Elon Musk Says $40 Million SEC Fine “Worth It”

Tesla CEO Elon Musk recently said the tweet that cost him and TSLA $40 million (combined) in SEC fines was, “worth it”. Worth it, apparently, because of the likes. And the source of that somewhat stunning revelation seems pretty solid, because that source is Elon Musk, himself, via Twitter.

 


 

For those of you who have forgotten or willfully ignored the cause of the SEC fines, the SEC charged Musk, 47, with intentionally misleading investors with intent to fraudulently manipulate stock prices after a series of tweets on Aug. 7. In those tweets, Musk that said he would be taking Tesla private at $420 a share, and that he had already secured funding from an unnamed source.

Those tweets were, of course, total bulls***, and the ensuing market chaos cost Tesla investors (bears and bulls, alike) millions of dollars. Despite the blatant stock manipulation and shady business practices, however, a whole hot mess of conned people remain committed to championing Musk, and seem to be applauding the fact that yet another rich white guy remains on the streets after committing financial crimes that would have put most of us behind bars.

 

That’s probably enough Elon Musk bashing reporting on Musk’s continued crappy behavior for a Sunday morning. Still, I invite you all to put on your flame suits and say what you will about Tesla’s totally reasonable CEO in the comments section at the bottom of the page. Enjoy!

 

Sources | Images: Reuters, Inc., Gizmodo.

 

Jo Borrás

I've been in the auto industry 1997, and write for a number of blogs in the IM network. You can also find me on Twitter, at my Volvo fansite, or chasing my kids around Oak Park, IL.