Elon Musk to Relinquish Chairman Role and Pay Stiff Fine Following SEC Fraud Charges

Buffett said in his book he doesn't even have 1M in cash.

20M is no joke amount. He may not have it.
And I'm pretty sure Buffet could have millions of cash at his feet within hours if that is what he desired. Some people don't understand just how rich these people are. Let's say your net worth is 100k. Proportionally, this would be equivalent to you receiving a $100 fine. Oh yeah, you'll be losing sleep over that one.
 
Life's not easy when Uncle Sam is your legal guardian...

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And thats what i dont get, as far as i know tesla have never made a profit, but are supposed to do so in 2018.
The 45 bilion are what rich people at least will cash in on if it work, and if it go sour thats what they will dump in the lap of regular people.

Its these fantasy money that ruin the world.
Sam here you parents could have build a house in the mid 70ties at the cost of 500.000 DKKr, and since then they might have spent 200.000 on running repairs and improvements.
BUT ! today that house sell for 2.5 - 3.5 million DKkr,,,,,,, thats just wrong if you ask me, and the reason i would feel really stupid buying a used house.

Used house? That is the first time in ever someone has said used house lmao
 
I'll just wait for Musk to spin off SpaceX/Boring and buy out Tesla.

Not like he hasn't already done corporate finance acrobatics with SolarCity.
 
I'm amazed at the number of people here that are totally cool with stock price manipulation provided it's done by Musk. It's almost as if everyone here is cool with the rules not applying to him, just because he's Musk.
 
So quick to resign... its almost like he wanted it this way. Not to mention the tiny slap on the wrist and a quick resolution to what normally is months of "investigations".

All I know is, Tesla stock is dropping... if somebody wanted to buy up a large amount of Tesla stock now is the time to do it.
 
I'm amazed at the number of people here that are totally cool with stock price manipulation provided it's done by Musk. It's almost as if everyone here is cool with the rules not applying to him, just because he's Musk.

Most people here don't have a single clue about the SEC why it was created or why the rules exist. Musk is a star to them like Kanye West or Donald Trump where babbling about any random thought is considered perfectly acceptable. But they just don't get that when you take money from shareholders in a public company and your word can swing the stock price, no actually you cant just spout off anything you want to when you are having a temper tantrum with zero consequences.
 
So quick to resign... its almost like he wanted it this way. Not to mention the tiny slap on the wrist and a quick resolution to what normally is months of "investigations".

All I know is, Tesla stock is dropping... if somebody wanted to buy up a large amount of Tesla stock now is the time to do it.
He walked away from a deal on Thursday or something like that.
 
This is what happens when you own a big company and start publically calling someone a Paedo on the internet + other shit.

I think Mr musk needs a psychiatric intervention.

If I had billions of bux, I would hire me some bodyguards to keep me from using the internet, as I say dumb liable shit all the time, and its only when you have billions do people decide they want a piece of your cake.

I remember a time when you could say and do whatever you wanted to do on the internet. Now its all fucked up with laws n shit.
 
Wow... a $20 million dollar "lesson" that Musk will write a check for and laugh off. The real "lesson" here is... stop Tweeting.
 
I'm amazed at the number of people here that are totally cool with stock price manipulation provided it's done by Musk. It's almost as if everyone here is cool with the rules not applying to him, just because he's Musk.
Raging agreement. It's always disturbing to see the cult of personality in action. He's just an eatin' and shittin' guy who shares foibles common to the rest of humanity.
 
An ultra rich person like Musk easily has 20 million in cash and a lot more. People like him need that kind of money for their lifestyles.

Eh? His lifestyle? Working 80 hours a week, sleeping on bench in your office with an old horse blanket?

