Musk rips SEC: ‘I do not respect them’

Tesla founder Elon Musk said in an interview broadcast Sunday that he does not respect the Securities and Exchange Commission (SEC), but that he complied with a settlement with the organization because he respects "the justice system."

Musk was asked on CBS's "60 Minutes" about the fallout from his settlement with the SEC that stemmed from an investigation into a tweet Musk sent in August in which he said he had secured funding to take Tesla private at $420 per share.

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"I want to be clear. I do not respect the SEC. I do not respect them," Musk said.

"But you're abiding by the settlement, aren't you?" reporter Lesley Stahl asked.

"Because I respect the justice system," Musk responded.

Tesla and Musk reached a settlement last month with the SEC in which the company and its founder each paid a $20 million civil penalty. Musk was also required to step down as chairman of the board. He was replaced by board member Robyn Denholm.

Musk said on "60 Minutes" that nobody supervises his tweets in the aftermath of the settlement, unless the message has a chance of causing movement in the company's stock.

Musk has attracted controversy and criticism for some of his tweets, including the stock price message and one in which he accused, without evidence, a diver in the Thai cave rescue mission of being a "pedo."

"I use my tweets to express myself," Musk said Sunday.

"Some people use their hair. I use Twitter," he added.