this thread seems to have "won": https://news.ycombinator.com/item?id=18088118
SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
21–30 of 884 posts
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#22[deleted]
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#23This comment I made a few weeks ago is coming alot closer to the truth than I would have expected. I hope for Space X and Tesla's sake that the reports of a directory and Executive ban don't come true. https://news.ycombinator.com/item?id=18016250#18016292 SpaceX is doing well, Tesla has pulled itself back from the brink and may actually become a profitable car company. All Elon had to do was keep his head down and n…
>All Elon had to do was keep his head down and not pick twitter fights....
Do you mean, act like the CEO of a public ally traded company and not publicly make unsubstantiated material statements?
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#24The actual complain: https://www.documentcloud.org/documents/4950588-SEC-v-Elon-M...
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#25This is a serious deal. The rest of the year is going to be a real test for Tesla! It'll be real interesting to see if they can rebound from this.
I wonder if the Tesla board is thinking of doing an Uber and replace Musk with a more calmer executive! Wouldn't be surprised if he gets fired after this.
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#26This comment I made a few weeks ago is coming alot closer to the truth than I would have expected. I hope for Space X and Tesla's sake that the reports of a directory and Executive ban don't come true. https://news.ycombinator.com/item?id=18016250#18016292 SpaceX is doing well, Tesla has pulled itself back from the brink and may actually become a profitable car company. All Elon had to do was keep his head down and n…
>All Elon had to do was keep his head down and not pick twitter fights.... Do you mean, act like the CEO of a public ally traded company and not publicly make unsubstantiated material statements?
Yeah. As opposed of acting like the leader of the country
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#27Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#28What would be the argument in his defense?
There really isn't.
According to the case [1]. On Nov 23rd, 2013 Telsa filled Form 8-K with the SEC that Elon's twitter account was a means of official company communication.
So they can't say this wasn't Musk or Telsa's responsibility, or that the statement was unofficial. It was an official company statement meant to deceive investors.
I think the best he can hope for is a plea bargain, or that the SEC made a clerical error.
[1] https://www.documentcloud.org/documents/4950588-SEC-v-Elon-M... page 4 section 13
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#29I'm willing to bet the only thing that will come of this is a fine and a slap on the wrist.
...and irrepairable loss of investor trust
I don't believe so. I have been a Tesla owner and investor for a long time now. I know where Elon comes from, what missions and goals he has stated for years now, and what he is trying to accomplish.
I promise you, Elon legitimately thought there would be an opportunity to go private again. He's said he wanted to do so in the past, and even has said they never wanted to go public, but were left with no choice. I don't think any part of Elon was trying to commit fraud or security manipulation. He made a mistake, we all do. He said something that should not have been said at that given point of time. I'm sure he was excited. He even said he typed that tweet in the car after leaving SpaceX.
Should he be fined? That is up to the SEC. Will I and many other investor lose trust in what Elon's mission is? Absolutely not.
Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal
#30On one hand, the $420 tweet was just blatantly obviously a bad idea and he should have known better.
On the other hand, it feels... strange somehow that a joke (if a slightly deadpan one) has consequences this severe. It affected the markets and it obviously wasn't without real-world consequences in any case, but something about this all just feels a little off somehow.