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SEC Files Suit Against Musk

By MegaForce following x   2018 Sep 27, 1:47pm 921 views   37 comments   watch   sfw   quote     share    


Tesla CEO Elon Musk has been sued by the Securities and Exchange Commission for fraud, according to court documents filed Thursday. Sources close to the company told CNBC the company was also expecting to be sued, though Tesla was not named as a defendant in the complaint.

The SEC plans to hold a press conference at 5 pm E.T. Shares of the automaker fell roughly 10 percent in extended trading Thursday.

https://www.cnbc.com/2018/09/27/tesla-falls-4percent-on-report-elon-musk-sued-by-sec.html

Looks like Musk will be doing a lot more of this:

1   MegaForce   ignore (0)   2018 Sep 27, 1:50pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Tesla shares fall sharply after hours as SEC sues Elon Musk

https://www.ft.com/content/3dd25e9e-c291-11e8-8d55-54197280d3f7

C'mon all you Kool-Aid Drinking Musk Fluffers! Defend your Fraud God!
2   CBOEtrader   ignore (2)   2018 Sep 27, 1:57pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

This is bad. Legit very bad.

Dropping takeover info on twitter is a problem in the first place. These types of direct stock price moving announcements are heavily regulated. I dont know all the rules, but I do know that even a tiny miscommunication can equate to $millions of losses.

If it is shown that these miscommunications benefitted Musk or anyone close to him traded into positions before these announcements, then he could see prison time.

He will probably just be reprimanded by the board or fines a few million, but prison is possible.
3   MegaForce   ignore (0)   2018 Sep 27, 2:07pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

SEC conference LIVE: https://www.sec.gov/video/live/213232-press-conference-092718.htm

(for those of you who are reading this circa 2pm PST)

UPDATE: Watching it now...man are they SAVAGING him. This is definitely going to be a Kitchen Sink lawsuit.

UPDATE: Ok, now it is over (2:22pm PST). Short, brutal and not a lot of Q & A. If you hadn't unloaded whatever positions in Tesla you might have had yet, ummmm...well, you figure it out what you should do next.
4   CBOEtrader   ignore (2)   2018 Sep 27, 2:20pm   ↑ like (4)   ↓ dislike (0)   quote   flag        



probably hard to see, but not only did the stock go up over 45 points that day, but options calendars flopped on august 7, meaning investors in all markets priced in this inaccurate claim into their investment decisions.

I'm listening to the press conference, he's totally fucked. Musk almost just made this up. Get the fuck out of tesla stock
5   MegaForce   ignore (0)   2018 Sep 27, 2:24pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says
I'm listening to the press conference, he's totally fucked.


They even brought up the 'he made this lame excuse that he was joking about the $420 price to his girlfriend while stoned...and that isn't going to fly with us'.

"Neither social media celebrity or reputation as technology innovator exempts" his ass.

Like I said, they were brutal.
6   CBOEtrader   ignore (2)   2018 Sep 27, 2:29pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

MockingbirdKiller says
Like I said, they were brutal.


Yeah I've never heard the SEC speak with such direct disdain. He's fucked.
7   DASKAA   ignore (3)   2018 Sep 27, 2:38pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

I said it before and I say it again: Twitter is idiotic.
8   CBOEtrader   ignore (2)   2018 Sep 27, 2:48pm   ↑ like (2)   ↓ dislike (0)   quote   flag        

DASKAA says
I said it before and I say it again: Twitter is idiotic.


Musk cant be CEO while tweeting like this and smoking joints on rogans podcast.

He's not emotionally stable. This makes sense for someone as brilliantly creative and entrepreneurial as he is.

IF TSLA survives, musk should be demoted to a board advisor or director of technology position. He cant be CEO, certainly cant be trusted anywhere near a buyout negotiation.

The problem is, noone can replace the aura of Musk.

I'd get the fuck out of this product and maybe watch it for speculative trades. Its gonna be a ride!
9   Heraclitusstudent   ignore (2)   2018 Sep 27, 2:50pm   ↑ like (5)   ↓ dislike (0)   quote   flag        

Since when is it illegal to shaft innocent shorters for personal gain?
10   MegaForce   ignore (0)   2018 Sep 27, 4:12pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Heraclitusstudent says
Since when is it illegal to shaft innocent shorters for personal gain?


