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SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

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Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#251

Post by Marsymars »

godzillabrennus wrote: post #236
spectramax wrote: post #3

At this point, the board of directors should just demand deletion of his Twitter account. I admire Elon for his vision, and actually also admire his radical style despite of its unpopular image - I watched the video where he smoked pot on the radio show. It was a really amazing conversation about future of humanity. He just needs to stop tweeting. You may say it’s fixing the symptom, but here if we take Twitter away,…

Twitter is a giant customer service system. It’s more effective than sitting on hold waiting for a giant company to ignore you. One reasonable tweet about an issue and usually a customer service rep reaches out. I tweeted about how a company saved Christmas for our family with a last minute furniture delivery. We were going to take a secondary choice on color for that item to arrive on time. The CEO of the company go…

I wish companies would enable whoever is manning their public emails to fix problems as effectively as whoever is manning the twitter account.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#252

Post by staticautomatic »

jacques_chester wrote: post #144
staticautomatic wrote: post #105

I think the answer should be designating official channels like the company's website or an SEC-managed site that you can post to. Everything else gets designated non-official and carries a warning notice saying it's not official so if you wanna trade on it or whatever you do so at your own risk.

Such designations already exist. Tesla designated Musk's twitter account several years ago.

Where can I read more about this?

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#253

Post by LiquidSky »

manicdee wrote: post #240
gamblor956 wrote: post #91

Earlier quoted context omitted.

Last year Elon made a series of deliberately false statements made with the sole purpose of artificially inflating the stock price of his crime. CEOs have gone to jail for years over misrepresentations less outrageous than Elons'. He was able to avoid prison time and hundreds of millions in fines by agreeing to a slap-on-the-wrist settlement with the SEC that required a small fine and, crucially, that his tweets be r…

He did no such thing. You are probably referencing a series of tweets where Elon was openly contemplating what would be required to buy back Tesla shares. The settlement with SEC clearly stated that no fault was found and no guilt admitted. Why people get so excited about Musk spewing numbers over Twitter is beyond me, when the responsible course of action is to verify claims against other better vetted sources. The…

>He did no such thing. You are probably referencing a series of tweets where Elon was openly contemplating what would be required to buy back Tesla shares. The settlement with SEC clearly stated that no fault was found and no guilt admitted.

Yes, that's the "slap-on-the-wrist settlement" for Musk's securities fraud the parent was referring to.

>Why people get so excited about Musk spewing numbers over Twitter is beyond me

Because he is the head of a publicly traded company and spewing those numbers can violate the law.

>The crowd was eager to hang Elon over “funding secured” despite the entire deal being dependent on shareholder agreement.

Yes, that's precisely why his statement was fraud. He said he had funding secured when he didn't. He did this to manipulate the market.

Outside of the Musk cult, these are the laws people in Musk's position need to follow. If anything evidences SEC corruption it's Musk getting that sweetheart settlement for behavior that would land us average Joes in jail.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#254

Post by 00N8 »

eduah wrote: post #149
cat199 wrote: post #110

Earlier quoted context omitted.

as stupid as tweeting incorrectly and without legal review when tweeting correctly and with review is essentially your simple, easy to observe, 'terms of parole'?

Actual government legal agency going after someone on a stupid immaterial technicality about requiring approval for disclosing material information that might affect stock: The tweet didn't have material information. The 500k number was public and discussed on a public investor call. vs. Crazy guy that bankrupted himself trying to build a rocket company and a car company simultaneously is less than overly cautious ab…

as a former sociology major, I'm pretty sure the judicial system still spends much of its time on cases w/ less merit than this

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#255

Post by malshe »

I am surprised by the number of people here as well as on Twitter confusing between "annualized" and "annual". If I make 1% trading a stock in one day then the annualized return is (1.01^365 - 1) * 100 = 3,678% but that's not the annual return!

In case of Tesla, I think the annualized target production of 500K cars was calculated over 3 quarters (please feel free to correct me).

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#256

Post by _ptgt »

mLuby wrote: post #25
spectramax wrote: post #3

At this point, the board of directors should just demand deletion of his Twitter account. I admire Elon for his vision, and actually also admire his radical style despite of its unpopular image - I watched the video where he smoked pot on the radio show. It was a really amazing conversation about future of humanity. He just needs to stop tweeting. You may say it’s fixing the symptom, but here if we take Twitter away,…

Twitter's value is providing a direct connection from people of note to the masses, bypassing newspaper/TV/radio gatekeepers of yesteryear. You could argue whether that itself is good for society, but it is clear from Twitter's usage that people find it valuable.

The viewers of Fox News find it valuable as well I'm sure. That something's users find it valuable says little on its own imo.

This is a separate point, but what exactly does Twitter do to provide a direct connection to the masses that the rest of the internet doesn't? The only difference is that Twitter, through some combination of marketing, first mover advantage, addictiveness to the right audience, whatever, happened to what the developed world chose as its social media platform of choice for current events.

That's orthogonal to its actual appropriateness for being such a platform and to its utility to global/national society as a whole.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#257

Post by eeeeeeeeeeeee »

mLuby wrote: post #25
spectramax wrote: post #3

At this point, the board of directors should just demand deletion of his Twitter account. I admire Elon for his vision, and actually also admire his radical style despite of its unpopular image - I watched the video where he smoked pot on the radio show. It was a really amazing conversation about future of humanity. He just needs to stop tweeting. You may say it’s fixing the symptom, but here if we take Twitter away,…

Twitter's value is providing a direct connection from people of note to the masses, bypassing newspaper/TV/radio gatekeepers of yesteryear. You could argue whether that itself is good for society, but it is clear from Twitter's usage that people find it valuable.

Musk could accomplish exactly what you’re saying on a blog (just as Bezos did on Medium recently), or through a PR release written or approved by him. There are numerous ways he could communicate more effectively to the public without mainstream media filtering. Why do we act like Twitter is the only way to do this?

Twitter only encourages misunderstanding and posts without thought. The character limit is a big driver of this.

If Musk wants to take his company private then he can do whatever he wants, but there is a different set of rules for CEOs of publicly traded companies for a reason.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#258

Post by Animats »

djakjxnanjak wrote: post #71
privateSFacct wrote: post #36

Earlier quoted context omitted.

He doesn't need to delete it, but if he is going to post market moving information (like production for 2019 is not 400K but 500K) he'd get the approved by someone else like Tesla's GC.

It seems like Elon lacks the ability to control his behavior when he can tweet based on a momentary impulse. Elon has many bright ideas but not every notion of his is appropriate for public consumption. He ought to hand over the credentials to a PR or even a law firm so he can send all his tweets through them. And ask them to change the password.

More than that, it may be time to send him to drug rehab. We know drugs were involved in the last big screwup.

Re: SEC Asks Manhattan Federal Court to Hold Elon Musk in Contempt

#259

Post by tw04 »

astrodust wrote: post #171
mLuby wrote: post #25

Earlier quoted context omitted.

Twitter's value is providing a direct connection from people of note to the masses, bypassing newspaper/TV/radio gatekeepers of yesteryear. You could argue whether that itself is good for society, but it is clear from Twitter's usage that people find it valuable.

I find it valuable in that you can follow reporters directly, both professional and amateur, and curate your feed very precisely, especially because a large amount of commentary comes across as Tweet-sized asides, not full articles. As a micro-publishing platform, it's hard to beat.

> because a large amount of commentary comes across as Tweet-sized asides, not full articles.

There are very few topics that are both worthy of a news story and able to be summarized even remotely well in 140 characters. It is literally the downfall of journalism and in my opinion is a major driver in the complete lack of rational discussion in politics today.

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