due to coronavirus pandemic. Tesla’s market capitalisation reportedly jumped to some $224 billion and it raced ahead of Toyota to become the most valuable auto firm.
As per reports, General Motors sales plunged 34 per cent in the second quarter from the year-ago. On the other hand, Ford and FCA also halted manufacturing for nearly two months amid the virus outbreak. Other carmakers, including Nissan and Honda, also saw a record plunge in sales.
SEC sued Musk twice
Meanwhile, this is also not the first time that Musk has taken a dig at the US Securities & Exchange Commission. Two years ago the SEC had also sued Musk over a tweet that read Tesla had secured funding and the company would go private as stocks surged. The commission and Tesla had reached a settled with Musk put on restriction.
Back in 2019, the US regulator had again taken Musk to the court after he failed to clear a tweet about Tesla’s production. The tweets had cost Musk and his company $20 million. It further also led to the implementation of a requirement that his social media use would be supervised by Tesla.
Updated 13:38 IST, July 3rd 2020