What do shorters have ANYTHING to do with this? Nothing.

Only Certified Kool-Aid Drinkin' Musk Fluffers say this kind of nonsense, from what I have observed.
11   CBOEtrader   ignore (2)   2018 Sep 27, 4:55pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MockingbirdKiller says
Heraclitusstudent says
Since when is it illegal to shaft innocent shorters for personal gain?


What do shorters have ANYTHING to do with this? Nothing.

Only Certified Kool-Aid Drinkin' Musk Fluffers say this kind of nonsense, from what I have observed.


I think its funny.

Doesnt musk have a public feud with TSLA short sellers, or at least a track record of denigrating them?

This tweet appears to be a way to win in his competition against the short sellers. SEC will skewer him if he ever sent a text or email or IM suggesting a motive for this tweet.

When I saw the headline I actually thought they were investigating his Joe rogan weed interview. Dude had to know TSLA would take a dive, albeit a short lived one.
12   MegaForce   ignore (0)   2018 Sep 27, 5:17pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says
Doesnt musk have a public feud with TSLA short sellers, or at least a track record of denigrating them?


Yes. And what Musk demagogues his Musk Fluffer Cult does as well. I LOVE drawing them out. It is so damn easy.
13   WookieMan   ignore (0)   2018 Sep 27, 6:54pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

What's the difference between a Musk fluffer and Musk hater?

If the SEC takes him down for illegal activity, right on. If he didn't do anything illegal, right on. Putting any individual on a pedestal in any realm is stupid. If you hate him and want to knock him off the pedestal, all you're doing is proving the lovers' right with their love. You're in a lose-lose game here. I prefer win-win games. Or at least win for me.
14   TwoScoopsOfSpaceForce   ignore (4)   2018 Sep 27, 7:26pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

I'm pretty neutral: I think Tesla is hyped up bogus stuff, but I love SpaceX and unlike Tesla, products have been successfully demo'd.
15   DASKAA   ignore (3)   2018 Sep 27, 8:41pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

TwoScoopsOfSpaceForce says
I'm pretty neutral: I think Tesla is hyped up bogus stuff, but I love SpaceX and unlike Tesla, products have been successfully demo'd.


How's Tesla not "successfully demo'd"? With 100s of thousands of actual cars in the hands of actual customers for the last 6 years. Used Teslas hold their value pretty good too.
16   Evan F.   ignore (0)   2018 Sep 27, 9:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Yeah I think Musk is a great engineer and idea guy, and Teslas are generally great cars. And SpaceX is obviously doing amazing things.

It's a shame he's basically done this crap to himself. Hopefully Tesla has competent people behind him to continue on.. Apple's done pretty great under Tim Cook (and yes, I get that it's not an identical situation).
17   TrumpingTits   ignore (0)   2018 Sep 28, 12:49pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

WookieMan says
If the SEC takes him down for illegal activity, right on.


This is a lawsuit, not a criminal proceeding. DoJ is pursuing possible criminal charges.

" If you hate him and want to knock him off the pedestal, all you're doing is proving the lovers' right with their love"

Who said anything about hating Musk? I always go after the fluffers...who then scream, "Musk Hater!" when I do no such thing.

Evan F. says
Hopefully Tesla has competent people behind him to continue on


Tesla is damned with Musk and damned w/o him.

Damned with him for the reason why this post even exists. Damned w/o him because w/o the Musk 'hype factor', Tesla will be treated once again as a regular company by investors, media, etc. and probably will not survive the outcome.
18   DASKAA   ignore (3)   2018 Sep 28, 12:58pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Is blood on the streets yet?
19   Evan F.   ignore (0)   2018 Sep 28, 1:59pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

TrumpingTits says
Tesla is damned with Musk and damned w/o him.

It's easy to jump to this conclusion, and of course there's enough evidence to back it up, but I still wouldn't be too hasty.

Ultimately this is an enormous capital investment for most purchasers, even mildly wealthy ones. Musk can only hype it so much. Teslas are pretty good (and safe, and fast) cars, and they're improving steadily. It was much easier for someone to kick down a few hundred bucks for the latest Apple gadget because OMFG STEVE JOBS IS A GOD, and if it sucked, oh well, you blew a few hundred bucks on a useless toy. Nobody is being that glib when they're kicking down $80+ grand for a luxury car, and most people at that price point will be expecting a certain level of performance and reliability. By and large, Tesla has delivered on that expectation.. people love em, in spite of the build quality issues. If Tesla can continue to improve and deliver, they may stand a chance.