-----------------

And yes, I am an Elon Muck FAN, and I'm proud of it, I'm sick of corporations and politicians who talk the talk but don't walk the walk. I am sick of people yacking about American jobs and the loss of the middle class while they approve the move of another factory overseas. Musk had a plan for building an American EV company - start small with a sports car, move to a luxury car, add a luxury SUV, then put out a mass-market car. It's taken longer than he thought to bring out each car, but he did it. (Boeings 787 was 4 years overdue. Lockheed's F-35 god-knows how many years overdue. It happens.) He knew that he needed his own battery factory because Toshiba and Panasonic couldn't handle his demand, so he built it, and he gambled the expansion of that factory based on the initial orders for the Model 3. Yeah, he gambled, but it wasn't an unreasonable gamble. Unfortunately, he couldn't ramp his production up fast enough and lost almost a years worth of projected income at a time when payments were due, but that doesn't invalidate the company, its products, its assets, or the demand for what he is now making.

I'm also sick of people who spew hate about Musk based on other people's lies (boo hoo, subsidized by the government! doesn't pay his loans! worthless stock, company that isn't worth anything!) Yeah, I said lies, it's what a lot of politicians and bullshitters use these days when reality doesn't suit their world view. You can stack a pile of opinions all the way to the moon, it doesn't matter compared to the reality that everyone should be able to see - he's designing and building cars. They're real. He's designing, building and launching rockets. That's real. He's doing it in America. That's great for us.

He violated the SEC rules by talking about taking his company private. I agree. Beyond that, I don't give a shit about your bullshit opinions or your bullshit hate - you're a fart in the desert, you're meaningless, compared to the reality of what he is doing. You can tear your hair out and scream about politics and liberals (what do liberals have to do with this? This is BUSINESS! This is REPUBLICAN!) but it means nothing compared to the fact he has a factory that employs Americans and makes cars.

Tesla is a good company that forced open a market a lot of people had been waiting for. The CEO made a few bets that backfired, and he definitely wonked it up in the social media, but they have a solid product and the ability to produce.
 
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Eh? His lifestyle? Working 80 hours a week, sleeping on bench in your office with an old horse blanket?

Again, he owns $72 million in real estate in LA. I'm not saying the guy isn't hardworking or anything bad, just that 20 million means jack shit to him. It's piss ant money to people with this kind of wealth and I know this first hand because of my banking experience.
 
This is something posted on Twitter? He's getting fined 20 million and his company is getting fined a similar amount over something said on Twitter? Doesn't Donald Trump say all kinds of crazy shit on Twitter on an almost daily basis? What are his ramifications? I must admit that I'm not familiar with the world of investment banking but this whole situation sounds like Kafka bullshit to me.

Maybe the system is broken. Just because it's in place doesn't mean it's the right system.

Kudos to the folks here who know and care about how this system works and have made bank from it.
 
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Doesn't Donald Trump say all kinds of crazy shit on Twitter on an almost daily basis? What are his ramifications?

The difference between Trump and Musk is that one is the head of a public company. A sitting POTUS is beyond the reach of most LE. A CEO of a publicly traded company not so much.
 
The difference between Trump and Musk is that one is the head of a public company. A sitting POTUS is beyond the reach of most LE. A CEO of a publicly traded company not so much.

I think that you mean to say is Tesla is a public company and trump organization is private. Therefore trump is not subjected to the same laws this has nothing to do with his position as president.
 
Bought on the dip friday. Back up 16% pre market. Easiest money ever. Learn to see through the noise. People arguing over how much 20 million is to a billionaire or what tweet says what. Who gives a shit. Make money.
 
God, the wrath of Elon evangelists.

I have no stakes. I want the guy to succeed, and I couldn't care less for EVs. To me, the more people disrupting markets, the better. There's absolutely no company that dialed down the douchebaggery when it became too confortable on its position.

The problem is very simple: anyone but Elon would go to jail for anything like that. He will not. On the other hand, many interests were waiting for this moment to hamstring him out of what he's doing.

Nobody is right, bring the popcorn.

Um I think you should do a little research on the SEC and their fines before you go saying Elon is the only one who could get away with it. Its pretty par for the course unless you do something insanely illegal:

https://www.reuters.com/article/us-...er-settle-u-s-fraud-charges-sec-idUSKCN1GQ2HC
https://www.indystar.com/story/mone...iel-fitzpatrick-settle-sec-charges/769582002/

Then there was the whole Freddie Mac thing in 2003...no jail time there.
AIG CEO in 2005, no criminal charges.


