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X CEO Says Platform Should Turn Profit in 2024

wsj.com

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Re: X CEO Says Platform Should Turn Profit in 2024

#11

Post by sschueller »

toomuchtodo wrote: post #5
Zetobal wrote: post #2

I don't get how it is allowed that C-Suits just are allowed to blatantly lie to their investors/board/users they have the data and they know it won't happen. Exactly how Musks knows FSD won't happen this year...

Lying to users about performance is covered under free speech. It's securities fraud if Musk is knowingly lying to those with an interest in X, even if a private company. Necessary components are standing ("I own a piece of X"), appetite to litigate, and evidence the statement was knowingly untrue. https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_193... https://en.wikipedia.org/wiki/Private_Securities_Litigat…

Didn't workout for Nikola. Their trunk didn't work when it was presented but I could say the same thing to the solar roof installation Elon presented.

Re: X CEO Says Platform Should Turn Profit in 2024

#14

Post by [deleted] »

sschueller wrote: post #11
toomuchtodo wrote: post #5

Earlier quoted context omitted.

Lying to users about performance is covered under free speech. It's securities fraud if Musk is knowingly lying to those with an interest in X, even if a private company. Necessary components are standing ("I own a piece of X"), appetite to litigate, and evidence the statement was knowingly untrue. https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_193... https://en.wikipedia.org/wiki/Private_Securities_Litigat…

Didn't workout for Nikola. Their trunk didn't work when it was presented but I could say the same thing to the solar roof installation Elon presented.

[deleted]

Re: X CEO Says Platform Should Turn Profit in 2024

#17

Post by toomuchtodo »

sschueller wrote: post #11
toomuchtodo wrote: post #5

Earlier quoted context omitted.

Lying to users about performance is covered under free speech. It's securities fraud if Musk is knowingly lying to those with an interest in X, even if a private company. Necessary components are standing ("I own a piece of X"), appetite to litigate, and evidence the statement was knowingly untrue. https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_193... https://en.wikipedia.org/wiki/Private_Securities_Litigat…

Didn't workout for Nikola. Their trunk didn't work when it was presented but I could say the same thing to the solar roof installation Elon presented.

Nikola's fraud was blatant [1]. They rolled a truck down a hill, and the internal emails were damning. Trying in good faith (solar shingles) and failing isn't fraud, that's just a failed business venture. Solyndra failed too. Fraud? No, just bad business.

I can understand that Musk attempts to bend reality to juice the chances of success. I don't condone it personally, but I understand it [2].

[1] https://www.nytimes.com/2022/10/14/business/trevor-milton-ni...

[2] https://news.ycombinator.com/item?id=37668438

Re: X CEO Says Platform Should Turn Profit in 2024

#18

Post by ssgodderidge »

toomuchtodo wrote: post #5
Zetobal wrote: post #2

I don't get how it is allowed that C-Suits just are allowed to blatantly lie to their investors/board/users they have the data and they know it won't happen. Exactly how Musks knows FSD won't happen this year...

Lying to users about performance is covered under free speech. It's securities fraud if Musk is knowingly lying to those with an interest in X, even if a private company. Necessary components are standing ("I own a piece of X"), appetite to litigate, and evidence the statement was knowingly untrue. https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_193... https://en.wikipedia.org/wiki/Private_Securities_Litigat…

The key there is "knowingly." For those who want to litigate, proving that he's lying is incredibly difficult. You would need some kind of internal message from Musk directly saying that "X will not be profitable in 2024" right before he posted. I doubt anyone will actually sue him over this.

Re: X CEO Says Platform Should Turn Profit in 2024

#19

Post by bnt »

This is obviously not a popular opinion, but: I think this is great news. In the world of Meta dominating social media (+ TikTok now de facto in 2nd spot), we need diversity in the field.

Twitter (X) definitely changed in the past year, but I see it as a positive change (maybe it's my bubble) - my tech feed is no longer polluted by people fighting about left vs right, Trump etc, my feed is now tech people sharing tech-related content and I love it.

Re: X CEO Says Platform Should Turn Profit in 2024

#20

Post by ssgodderidge »

sschueller wrote: post #11
toomuchtodo wrote: post #5

Earlier quoted context omitted.

Lying to users about performance is covered under free speech. It's securities fraud if Musk is knowingly lying to those with an interest in X, even if a private company. Necessary components are standing ("I own a piece of X"), appetite to litigate, and evidence the statement was knowingly untrue. https://en.wikipedia.org/wiki/Securities_Exchange_Act_of_193... https://en.wikipedia.org/wiki/Private_Securities_Litigat…

Didn't workout for Nikola. Their trunk didn't work when it was presented but I could say the same thing to the solar roof installation Elon presented.

Nikola was also public, and therefore had a higher level of regulatory scrutiny.
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