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
#2I don't think anyone expected Musk to follow that directive. His comments after the initial rulling signaled he didn't really care for the SEC telling him what to do, followed by a tweet about "memes" that IMO was to just troll anyone watching his Twitter account.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#3I don't think anyone expected Musk to follow that directive. His comments after the initial rulling signaled he didn't really care for the SEC telling him what to do, followed by a tweet about "memes" that IMO was to just troll anyone watching his Twitter account.
I don't know, I think a lot of people expected him to follow that directive because it shouldn't have been hard to follow, especially relative to how easy it would be to find out if he didn't follow it. There is no point in breaking that rule.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#4The SEC complaint can be found here:
https://www.documentcloud.org/documents/5775155-Reply-to-Res...
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#5I don't think anyone expected Musk to follow that directive. His comments after the initial rulling signaled he didn't really care for the SEC telling him what to do, followed by a tweet about "memes" that IMO was to just troll anyone watching his Twitter account.
The court almost certainly expects him to follow that directive. Provided that it is persuaded he didn't, he could be in some nasty trouble.
In fairness, no reasonable person would predict that Musk would follow it. I imagine that played a role in the SEC's decision to request it. (What trap is better than one the victim agrees to enter of their own accord, in public?) Musk, not being a terribly reasonable person in this area, probably assumed it wouldn't be an issue for him. If so, that assumption may bite him.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#6What 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."
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#7What 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."
Well I think the difference is insider knowledge. If you run a public company, and know everything that is happening, that can give you a significant advantage in trading that stock.
While I agree what the President is saying can move markets, and does, it's usually not because he knows something that everyone else doesn't (non-public information). It's just that his opinion moves markets. You could say the same for short sellers, who make detailed reports and release them publicly on why they believe certain companies stock will go down. This also affects the stock price, but doesn't have any non-public information.
Now if the President was shorting all the pharmaceutical industry, then said something like "we're going to socialize healthcare", I feel like this is a bit different because it's almost like the regulator is using their information for gain. Same for congress, although funny enough, this hasn't been technically illegal for long: https://en.wikipedia.org/wiki/STOCK_Act
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#8What 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."
The SEC doesn’t have authority over the president. Your complaint makes absolutely no sense.
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#9What 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?
Re: Elon Musk never sought approval for a single Tesla tweet, U.S. SEC tells judge
#10Regulate until everyone worth regulating goes elsewhere.