From the point of view of the worldwide public, suing over twitter posts looks ridiculously funny.
So better that than something else. That will train Musk a bit for later.
Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
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Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#12What is really sad about the state of affairs is that SEC is suing Musk out of spite (seemingly) and not bothered by a President whose tweets are changing fortunes of multiple corporations. For reference SEC's mission statement: "The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
Right. Does anyone have any idea why the SEC has such a huge justice-hunger for Musk? Musk definitely gets a lot of government contracts and money, and is very connected to defence, and lobbying. Why is someone that useful / influential becoming a target of such intense focus and interest? Is it a personal grudge at the SEC (why?) or from above? Is it a way to laterally apply pressure on Musk regarding SpaceX?
My guess is some of the short sellers have friends who work at the SEC.
That and Musk runs his company like a child, which allows it to be nimble, but also means every action doesn't get as much scrutiny as they expect.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#13What is really sad about the state of affairs is that SEC is suing Musk out of spite (seemingly) and not bothered by a President whose tweets are changing fortunes of multiple corporations. For reference SEC's mission statement: "The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
Right. Does anyone have any idea why the SEC has such a huge justice-hunger for Musk? Musk definitely gets a lot of government contracts and money, and is very connected to defence, and lobbying. Why is someone that useful / influential becoming a target of such intense focus and interest? Is it a personal grudge at the SEC (why?) or from above? Is it a way to laterally apply pressure on Musk regarding SpaceX?
I don't think the SEC wants to go after Musk at all. It's unpopular and it's not good for the market to go after someone with such a great track record of capital formation.
He keeps forcing their hand and putting them in a position where they have to either take enforcement action or give him special treatment they don't give any other public company executives.
This is the law. A CEO cannot say he's secured funding for a buyout if it's not true. A CEO cannot sign an agreement with the SEC then publicly violate it without repercussions.
Potentially market moving tweets get filed all the time. It's not different because it's a Twitter. Here is Dell Technologies filing a few of their deal-related tweets: https://www.sec.gov/Archives/edgar/data/1571996/000119312518...
Carl Icahn literally files single tweets with the SEC. Here are two of his tweets you can find under Apple's SEC filings:
https://www.sec.gov/Archives/edgar/data/320193/0000928464140...
https://www.sec.gov/Archives/edgar/data/320193/0000928464140...
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#14Earlier quoted context omitted.
Right. Does anyone have any idea why the SEC has such a huge justice-hunger for Musk? Musk definitely gets a lot of government contracts and money, and is very connected to defence, and lobbying. Why is someone that useful / influential becoming a target of such intense focus and interest? Is it a personal grudge at the SEC (why?) or from above? Is it a way to laterally apply pressure on Musk regarding SpaceX?
My guess is some of the short sellers have friends who work at the SEC. That and Musk runs his company like a child, which allows it to be nimble, but also means every action doesn't get as much scrutiny as they expect.
Or, rather than postulating some shadowy conspiracy theory, we can guess that the SEC is a law enforcement agency, and Musk has repeatedly (and in plain sight) violated the law.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#15I'm having a hard time understanding this. Whats is the point of being CEO if you need approval to speak? Anyone investing in Tesla these days are basically investing in Musk. If they dont like the way he runs the business they can sell, or they can vote him out.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#16I'm having a hard time understanding this. Whats is the point of being CEO if you need approval to speak? Anyone investing in Tesla these days are basically investing in Musk. If they dont like the way he runs the business they can sell, or they can vote him out.
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Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#17I'm having a hard time understanding this. Whats is the point of being CEO if you need approval to speak? Anyone investing in Tesla these days are basically investing in Musk. If they dont like the way he runs the business they can sell, or they can vote him out.
>Whats is the point of being CEO if you need approval to speak?
Oh, if I had to guess, the money and control are probably nice even if you structured your company in a way where you have to follow securities law.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#18I'm having a hard time understanding this. Whats is the point of being CEO if you need approval to speak? Anyone investing in Tesla these days are basically investing in Musk. If they dont like the way he runs the business they can sell, or they can vote him out.
The tweet approval is a requirement of the settlement Musk signed with the SEC for his previous instance of securities fraud.
CEOs aren’t kings, they have laws to follow. Musk could have avoided all of this by simply not engaging in the behavior that earned him this forced oversight.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#19What is really sad about the state of affairs is that SEC is suing Musk out of spite (seemingly) and not bothered by a President whose tweets are changing fortunes of multiple corporations. For reference SEC's mission statement: "The mission of the U.S. Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation."
Seemingly out of spite?
Musk openly committed securities fraud, negotiated a sweetheart settlement deal with the SEC, then spent the next few months openly mocking the SEC and, apparently, ignoring the settlement.
The Musk Cult is unbelievable sometimes.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#20Earlier quoted context omitted.
My guess is some of the short sellers have friends who work at the SEC. That and Musk runs his company like a child, which allows it to be nimble, but also means every action doesn't get as much scrutiny as they expect.
Or, rather than postulating some shadowy conspiracy theory, we can guess that the SEC is a law enforcement agency, and Musk has repeatedly (and in plain sight) violated the law.
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