Originally Posted by petegz28:
It had also better be legit or he can find his ass in a lot of trouble with the SEC.
Welp.. Tesla down big on the news the SEC is suing Musk. It's not a big surprise, you can't really come up with 70+ billion in funding to go private without significant conversations over a long period that would have leaked out. [Reply]
Originally Posted by ChiliConCarnage:
Welp.. Tesla down big on the news the SEC is suing Musk. It's not a big surprise, you can't really come up with 70+ billion in funding to go private without significant conversations over a long period that would have leaked out.
I haven’t seen anything. What are they suing him for? [Reply]
Originally Posted by :
It sought unspecified monetary penalties and added a market-rattling request -- that a judge bar Musk from serving as an officer or director of a public company.
Honestly, that might not be the worst thing in the world. The dude clearly needs to step back a bit and get some sleep. [Reply]
Originally Posted by DaFace:
If you're asking what the punishment might be, it sounds like they could ban him from being an executive with any public company (like Tesla).
He, in fact, did not have funding secured. So they're going after him for misleading shareholders.
Oh. Thanks. For some damn reason I thought it was already done. I am obviously the dumbest bastard that ever lived.
That will set an interesting precedent if the SEC wins the suit.
CEOs personal social media acts as a formal company communication? That’s .... rough man. I pretty much agree in this specific instance, but still that’s an interesting precedent. So if Satya Nadella posts a picture of him eating an apple for breakfast can the SEC say he intended to show that they are taking over apple and when they don’t SEC can tune him up?
Like I said, I think In this case I agree, but it’s a precedent that could get freaking weird man.
Originally Posted by DaFace:
Honestly, that might not be the worst thing in the world. The dude clearly needs to step back a bit and get some sleep.
Yeah, it seems like he's burned out and become pretty erratic. It's too bad he didn't have a board that would've forced him to bring in help with operations.
Buehler - I think criminal cases get referred over to the DOJ. The SEC is civil cases*
edit: wanted to add. I imagine that's on purpose because it's easier to win civil cases? Finance, insider trading and intent is hard enough to prove already [Reply]
Originally Posted by ChiliConCarnage:
Yeah, it seems like he's burned out and become pretty erratic. It's too bad he didn't have a board that would've forced him to bring in help with operations.
Buehler - I think criminal cases get referred over to the DOJ. The SEC is civil cases
Right on. I was all the way wrong on that. [Reply]
