Elon Musk, will he be going to Jail?

[Phil1111 908]

Will Elon Musk be forced to leave Tesla?
https://www.bbc.com/news/technology-45674603

"Elon Musk is in big trouble.

Quite how big will depend on the outcome of a lawsuit filed by the US Securities and Exchange Commission on Thursday.

It accuses Mr Musk of securities fraud after tweeting that he had “funding secured” to take Tesla private, sending the stock price soaring.

Mr Musk was lying about having that funding, the SEC said - although Mr Musk has called the lawsuit “unjustified”.

Tesla's Musk pulled the plug on a settlement with the SEC at the last minute
https://www.cnbc.com/2018/09/28/teslas-musk-pulled-plug-on-settlement-with-sec-at-last-minute.html

"Tesla and the Securities and Exchange Commission were very close to a no-guilt settlement Thursday, reported CNBC's Andrew Ross Sorkin on Friday, citing sources. But, these people say Musk pulled out of the agreement at the last minute.

Under the terms of the deal, Musk and Tesla would have had to pay a nominal fine, and he would not have had to admit any guilt. However, the settlement would have barred Musk as chairman for two years and would require Tesla to appoint two new independent directors, reported CNBC's David Faber, citing sources."

IMO all of the SEC settlement terms are reasonable. In addition Musk needs help with Tesla. He needs a CEO that knows auto manufacturing.

Elon, needs some help to keep his unbridled entrepreneurship on track.

[Phillbo 11]

He's in a tail spin. I hope he does not crash because he has potential to do great things.

[headoverheels 291]

No.

[jcd11235 0]

Elon Musk Settles SEC Fraud Charges; Tesla Charged With and Resolves Securities Law Charge

Quote

Musk and Tesla have agreed to settle the charges against them without admitting or denying the SEC’s allegations. Among other relief, the settlements require that:

• Musk will step down as Tesla’s Chairman and be replaced by an independent Chairman. Musk will be ineligible to be re-elected Chairman for three years;



• Tesla will appoint a total of two new independent directors to its board;



• Tesla will establish a new committee of independent directors and put in place additional controls and procedures to oversee Musk’s communications;



• Musk and Tesla will each pay a separate $20 million penalty. The $40 million in penalties will be distributed to harmed investors under a court-approved process.

“The total package of remedies and relief announced today are specifically designed to address the misconduct at issue by strengthening Tesla’s corporate governance and oversight in order to protect investors,” said Stephanie Avakian, Co-Director of the SEC’s Enforcement Division.

It looks essentially the same as the settlement Musk backed out of Friday, but is now ineligible to be Chairman for an extra year.

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[headoverheels 291]

If I recall correctly, Musk originally said that he would spend five years at Tesla . Had the company progressed faster, I expect that he would have been long gone anyway . So, I'm not expecting that he cares too much about the restriction from Chairman position . 20 million to him is probably like 20,000 to me , meaning no big deal .

[jcd11235 0]

Personally, Musk's continued involvement prevents TSLA from having any long- or medium-term investment appeal. The short-term appeal may also be gone, now that the board has to reign in Musk's communications. As a narcissist with a highly-followed Twitter account, Musk provided repeated short-term opportunities for investors.

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[brenthutch 383]

I agree, that is just what I said last year on Speakers Corner. I was laughed at, but we will soon see who has the last laugh.

[AlanS 1]

brenthutch

I agree, that is just what I said last year on Speakers Corner. I was laughed at, but we will soon see who has the last laugh.

Indeed, Let's see who gets the last laugh.

CNBC: Tesla shares soar on surprise third-quarter profit that beats Wall Street expectations
https://www.cnbc.com/2018/10/24/tesla-earnings-q3-2018.html

Whenever you run into a whiny critic. Online or in life, always remember this.

Quote

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

We need more people that live by these words in the world right now. Elon Musk is one of those few. I'm planning on going down to SoCal sometime in the next few months to watch a SpaceX launch and see a rocket guide itself back to the launch pad stick a perfect landing after falling back to Earth.