The only real advantage Musk brought (I think this has been mentioned before, so, apologies) was his access to capital markets that could keep Tesla afloat. Without him that becomes a big question mark.
20   DASKAA   ignore (3)   2018 Sep 28, 2:03pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Evan F. says
It's easy to jump to this conclusion


So easy, that lots of jumping occured through the last 6 years. =))
21   TrumpingTits   ignore (0)   2018 Sep 28, 5:13pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Evan F. says
It's easy to jump to this conclusion, and of course there's enough evidence to back it up, but I still wouldn't be too hasty


Evidence? What are you talking about? This is not only observed reality, but also members of the Tesla Board have come right out and opined essentially the same thing I just said.

W/o the Musk Hype Factor, Tesla would have a rough time. Otherwise, they would have canned his ass long ago or at least tried to.
22   Strategist   ignore (2)   2018 Sep 28, 5:15pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Elon Musk did nothing wrong. When you introduce a disruptive technology as he has done, you will have lots of enemies who want to bring you down. When the enemies are Big Oil, oil producing countries and Cartels that stand do literally lose $Trillions, they will do everything possible to bring you down. They may succeed in bringing down Elon Musk, but they will never be able to stop the end of fossil fuels.
Saudi Arabia, OPEC, and Big Oil can kiss my freedom loving American ass.
23   TrumpingTits   ignore (0)   2018 Sep 28, 5:20pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
Elon Musk did nothing wrong

Securities fraud is not 'nothing wrong'. And he did commit securities fraud as the proof is there. It's a slam dunk case as far as the law goes.

Only Musk Fluffers drinking his Kool Aid respond as you have, btw. Same pattern.

1) Musk, who is the Musk Fluffer God, does no wrong.
2) Conspiracy X, Y, Z and those EVIL short sellers to boot are the real cause of all these problems!
3) Those who challenge 1 & 2 have to be attacked. Period!

I don't see you doing #3 tho. So there is that.

I get attacked all the time as part of #3. Called a 'Musk Hater' when I never said anything that gives them information to that effect. Shooting the messenger is a requirement for those who drink the Musk Cult Kool-Aid.
24   Strategist   ignore (2)   2018 Sep 28, 5:25pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

TrumpingTits says
Strategist says
Elon Musk did nothing wrong

Securities fraud is not 'nothing wrong'. And he did commit securities fraud as the proof is there. It's a slam dunk case as far as the law goes.

Only Musk Fluffers drinking his Kool Aid respond as you have, btw. Same pattern.


The only pattern I see is......Musk is guilty without being proven guilty.
I'm willing to bet he will beat the rap.
25   Evan F.   ignore (0)   2018 Sep 28, 5:27pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

There's always the option of Musk staying on at Tesla, just not as CEO. Some sort of bullshit visionary role. Whether Musk would abide a demotion like that is debatable. But if Tesla kept him around that would certainly calm investors..
26   CBOEtrader   ignore (2)   2018 Sep 28, 10:05pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
The only pattern I see is......Musk is guilty without being proven guilty.


No. Musk broke the rules in a legitimately bad way. Making announcements like this, especially ones that are largely made up is against the most serious stock manipulation regulations.

The only questions left are in regards to who benefitted, and if any of it was willful.

It was an honest mistake he may walk away w a relative slap on the wrist. Given the $20 billion monetary ramifications, who knows what a slap on the wrist could mean. Is a $25 million fine a slap on the wrist?
27   Malcolm   ignore (1)   2018 Sep 29, 11:39am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Evan F. says
There's always the option of Musk staying on at Tesla, just not as CEO. Some sort of bullshit visionary role. Whether Musk would abide a demotion like that is debatable. But if Tesla kept him around that would certainly calm investors..


They left that option open in his compensation package. They lost faith in him some time ago, but know that Tesla is worthless without him.
29   Strategist   ignore (2)   2018 Sep 29, 4:00pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

CBOEtrader says
It was an honest mistake he may walk away w a relative slap on the wrist. Given the $20 billion monetary ramifications, who knows what a slap on the wrist could mean. Is a $25 million fine a slap on the wrist?


