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"The suit seeks an order from a judge barring Musk from serving as an officer or director of a public company, a request often made in SEC lawsuits, as well as unspecified monetary penalties." Does this imply that they want to remove him from being CEO and from the board of directors?
Or to simply make it a private company and stay CEO...
This 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…
This is a very very generous assessment of the dire financial situation TSLA is in. At best they have hit their production at the expense of quality which will only temporarily offset their costs. Any sustainable mid-term profitability is a very big question mark at this point.
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I was asking what the punishment is for similar crimes and that isn't the same as asking for what crimes have caused a similar punishment. I looked through the first few results on that page and they all seemed, in my opinion, to be more severe crimes than what Musk is accused of doing.
Add "misleading" to the search and the first few results seem similar to what Elon did. Making public, false, and misleading statements to investors is something the SEC gets pretty upset about. https://www.google.com/search?q=misleading+prohibited+acting...
>In its August 28, 2012 Complaint, the Commission alleged that, between 2005 and 2008, Wwebnet, Inc., a video software company, and Kelly made false and misleading statements and omissions to investors, including...
The accusations there are repeated and occurred over the course of several years. Musk has been accused of a single case of wrong doing. Musk's seems to be a much lesser crime. Also by still including the punishment in that search you are missing any similar accusations that received lesser or more severe punishments.
[1] - https://www.sec.gov/litigation/litreleases/2015/lr23177.htm
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Why would you say that for example the Apple Watch is "nothing new"? Or: what is the difference between jumping from an iPhone to an iPad (considered as genius by Jobs) and jumping from a fingerprint ID to a 3D face recognition.
Why would you say that for example the Apple Watch is "nothing new"? Pebble.
Does anyone else find it amazing that these days social media posts are becoming official government documentation? Who would've thought that the very platforms where we once just shared pictures of cats are starting to run our our elections and stock markets.
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SpaceX is not a public company so I don't see how a ban would affect Musk w/ r.t. SpaceX. also, otoh: think about the good things that could happen to $TSLA when Elon is removed from being a CEO.
Ahh, my mistake. I was unaware that the SEC does not have pull over privately held companies, or at least their employees. Still, the wave of litigation headed Musk's way can't help matters. He's going to be very busy.
I'm not sure this is accurate. The SEC could try to bar someone from serving as CEO or a director of any corporation. It's just never attempted that. The SEC regulates everyone who touches securities, and private companies issue securities.
This ban, however, specifically restricts itself to public companies. The issue is therefore moot.
Does anyone else find it amazing that these days social media posts are becoming official government documentation? Who would've thought that the very platforms where we once just shared pictures of cats are starting to run our our elections and stock markets.
Think about it: our insanely legislated government decides that a rich and accomplished engineer/businessman can no longer run his businesses? He would totally turn evil, buy an island, and start building his super lair!