His critics -lacking any real accomplishments of their own- can go jump off a bridge without a BASE rig.

[SethInMI 145]

AlanS

His critics -lacking any real accomplishments of their own- can go jump off a bridge without a BASE rig.

The investment world is littered with visionaries whose vision did not pan out. Theranos, for example, whose famous wonder product was never what it seemed, and took a lot of people's money as it went down in flames.

Looking at a company's position carefully before investing in it is only prudent, and saying that anyone who does that should go kill themselves is ridiculous IMHO.

It's flare not flair, brakes not breaks, bridle not bridal, "could NOT care less" not "could care less".

[gowlerk 1,903]

Musk would seem to be a visionary and likely a genius as well. But he also seems to have little respect for his investors. He may have a point that some of them are greedy speculators. But that's how he got rich at PayPal. Using greedy speculators cash. He knows the game, he should respect the players.

[ryoder 1,381]

AlanS

His critics -lacking any real accomplishments of their own- can go jump off a bridge without a BASE rig.

I've long been a fan of Musk's technical achievements.
But:


#1: The first step in taking a company private is filing the paperwork with the SEC.
It is not tweeting "I'm thinking of taking the company private, and have the funding lined up."
Especially when the last part of that was a lie.
Blatant stock manipulation is unethical and illegal, because it fucks over investors.


#2: At least Tesla has finally stopped this bullshit:

Quote

Over the last two years, Tesla has been charging customers $3,000 to $5,000 for an upgrade called "full self-driving."

"All you will need to do is get in and tell your car where to go," Tesla's order page said. "Your Tesla will figure out the optimal route, navigate urban streets (even without lane markings), manage complex intersections with traffic lights, stop signs and roundabouts, and handle densely packed freeways with cars moving at high speed."

Source: https://arstechnica.com/cars/2018/10/tesla-pulled-the-full-self-driving-option-heres-what-customers-think/

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[gowlerk 1,903]

Musk is beginning to sound and act like a he has "superstar syndrome". You know, like the rules are for the little people. I'm special they are not for me. Its pretty common among people who have large numbers of admirers, to the point where it becomes worship. Musk definitely has this status.

https://www.cnn.com/2018/12/09/business/elon-musk-sec-twitter/index.html

[ryoder 1,381]

Sounds like he has come down with an acute case of egomania.
I hope he seeks medical treatment.

"There are only three things of value: younger women, faster airplanes, and bigger crocodiles" - Arthur Jones.

[Phil1111 908]

AlanS

***I agree, that is just what I said last year on Speakers Corner. I was laughed at, but we will soon see who has the last laugh.

Indeed, Let's see who gets the last laugh.

CNBC: Tesla shares soar on surprise third-quarter profit that beats Wall Street expectations
https://www.cnbc.com/2018/10/24/tesla-earnings-q3-2018.html

Whenever you run into a whiny critic. Online or in life, always remember this.

Quote

It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.

We need more people that live by these words in the world right now. Elon Musk is one of those few. I'm planning on going down to SoCal sometime in the next few months to watch a SpaceX launch and see a rocket guide itself back to the launch pad stick a perfect landing after falling back to Earth.

His critics -lacking any real accomplishments of their own- can go jump off a bridge without a BASE rig.

Agree with all of the posts above. Starting a new auto company that survives. With MB, GM, Toyota, Honda and every other of the biggest companies chasing his business.

Starting a private space company that conducts private launches to the ISS and land the rockets for reuse.

Yes on the ego, eccentric, etc. But I think he has earned allot of slack.

[gowlerk 1,903]

Quote

But I think he has earned allot of slack.

Supposedly all men are equal under the law. What he was fined for was basically committing fraud. He cost some people a lot of money. And he was cut an enormous amount of slack in the end. I'm ok with that. Now he should shut up and stop complaining about having to follow the rules.