SEC, three letter acronym, middle word is Elon’s, tweets Musk

WION Web Team
San Francisco Published: Jul 03, 2020, 09.07 AM(IST)

Elon Musk's statement will potentially widen the rift between the Trump administration and the tech world. Photograph:( Zee News Network )

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Musk's latest jibe on the SEC comes as Tesla became the world's richest car company as Detroit's General Motors and Fiat Chrysler reported flat sales.

Tesla founder Elon Musk, 49, took a dig at US securities regulators as the company rose to become the most valuable carmaker in the world overtaking Toyota.

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"Tesla will make fabulous short shorts in radiant red satin with gold trim," Musk tweeted.

Also Read: Tesla dethrones Toyota to become world's richest automaker

"Will send some to the Shortseller Enrichment Commission to comfort them through these difficult times," the Tesla chief said in his tweet.

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Musk has clashed famously with US Securities & Exchange Commission, the Tesla chief mocked: "SEC, three letter acronym, middle word is Elon's."

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SEC had sued Musk two years ago over a tweet after he said Tesla had secured funding and the company would go private as stocks surged. SEC and Tesla reached a settlement with Musk put on restriction.

The US regulator once again took the Tesla chief to court in 2019 after he failed to clear a tweet about Tesla's production as both sides again reached a settlement.

Musk's latest jibe on the SEC comes as Tesla became the world's richest car company as Detroit's General Motors and Fiat Chrysler reported flat sales.

General Motors sales plunged 34 per cent in the second quarter from the year-ago as coronavirus pandemic hit the United States leading to lockdowns in several states. Ford and FCA, halted manufacturing for nearly two months during the virus outbreak.

Other carmakers Nissan and Honda also saw record plunge in sales even as investor confidence in Musk's plan for Tesla's electic cars captured the imagination of Wall Street.

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