Originally published at: https://boingboing.net/2018/09/27/sec-lawsuit-elon-musk-committ.html
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Eh - we’ll just fix that later.
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Dear Elon, Just keep putting your money into SpaceX, Tesla, whatever and shut the fuck up. Seriously.
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This just in, Elon Musk a brilliant idiot. Film at 11.
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And they whirl and they twirl and they tango
Singing and Jinging a Jango
Floating like the heavens above
Looks like Elon Musk Love …
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Bah. It can’t be a material misstatement when everyone knows that Twitter lacks substance.
QED
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Roger That!
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You know who doesn’t have an extradition treaty with the US?
Space. If only Elon could get there…
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He does sometimes do really stupid shit on twitter, but probably the only reason they are going after him as that some good-old-boys stock traders tried to make a bunch of money using his tweet as data and then went crying to their friends in the SEC when it didn’t work out the way they thought it would. No real evidence for this opinion, though, except that there are plenty of CEOs INTENTIONALLY committing (and profiting from) much worse kinds of fraud without anyone going after them.
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I really don’t think you know how this works. The whole deal about a publicly traded company is that if you want the very substantial advantages that gives you, you’re supposed to maintain a certain minimum level of responsibility in what you say in public or private, and not randomly do stuff which screws over any of your investors.
In this case, it wouldn’t be big stock traders, it would mostly be Elon fanboy small investors who would have bought in on this, because all the smart money has rightly been highly skeptical of Tesla for years and have been selling short, and so it’s any small investors who bought at $380+ who got completely screwed. The short-sellers have got to be laughing their way to the bank - now that the stock’s down at about $300, and was down as low as $280 for a while - they should have made about $100/share. It’s the true believers who got fucked over to the same tune.
The SEC is right on the ball with this.
(I’m just peeved that when I first saw the Elon announcement on Twitter I didn’t go with my immediate impulse to buy TSLA put options a couple months out. The risk was bounded, and I could have made so much on that.)
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This is mind-boggling stupidity, and also a great illustration of exactly why every other company communicates through its press office, and not a personal twitter account.
“Don’t make public statements that will manipulate the share price” is basic, day 1 level knowledge for any CEO- the sort of minimal competence that you should be able to expect from someone in that position.
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From what I’ve seen about Musk, the SEC may have a difficult time proving that Musk had intent to manipulate the stock and isn’t just an idiot savant blowing some stupid out of his tweethole.
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Also, countries.
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The SEC must be full of pedos.
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Musk is such a great argument for public democratic ownership as something as important as electric cars and space travel should not be in the hands of somebody who constantly makes a fool of himself on Twitter.
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Trump?
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Chief Superintendent Spring of the Yard ISPF will politely ask you to help with enquiries.
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