IMO its sad because its pretty clear lately that the more "important" you are for whatever reason, i.e. money, politics etc, the less you get in terms of punishment.
 
I see the SEC has covered all the shortsellers, and made a ton of cash doing it.

The people that screw the government for large sums of money selling rockets that barely work are smiling all the way to the bank on this one.
 
This is something posted on Twitter? He's getting fined 20 million and his company is getting fined a similar amount over something said on Twitter? Doesn't Donald Trump say all kinds of crazy shit on Twitter on an almost daily basis? What are his ramifications? I must admit that I'm not familiar with the world of investment banking but this whole situation sounds like Kafka bullshit to me.
The President saying crazy things could cause crazy things to happen in the various markets. But so far, Trump's crazy tweets hasn't destroyed the world, so clearly his impact is much more limited.

A CEO of a company, particularly a highly visible company like Tesla, can greatly affect their stock prices. They can come out and "imply" things are terrible and cause the stocks to drop greatly, then scoop up a bunch of cheap stocks or come out and imply their are going to have the "best quarter\year ever!" causing stocks to soar, sell their stocks and then reveal the company is actually in trouble. CEOs and board members have a lot more access to internal data and thus their actions can be much more impactful on the company . The President just has his opinions

In this case, I don't know enough about the rules to know how much of a real violation Musk's comments were. Based on the reports, after he made the comment, stock prices jumped 10% until they halted the stocks for a few hours
 
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The President saying crazy things could cause crazy things to happen in the various markets. But so far, Trump's crazy tweets hasn't destroyed the world, so clearly his impact is much more limited.

A CEO of a company, particularly a highly visible company like Tesla, can greatly affect their stock prices. They can come out and "imply" things are terrible and cause the stocks to drop greatly, then scoop up a bunch of cheap stocks or come out and imply their are going to have the "best quarter\year ever!" causing stocks to soar, sell their stocks and then reveal the company is actually in trouble. CEOs and board members have a lot more access to internal data and thus their actions can be much more impactful on the company . The President just has his opinions

In this case, I don't know enough about the rules to know how much of a real violation Musk's comments were. Based on the reports, after he made the comment, stock prices jumped 10% until they halted the stocks for a few hours

Sorry but this has nothing to do with impact of a CEO vs President. This is about SEC regulations and how he violated them. The President hasnt violated SEC regulations with his tweets (that we know of).
 
Sorry but this has nothing to do with impact of a CEO vs President. This is about SEC regulations and how he violated them. The President hasnt violated SEC regulations with his tweets (that we know of).

The person I responded to ask why does one person get to say(tweet) crazy things and the other person doesn't. So I'm just trying to give them some examples of why the SEC cares more about what Elon tweets versus what Trumps tweets
 
God, the wrath of Elon evangelists.
Weird comment from a man who posted what I was quoting with 0 basis and purely opinion based.

I'm not a Musk "fanboy", or a "fanboy" of any Organizational Leader for that matter, but when I state visionary I'm not just talking about autonomous EV... Look at what the man has done to advance science, and meanwhile privatizing failing/defunded public sector projects. Do you want to stifle innovation because you are scared (whoever they are) is going to take away your ICE pickup truck (and I'm not accusing you of that but the fact you threw in "care less for EV"...)?

Disrupting markets is a good thing when it is happening due to innovation. It is not a good thing when people have enough power, or followers (remember when that was considered a bad thing? being a follower?), that they can effect market conditions depending on whatever stupid shit they want to spew out of their mouths. And there is a lot of it lately. From all sectors and sides.
 
I'm amazed at the number of people here that are totally cool with stock price manipulation provided it's done by Musk. It's almost as if everyone here is cool with the rules not applying to him, just because he's Musk.

I don't think that he purposely mislead anyone.

I think he didn't know or slipped as he's under a great deal of stress and this is yet another great example of why businesses should stay off of Social Media and or push everything that they say through legal.
 
yea, when you enter the stock market, which is enforced by the government (SEC), you gotta be careful... that's the lesson here... it's silly a mere tweet can be so destructive, but some say the stock market itself is silly, so...
 