Elon Musk just made a deal with the SEC. It was a slap on the wrist.

https://money.cnn.com/2018/09/29/technology/business/elon-musk-tesla-sec-settlement/index.html
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.
Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He cannot seek reelection for three years, according to court filings.
30   TrumpingTits   ignore (0)   2018 Sep 29, 7:03pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
You should be President.


So you want someone who committed securities fraud to be POTUS?

Well, ok then. Thanks for being up front about it. :)
31   TrumpingTits   ignore (0)   2018 Sep 29, 7:07pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
Musk is guilty without being proven guilty.


In this case, the evidence is all out there. His tweets with false information of material significance to Tesla and those trading Tesla shares., violating SEC regs, people losing money.

If twenty people see someone commit murder and it is video recorded and then that video recorded is then tweeted, you saying that the person who committed that murder isn't guilty when there is proof for all to see even w/o a court of law? Ok. I guess we live in different realities.
32   Strategist   ignore (2)   2018 Sep 29, 7:11pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

TrumpingTits says
Strategist says
You should be President.


So you want someone who committed securities fraud to be POTUS?

Well, ok then. Thanks for being up front about it. :)


There was no security fraud.
If you are looking for someone perfect to be POTUS, good luck. There is no such person living or dead.
33   Strategist   ignore (2)   2018 Sep 29, 7:13pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

TrumpingTits says
Strategist says
Musk is guilty without being proven guilty.


In this case, the evidence is all out there. His tweets with false information of material significance to Tesla and those trading Tesla shares., violating SEC regs, people losing money.

If twenty people see someone commit murder and it is video recorded and then that video recorded is then tweeted, you saying that the person who committed that murder isn't guilty when there is proof for all to see even w/o a court of law? Ok. I guess we live in different realities.


LOL. In the eyes of the law it's "alleged murderer" With regards to Musk, it was a slap on the wrist. What's the big deal?
34   TrumpingTits   ignore (0)   2018 Sep 30, 7:22pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
There was no security fraud.

What planet are you on?

Yes. There was. His tweet with fake information about Tesla caused the stock price to go up. That meant people purchased shares based upon his information. That's stock manipulation to commit security fraud. Then after markets closed and said investors could not exit out, he basically tweeted, "Uh....forget all that I said in my last tweet" thus causing material loses. Not to mention all those hold short positions -- which has repeatedly stated before that he was out to get those guys.

Securities fraud, also known as stock fraud and investment fraud, is a deceptive practice in the stock or commodities markets that induces investors to make purchase or sale decisions on the basis of false information.


You are exhibiting the classic science of someone in a cult, btw. Denial when your cult leader takes a hit, denial of reality involving anything about the cult's creed, positions, credibility of its leader, etc.

That's ok. For you.

Just that you seem to automagically expect everyone else to have drunk the Kool-Aid that you did. That's where you are fucking up.
35   Strategist   ignore (2)   2018 Sep 30, 8:36pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

TrumpingTits says
Strategist says
There was no security fraud.

What planet are you on?

Yes. There was. His tweet with fake information about Tesla caused the stock price to go up. That meant people purchased shares based upon his information. That's stock manipulation to commit security fraud. Then after markets closed and said investors could not exit out, he basically tweeted, "Uh....forget all that I said in my last tweet" thus causing material loses. Not to mention all those hold short positions -- which has repeatedly stated before that he was out to get those guys.

He he he he he.

Strategist says

The only pattern I see is......Musk is guilty without being proven guilty.
I'm willing to bet he will beat the rap.

He beat the rap. There was no fraud, Musk did not profit in any way with his statements.
36   MegaForce   ignore (0)   2018 Oct 1, 1:29pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Strategist says
There was no fraud, Musk did not profit in any way with his statements.


He doesn't have to profit directly from making such statements. Learn about that which you try to douse in Musk Fluffing Kool Aid.
37   DASKAA   ignore (3)   2018 Oct 1, 2:18pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

MockingbirdKiller says
Strategist says
There was no fraud, Musk did not profit in any way with his statements.


He doesn't have to profit directly from making such statements. Learn about that which you try to douse in Musk Fluffing Kool Aid.


It's over, that was no black swan and stock is back were it was before the whole covfefe. Nothing to see here.




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