"And the name change is so on point!"
The stock dropped as much as 3.8 per cent as of 9:40 a.m. Friday in NY, after Musk fired off more than a dozen tweets targeting the Securities and Exchange Commission and short sellers the night before.
After determining that the tech entrepreneur was guilty of misleading investors when he tweeted that that he had secured funding to take Tesla private, federal regulators reached out to the electric vehicle maker to discuss a suitable punishment.
Also on Thursday Reuters reported that U.S. District Judge Alison Nathan in Manhattan gave Musk and the SEC until October 11 to justify why the settlement is fair and reasonable. As per SEC, Musk's statements violate the 1934 Securities Exchange Act, and that Musk "knew or was reckless in not knowing" that his tweets were not accurate and correct.
Musk agreed to pay a $20m fine and step aside as Tesla's chairman for three years.
The SEC declined to comment on the tweet.
Tesla shares dropped 4.4 percent Thursday, and were down an additional 2.5 percent in extended trading, to $274.75.
The SEC said those claims were "false and misleading".
The website description says they want to help Musk with this "preposterous" SEC filing against him.
Musk's sarcastic tweet could cause Nathan to reject the settlement if it gives her reason to believe that he "has no intention or ability to change his conduct", said Erik Gordon, a business professor at the University of MI.
The New York Times also said Musk had threatened to resign, in a phone call with directors, if the board insisted that he and the company enter into a settlement with the Securities and Exchange Commission (SEC).
Another Tesla bull, Gerber Kawasaki CEO Ross Gerber, was more blunt in expressing his disapproval of Musk's post. However, the government was annoyed with Musk's decision to bail on the original agreement so they doubled down on the conditions for the new settlement. But according to Recode's Teddy Schleifer, that requirement doesn't kick in for 90 days after signing, giving Musk a few more weeks of unfettered tweeting.