The person I responded to ask why does one person get to say(tweet) crazy things and the other person doesn't. So I'm just trying to give them some examples of why the SEC cares more about what Elon tweets versus what Trumps tweets
Not sure if that was intended towards me - I did make that implication, but my point is that the President effects market condition through tweeting just as much as any other CEO. If you really want to throw in an analogy I would call him the most powerful CEO in the world and he is getting his kicks from fucking with the market at times.

Yes the SEC is not ever going to fine Trump, but some of the tweets about organizations that are closely held could be considered very similar to this.
 
what Elon tweets versus what Trumps tweets
Trump is a professional lier, he makes sure to learn what not to say so he can flirt with crossing that line and makes friends on the other side in case he slips...
 
Not sure if that was intended towards me - I did make that implication, but my point is that the President effects market condition through tweeting just as much as any other CEO. If you really want to throw in an analogy I would call him the most powerful CEO in the world and he is getting his kicks from fucking with the market at times.

Yes the SEC is not ever going to fine Trump, but some of the tweets about organizations that are closely held could be considered very similar to this.

Trump hasn't broken any laws as president yet. Elon Musk did.

Moving on.
 
I don't think that he purposely mislead anyone.

I think he didn't know or slipped as he's under a great deal of stress and this is yet another great example of why businesses should stay off of Social Media and or push everything that they say through legal.

None of that really matters, because if a CEO makes a public statement, people will trade on it whether they mean it or not. It’s why the SEC regulates this sort of thing, and it’s not all of a sudden ok simply because it’s Musk.
 
None of that really matters, because if a CEO makes a public statement, people will trade on it whether they mean it or not. It’s why the SEC regulates this sort of thing, and it’s not all of a sudden ok simply because it’s Musk.

I didn't say he didn't violate the law.

I completely agree that be broke the law negligent or otherwise.
 
Trump hasn't broken any laws as president yet. Elon Musk did.

Moving on.
Nope. Just "in love with Kim Jong Un" and overwhelmed by his "beautiful letters" he's receiving (his words yesterday). Not breaking a law with those though, but support whomever you choose.

And if you really want to get to what is considered breaking a law, his many comments/tweets promoting his daughters company (in which he has stake)...
 
Nope. Just "in love with Kim Jong Un" and overwhelmed by his "beautiful letters" he's receiving (his words yesterday). Not breaking a law with those though, but support whomever you choose.

And if you really want to get to what is considered breaking a law, his many comments/tweets promoting his daughters company (in which he has stake)...

You're getting off topic.

This thread is about Elon Musk.

Calm it down there broseph.
 
You're getting off topic.

This thread is about Elon Musk.

Calm it down there broseph.
I know. I threw it in there intentionally, but the previous counter point warranted it.

And dont try to have an adult conversation and insert broseph. It makes a loud statement you probably dont want.
 
I know. I threw it in there intentionally, but the previous counter point warranted it.

And dont try to have an adult conversation and insert broseph. It makes a loud statement you probably dont want.

Brah, like brah, do you even?

I don't think that it was particularly relevant to the topic at hand. Bringing up a bad example to defend another bad example is not an exemplary example.

We're discussing the law that Elon Musk broke which caused him to be fined by the SEC.
 
Brah, like brah, do you even?

I don't think that it was particularly relevant to the topic at hand. Bringing up a bad example to defend another bad example is not an exemplary example.

We're discussing the law that Elon Musk broke which caused him to be fined by the SEC.
But you are also defending the person who made those comments in the past 24 hours and ignoring his similar tweets over the past 18 months and trying to bury Musk. I get that there is a lot of hate for Musk, but the similarities are undeniable.

My reasoning was leading to the line of conversation we are currently at. Trump influences markets greater than any CEO at this point with mindless tweets that have become commonplace. Musk got the hammer for one tweet that was similar to hundreds, if not thousands, of previous tweets from a far more influential person. Maybe if we took the blinders off and quit with the rhetoric and division we would all understand that what Musk did was not equal, yet punished greater. So yes, it was "off topic" but at the same time it had precedence to what the discussion is...

and c'mon brah, brah, bruh, whatever the children wanna say, don't end an attempt at a legitimate debate with brosepth. It's childish and even more childish to throw out your response.
 
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