Oops.
He has to step down as board chairman but does remain the CEO.Elon to step down and pay $20M as part of settlement! Good thing I sold, even though it was at a loss because of Elon’s wild behavior.
https://www.foxbusiness.com/markets/teslas-elon-musk-sec-settle-fraud-charges
What does that mean? Essentially that he can tweet what he wants?He has to step down as board chairman but does remain the CEO.
https://money.cnn.com/2018/09/29/technology/business/elon-musk-tesla-sec-settlement/index.html
Yeah, seems like a pretty weak punishment. Although, I'm sure it'll make the shareholder lawsuits easier.He has to step down as board chairman but does remain the CEO.
https://money.cnn.com/2018/09/29/technology/business/elon-musk-tesla-sec-settlement/index.html
Elon to step down and pay $20M as part of settlement! Good thing I sold, even though it was at a loss because of Elon’s wild behavior.
https://www.foxbusiness.com/markets/teslas-elon-musk-sec-settle-fraud-charges
The company also agreed to appoint two new independent directors to its board and establish a board committee to oversee Musk's communications.
He suggested the SEC may have determined that removing Musk as CEO would cause more harm to Tesla's share price, and thus harm investors.
Barclays analyst Brian Johnson estimated in a recent note that Tesla's stock has a $130 "Musk premium," which could disappear if he leaves.
And the shorters got their day .. what this was all about in the first place.He remains CEO. The stock crashed because the SEC was seeking to permanently ban him from being CEO of any public company.
It will rally back to ~300 monday on this news. Congratulations on your tax write off (from realized losses).
I've read the original settlement was for him to step down as chairman of the board for 2 years and pay $10 million fine. This new settlement is worse because it's 3 years now and $20 million in fine. He should've taken the original settlement offer and saved everyone the circus and drama on Friday.Well, I guess I was wrong, they took it pretty easy on him. But sounds like them threatening that got him to settle. Kinda curious what the original settlement was for (or was this the settlement offer he refused at first?).
This seems like the most impactful part of the settlement:
This is somewhat troubling:
He's only kept from being board chair for a few years. Stays CEO, stays on the board. $20million fine (for each Musk and Tesla, so $40million total).
Tesla and SpaceX are intertwined. At this stage, Tesla needs Musk. Without Musk, Tesla is guaranteed to fail. And without Tesla, Musk can't fund his Mars colony goal. He plans to use the money he makes from Tesla stock to fund his colony on Mars. Tesla, SpaceX, and Boring are all for Mars.And the shorters got their day .. what this was all about in the first place.
Hope he learned his lesson here.
(ps. almost wish he was barred from tesla so he could focus on spacex)
(ps.ps. fuck shorters.)
Tesla and SpaceX are intertwined. At this stage, Tesla needs Musk. Without Musk, Tesla is guaranteed to fail. And without Tesla, Musk can't fund his Mars colony goal. He plans to use the money he makes from Tesla stock to fund his colony on Mars. Tesla, SpaceX, and Boring are all for Mars.
I've read the original settlement was for him to step down as chairman of the board for 2 years and pay $10 million fine. This new settlement is worse because it's 3 years now and $20 million in fine. He should've taken the original settlement offer and saved everyone the circus and drama on Friday.
Tesla and SpaceX are intertwined. At this stage, Tesla needs Musk. Without Musk, Tesla is guaranteed to fail. And without Tesla, Musk can't fund his Mars colony goal. He plans to use the money he makes from Tesla stock to fund his colony on Mars. Tesla, SpaceX, and Boring are all for Mars.
And the shorters got their day .. what this was all about in the first place.
Hope he learned his lesson here.
(ps. almost wish he was barred from tesla so he could focus on spacex)
(ps.ps. fuck shorters.)
Actually a ton of people opened short positions after he announced he was not settling (and ostensibly taking the case to trial). Many people probably bought puts expecting a long, slow slide in the stock as the trial approached and possibly in expectation that he would lose the case. As of monday at market open that case no longer exists. Anybody who opened a short position with the hopes of watching the SEC tear Musk a new one is going to be burned badly on monday.
Musk tricked the SEC into burning shorts for him.
Glutton for punishment perhaps?
Because he has a massive ego. Same reason he spends so much time worrying about short sellers.
I move in @247 for 100K ... Ill let you know when I sell
Secret option c: the funds tied up in shorter's portfolios.I wonder which will depreciate more quickly, $100k worth of TSLA stock, or a $100k Tesla automobile?
I wonder which will depreciate more quickly, $100k worth of TSLA stock, or a $100k Tesla automobile?
Dude, you have got an unhealthy obsession with Elon as some super villain ... for reasons unknown ... But I do know that it clouds your judgement cause this is 90%+ chance of payoff for 30%+... lets see how long it takes before its back above 320.. Yet you wont see this cause feels .
Ill say its back in 320+ within a quarter .. and ill collect my 30G then if not before.