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SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

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671–680 of 884 posts

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#671

Post by detaro »

gfody wrote: post #665

does the SEC have a case? Elon can say the post was a joke (probably the truth), or that he sincerely intended to take the company private at $420 after smoking a joint with a potential backer but then later thought better of it, say he even confessed that his tweet was a deliberate attempt to mislead short-sited investors in a lapse of moral judgement; it would still be just a note on a social network, not an offici…

from the filing:

> In November 5, 2013, Tesla publicly filed a Form 8-K with the Commission stating that it intended to use Musk’s Twitter account as a means of announcing material information to the public about Tesla and its products and services and has encouraged investors to review the information about Tesla published by Musk via his Twitter account.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#672

Post by sokoloff »

Dylan16807 wrote: post #670
sokoloff wrote: post #662

Earlier quoted context omitted.

"long" in this case is a direction (net owner of shares), not a duration.

I know that. You're not really addressing my point...

An established term of art, correctly used and in context, is not misleading IMO.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#673

Post by agumonkey »

MBCook wrote: post #521
agumonkey wrote: post #339

Earlier quoted context omitted.

Of all weird things he did, that tweet felt the less induced by mean emotions (unlike the issues with soccer team rescue). I believe he was angry at people using the system to see someone doing his best to make a good thing. Sad.

It’s entirely possible the tweet was only designed to screw over short sellers. Doesn’t matter, it’s illegal for someone in his position to try and do that through a tweet that’s on an account that’s registered with the SEC.

I understand.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#674

Post by brandonjm »

bioxeed wrote: post #391
asn0 wrote: post #355

Earlier quoted context omitted.

I've started to think Apple is more competitive on laptops than it looks from the price. Every time I've priced out a laptop with similar configuration to my MBP (including a good-quality display, NvME SSD, good battery life), it always ends up costing about the same as an MBP. And then Apple's customer service definitely tips in their favor (I've been spoiled by fast, convenient, competent repair service at the Appl…

This depends a lot where you live. Possibly in the US this is true but currently here in Australia to get an MBP that matches the top spec Dell XPS15 would cost at least $1k aud more. And still not have the touchscreen the dell has. That didn't always used to be the case. Previously at launch an MBP was often quite keenly priced for the specs. But the last couple of generations have been badly overpriced.

> the last couple of generations have been badly overpriced.

Which ties back into the earlier comment on this thread that after Jobs died, the company has gradually devolved into a 'premium cost for not quite as premium hardware' tech company. Previously MacBooks were well priced for what you got (Australian here also), nowadays they are more expensive that equivalent laptops which have more connectivity, touch screen etc.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#675

Post by elguyosupremo »

village-idiot wrote: post #605
jhall1468 wrote: post #560

Earlier quoted context omitted.

It's not. They have to prove intent. Musk didn't make any transactions while the stock was on the rise, so intent (which is hard to prove) and benefit (which can't be proven) are both a huge problem with this case. He deserves the lawsuit, but this is just to force his hand on a deal.

Wrong on two levels. Intent doesn’t matter here, the SEC is alleging negligence (read the actual complaint). Remember that this is a civil case, not a criminal one. Second is that he’s being accused of securities fraud, not insider trading. So the SEC doesn’t actually need to prove that he benefited, only that rules were broken.

The SEC is alleging he broke rule 10b-5, which says that the defrauding actions must be "in connection with the purchase or sale of any security".

The SEC complaint doesn't seem to allege negligence at all, in the claim for relief it says 'Defendant, with scienter' which definitely does not imply negligence.

The complaint alleges that the statements were made in connection with the sale of securities but I don't really understand where that comes from.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#678

Post by gurumeditations »

55555 wrote: post #669
dirkgently wrote: post #467

Earlier quoted context omitted.

> I hope for Space X and Tesla's sake that the reports of a directory and Executive ban don't come true. Why? Because Elon is a special snowflake and deserves a different treatment than other white-collar criminals?

How about because nobody should be able to go from perfectly fine to having ruined their life* in under 30 seconds. you have one dumb thought, open twitter on your phone, push tweet, and it's over. That's not an ability people should have. We are impulsive and often dumb.

He’s a big boy.

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#679

Post by jacquesm »

usaphp wrote: post #538
jacquesm wrote: post #273

Earlier quoted context omitted.

I was with you right up to here: > Musk might do better focusing on Space-X. Maybe. As long as he does not claim the CEO slot.

So the guy literally built a fucking reusable rocket company, most popular payment service, an electric car company that now all of the huge car monopolies are trying to mimic and replicate and still can’t catch, and he did all of that during 20 years, 99.9% of people sit on a couch for 20 years without doing anything. But experts on hacker news still think he is a terrible ceo. I am pretty sure most of those experts…

I suggest you re-read the headline. Elon is fantastic in some ways and terrible in others. He really needs to - quickly - get some self control or it will end badly. What do you think are the chances of Gwynne Shotwell tweeting SpaceX into the gutter or wrecking its reputation by getting into a tiff with a guy trying to rescue a bunch of kids?

Re: SEC Sues Musk and Seeks Ban for His Tweets on Go-Private Deal

#680

Post by megakwood »

anthonybsd wrote: post #233
chollida1 wrote: post #6

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…

>Tesla has pulled itself back from the brink and may actually become a profitable car company 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.

Don't think that's the case -- did you listen to the latest earnings call? They're forecasting a cashflow positive Q3 with 15% gross margin on the Model 3s, and have sustained 5,000 M3 and 2,000 S&X per week for several weeks now. They even closed the reservation system and are taking orders for 2 months out.
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