Musk appears to have run afoul of the $20 million settlement he recently reached with the Securities & Exchange Commission, with a tweet that called the federal regulator the "Shortseller Enrichment Commission" and mocking the "name change".
In a tweet, Musk appears to be mocking the United States agency by saying, "Just want to that the Shortseller Enrichment Commission is doing incredible work".
Shares in Tesla fell more than five per cent in the first hours of trading this afternoon, having already closed 4.4 per cent down yesterday evening.
The commission is asking the court for an order stopping him from making false and misleading statements along with repayment of any gains as well as civil penalties. Yes, the SEC's job is to make sure shareholders can rely on what CEOs say. It's the first tweet the tech mogul made after his SEC settlement was announced last Saturday. The company's board reportedly hasn't had any serious discussions on who will replace Musk, but some board members have thrown their support behind James Murdoch who is the son of Rupert Murdoch and the CEO of 21st Century Fox. A federal judge sought to rip up a settlement between Citigroup and the SEC in 2011, launching a three-year battle with the SEC.
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SEC charged the executive with securities fraud which led to the settlement in which Musk must pay $20 million and Tesla must also cough up a further $20 million.
The SEC declined to comment about the latest tweet, and a spokesperson for Tesla was not immediately available for comment.
West has tweeted several times about the need for "innovation" and new technology, and in 2011, he went to visit the SpaceX rocket factory with Musk.
Musk has been vocal about his animus toward short-sellers, especially in the past year as Tesla has struggled to meet the ambitious production goals that the CEO set for its Model 3 vehicle.
Teresa Goody, a former SEC attorney and CEO of The Goody Group, said Musk's "contempt for the SEC is sending a message that he has no regard for the securities laws that are meant to protect investors and ensure a fair and efficient marketplace".
"I don't care who's over at his house, leave that man the f- alone", West told the audience.