41–50 of 110 posts
It’s about time. I just can’t believe how fraud of such a scale can happen. Reminds me of Bernie Madoff.
At least the only victims here were investors - many of whom probably realised or suspected that Milton was exaggerating the company's progress, but were happy to play along as long as it kept pumping the value of their investments.
Trevor deserves it. I have been following Nikola out of curiosity and there were glaring red flags all the way. So many inconsistencies across interviews. Repeatedly saying "It's not a pusher", "I can out Elon, Elon", "We are vertically integrated" bla bla.
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Trevor deserves it. I have been following Nikola out of curiosity and there were glaring red flags all the way. So many inconsistencies across interviews. Repeatedly saying "It's not a pusher", "I can out Elon, Elon", "We are vertically integrated" bla bla.
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I'll bite. How so?
> The Securities and Exchange Commission announced today that Elon Musk, CEO and Chairman of Silicon Valley-based Tesla Inc., has agreed to settle the securities fraud charge brought by the SEC against him last week. The SEC also today charged Tesla with failing to have required disclosure controls and procedures relating to Musk’s tweets, a charge that Tesla has agreed to settle.
Essentially by agreeing to pay for the charges, he already told us he committed securities fraud without admitting it.
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"We think we can do self driving in a year" (very unrealistic prediction) versus "we have a working truck prototype" (literally false). Being an optimist isn't fraud.
Cybertruck? Twitter? Hyperloop? Is the Las Vegas thing with slow Teslas in a tunnel not fraud?
>Trevor Milton lied to Nikola’s investors — over and over and over again. That’s fraud, plain and simple, >He faced up to 25 years in prison if convicted on all four counts. If he would have taken large subsidies, like Musk did, it would've been much harder to jail him. Then he could let his imagination go - promise investors that they will make 100% return on investment per year ("buy Tesla for $30,000 and you make…
Then Musk with his "Paint it black" Autopilot/FSD video should be in jail for fraud as well. What is the difference here? Both products weren't nowhere near where marketing was trying to show.
Also "Am considering taking Tesla private at $420. Funding secured." was complete securities fraud and he paid for the charges. So by paying for the charges, he told the SEC he is a fraudster without telling them he is a fraudster.
So many salty shorts itt.
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Also "Am considering taking Tesla private at $420. Funding secured." was complete securities fraud and he paid for the charges. So by paying for the charges, he told the SEC he is a fraudster without telling them he is a fraudster.
Except he actually did consider it and negotiated with investors. How is it fraught when you investigate a business opportunity? So many salty shorts itt.
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Except he actually did consider it and negotiated with investors. How is it fraught when you investigate a business opportunity? So many salty shorts itt.
"Funding secured" it not exactly the same as "will negotiate with investors", is it?
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I don't find it dishonest, rather brilliant he found a hill the truck rolled down from. The whole ordeal was the weakest chain of the whole lawsuit - most of the time the tech showed is not 100% working. The truck showed would not be on sale anyways, but obviously whatever would leave a factory. Musk showed houses that did not even have real solar panels even thought he told people in their faces these are solar pane…
What is "brilliant" about faking a car moving with the intent of misleading your investors, who are redirecting to you vast amounts of wealth from more deserving companies that would make society a better place? You're stealing from companies that create economic acceleration to create economic friction. If we keep rewarding scammers with this notion that they're doing anything remotely of value, we end up with a soc…
At the margins, there's going to be some truth to this, but the kind of financier who is wowed by this kind of demo isn't skilled at telling what innovations are deserving.
> If we keep rewarding scammers with this notion that they're doing anything remotely of value, we end up with a society of Roger Stone and Trump types who are really good at seeking out and winning negative sum games.
I'd really drain a lot of money from the class of financiers as a whole and move it to households and non-financial industry. If we'd responded to 2008 with widespread haircuts on bad lenders and nationalisation of failing banks, instead of bailouts for banks and inflating the financial system via QE, we would have moved int this direction.
Musk is not a good example of the entrepreneur, but he's not in the same class as Stone, who kind of mobilised the Oath Keepers as his private heavies, or Trump, who depends on intimidation and personal dominance to run his business affairs.