He said a big problem for Musk is that Tesla would lose too much money targeting a mass audience by selling its Model 3 at a $35,000 starting price, and yet "can't bring himself" to cancel the program and refund customer deposits.
'Just want to [say] that the Shortseller Enrichment Commission is doing incredible work.
The apparent jibe came just days after Musk settled civil securities fraud charges with the regulator, agreeing to step down as chairman for three years and pay a $20 million fine, with Tesla ($TSLA) paying an additional $20 million. The company also has to implement procedures and controls to oversee Musk's communications - including his tweets - and hire a securities counsel.
Musk tweeted August 7 that he had "secured" funding to privatize the electric automaker at $420 a share, causing a brief spike in Tesla's share price.
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Along with the broader market sell-off, concerns over CEO Elon Musk's fraud settlement with the U.S. Securities and Exchange Commission resurfaced once again. "Index managers like Blackrock pocket [sic] make excessive profit from short lending while pretending to charge low rates for "passive" index tracking".
The settlement, which still must be approved by a federal judge, includes a provision meant to rein in the Tesla chief's much-criticised use of Twitter.
The SEC declined to comment about Musk's tweet. Representatives for the Palo Alto, California-based company didn't respond to requests for comment.
Musk doubled down on the tweet shortly after. Pending the judge's decision, the settlement could be finalized or ripped up to begin anew.
His tweet came as the NY judge overseeing the settlement declined to immediately approve the deal.
The 2nd Circuit has jurisdiction over Nathan's court, and lawyers said Musk's settlement would likely win approval, though orders such as Nathan's are not too common.