Elon Musk is not dead

Okay . . . let's try this again.

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A_B
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Elon Musk is not dead

Post by A_B » Tue Aug 07, 2018 7:56 pm

But fuck that tweet today seems like it should be illegal.
certainly expansive during tactical areas and specific zones

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sancarlos
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Re: Elon Musk is not dead

Post by sancarlos » Wed Aug 08, 2018 12:26 am

A_B wrote:
Tue Aug 07, 2018 7:56 pm
But fuck that tweet today seems like it should be illegal.
Fuck, yeah. He caused the stock price to jump, based on what is probably just hyperbole. That is stock manipulation. If he has financing lined up for a planned buyout, he needs to file it with the SEC. If he was just bullshitting and doesn't have it lined up, he ought to be severely sanctioned.
LA Times wrote:...The fact that no actual deal was announced or funders identified sparked questions about whether the billionaire entrepreneur had improperly manipulated the company’s share price.

“The CEO announced a tender offer for the company, and the stock closed up 11%. If I were at the SEC, I’d definitely have some questions for Mr. Musk,” said Justin Hibbard, senior forensic accountant at Code Accounting. (The Securities and Exchange Commission declined to comment.)

Rob Majteles, who runs Oakland investment firm Treehouse Capital and has a short position in Tesla, was even more blunt. “In the real world, this is fraud. No announced halt, no communication, shares trade with no info.… In today’s world? Who the hell knows?”...
Yep, in today's Trumpworld of laissez-faire non-enforcement of shady practices, who the hell knows?
"What a bunch of pedantic pricks." - sybian

tennbengal
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Re: Elon Musk is not dead

Post by tennbengal » Wed Aug 08, 2018 7:49 am

Correct. It's fraud.

But, again, remember, the laws and rules don't apply to everyone.

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phxgators
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Re: Elon Musk is not dead

Post by phxgators » Wed Aug 08, 2018 11:03 am

SEC is fine with announcements via Twitter, as of 2013:
https://www.adweek.com/digital/sec-recognizes-twitter/

Could have been handled better, but the he/the company put out a release saying it was going to a shareholder vote. I think fraud is a little of an overreaction here. The real fraud here is the people with massive short positions that have been allowed to lie and spread false information about the company in order to manipulate the stock price.

disclosure: TSLA shareholder

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sancarlos
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Re: Elon Musk is not dead

Post by sancarlos » Wed Aug 08, 2018 11:57 am

phxgators wrote:
Wed Aug 08, 2018 11:03 am
SEC is fine with announcements via Twitter, as of 2013:
https://www.adweek.com/digital/sec-recognizes-twitter/

Could have been handled better, but the he/the company put out a release saying it was going to a shareholder vote. I think fraud is a little of an overreaction here. The real fraud here is the people with massive short positions that have been allowed to lie and spread false information about the company in order to manipulate the stock price.

disclosure: TSLA shareholder
I agree about the short sellers who spread false information. They are scum. I dealt with those guys regularly during my corporate life as an Investor Relations guy.

Apparently the SEC feels the tweet covered TSLA against selective disclosure accusations. But, the stock should have been halted. If Nasdaq knew this tweet was coming, they would have halted trading until the following day. I know the IR guy at TSLA a little bit, and I'm pretty sure he didn't know this tweet was coming. Fraud may be an overstatement, but people have been busted hard for less. Musk is a sophisticated guy. I can't believe this wasn't a designed plan to screw the shorts. And while that might be satisfying, it also looks like stock manipulation, which is illegal.
"What a bunch of pedantic pricks." - sybian

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phxgators
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Re: Elon Musk is not dead

Post by phxgators » Wed Aug 08, 2018 12:01 pm

Yeah, he really should have released the post on their investor page before his tweet. Would have looked better.

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Re: Elon Musk is not dead

Post by teeteebee » Thu Aug 09, 2018 12:33 am

Bought shares back in early April, on the dip, at $258.

Sold 2/3 of my stake today to take initial investment out and letting the remaining holdings ride it out.

Wish I made a similar move with my GE shares. Bought below $11 on a dip back in the 08-09 crash. Riding the coaster up to $30+ and then back down to low teens has been tough especially as alternative investments have done so well. “If I only would have invested in Bezos instead”
oh shit...

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