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Posted on 10/06/2018 8:23:34 AM PDT by jazusamo
The settlement between Tesla and the U.S. Securities and Exchange Commission stipulates that CEO Elon Musk will no longer have free reign to tweet. Yet on Friday, Musk fired off another damn-the-consequences tweet, calling the SEC the “shortseller enrichment committee.”
What gives?
Even though Musk’s Twitter post appears to violate the spirit of the recent settlement, the SEC is largely powerless to stop Musk’s tirades until the settlement is approved by Federal Judge Alison Nathan of the Southern District of New York, which could take several weeks.
She has asked Tesla and the SEC to send a joint letter to explain why the settlement is “appropriate” before she reviews the case.
Sources with knowledge of the matter tell FOX Business SEC regulators are in a bind - they don’t want to punish shareholders of Tesla by coming down on the publicly traded company too hard - but it’s painful to countenance Musk’s blatant flouting of the rules. Sources familiar with the matter worry Musk may make the SEC appear feckless.
(Excerpt) Read more at foxbusiness.com ...
Why is it that Tesla shareholders get this treatment when other companies whose executives lie to manipulate stock prices have to just take the pain?
Why is it that Tesla shareholders get this treatment when other companies whose executives lie to manipulate stock prices have to just take the pain?
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Do you know of any comparable examples?
Just my view but I believe that Musk pulling that stunt put the SEC in an untenable position, he may be brilliant in many areas but he has no one to blame but himself for this fiasco.
Elon essentially just admitted he was attempting to screw short sellers. That’s a big no-no.
Not looking so smart.
OTOH, if he gets away with it, it means more free publicity.
People will go to his Twitter page and see Tweets like, by revenue, the Model 3 is outselling the Camry 2 to 1.
And they’ll see reviews like these:
I’m a little obsessed. I’ve never had so much fun driving a car! In fact, it doesn’t even feel like a car. It’s a new, incredible experience that you need try for yourself. You won’t want to go back. Thanks @Tesla and @elonmusk for creating the future. #Tesla #Model3
I’ll never buy a gas car again. That’s how incredible this @Tesla #Model3 is. It’s literally like driving in the future. Thank you @elonmusk #emobility #ElectricVehicle #automotive #Tesla #TeslaMotors
So when Tesla gets fined then I suppose the money comes out of the government subsidies that are provided via the tax payer.
How about some Criminal charges. How about some Jail time for Elon Musk. Enough of this nonsense.
Essentially, he’s using his free speech right to criticize a government agency.
When’s the last time I saw a FReeper complain about GM handing over taxpayer money to the unions?
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so does Toyota, Nissan, GM and Ford so what is your point
When’s the last time I saw a FReeper complain about GM handing over taxpayer money to the unions?Are you trying to pretend that's never happened?
At least we get to see GM products and retailers all over the place making an effort to make a profit for our money. The last time I saw a Tesla it was broke down/stalled/dead battery? blocking an intersection and that was about a year ago.
When was the last time you saw a Tesla dealership or repair facility?
Elon Musk is a modern day Ponzi using tax payer money to build Edsels and Tuckers.
People keep talking about how brilliant Elon is, and because of his brilliance, he’s untouchable.
So, exactly what has Musk accomplished in his career that makes him so special? I’m talking about accomplishments that came out of his own head and that he put into actions on his own, that nobody else had ever thought about before. E=M*C squared type of stuff.
Tesla doesn’t use dealerships (an excellent innovation), and it doesn’t buy advertising from the corrupt media. Most Tesla cars can be fixed over the air, or by mobile repair. If a car has to be fixed in one of their repair centers, the owner gets a free loaner. There’s a reason that Tesla is ranked number one in customer satisfaction, way above GM.
First off Musk is not untouchable but that doesn’t mean he’s not brilliant if not a very smart businessman; PayPal, Tesla, and SpaceX are examples of that.
I consider him to be a conman, he takes advantage of every type subsidy whether from government or investor and though I don’t agree with that as long as it’s legal I say more power to him.
He went over the line with this stunt though, IMHO.
I too was spoiled by a test drive of a Model S. I’ve owned luxury, sport cars, vans... raced cars and motorcycles and NOTHING came close to the experience of the Model S.
It drove like a luxury car and handled like a sports car. Will never be satisfied by any other car.
I don’t like the idea of government telling anyone what they can and cannot say in public. In fact I think their is some old but well know provision preventing government from doing such things.
What a horrible man............
Take the billions out of Tesla, SEC. It will further help cover our deficit.
Musk wasn't trying to sell his stock (i.e. dumping it) but he was "pumping" it because ongoing financial problems as well as his own increasing wackiness were driving the price down. Providing false information to the public and investors for the purposes of manipulating stock prices isn't kosher.
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