A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter’s stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.
He must pay a pittance, to be paid in 20 equal installments of one-twentieth of a pittance each.
That is the price of new phone for him compared to us…
If the punishment is a fine, it’s only illegal for poor people.
The only war is class war.
Considering he’s made $400B since acquiring Twitter, this was just a minor cost of doing business.
Considering he’s made $400B since acquiring Twitter…
Serious question: How?
AFAIK, Twitter wasn’t terribly profitable before they sold to Musk. Then after he purchased it, the enshittification accelerated.
How on earth does this result in $400 Billions in profit?!?
It’s not real money, and Musk isn’t the richest person in truth, not by a long shot. This is theoretical money based on overpriced companies that are propped up by what I suspect are some rather shady practices and investors using it as a casino stock.
Actually worst than imaginable if you delve deep the psychology of the rich is akin to tumour development. Never forget these rich fuckheads would bet over your misery like a game.
The money doesn’t have to be real for Elon to be able to use his stock as collateral for billion dollar loans. So he in fact has real money, that banks gave him, and that he will never pay back.
While true, a recession will change things.
It will only restrict his ability to get new loans, and make his collaterals worthless. But he probably spent most of the money they gave him, and like with twitter, he shifted the assets around in his network of companies, like a thimblerigger.
But that’s kind of like saying that inflation will make the rich poor, which is also not true.
He made $400B, not Twitter. That’s almost entirely from Tesla and other ventures, not Twitter.
Last I’ve been able to find Twitter was valued at $33B when xAI bought it. But that was clearly an overvalued sale. Just look at the valuation over time.
And that’s just raw valuation which is easily manipulated, not revenue or profit, which can be easily manipulated.
Ahh, okay. I understand. Thank you for the clarification.
that is the worst chart
This is an ATM fee
Best find a different ATM.
I don’t know, 0.5% isn’t a bad rate…
Hmm, maybe in the US. It is a very strange place after all.
Where do you live where ATM rates are less than .5%?
By the way, using an ATM from the same bank as your card doesn’t count, because that’s usually free.
I don’t think I’ve ever been charged a fee in Britain. You just use whatever machines are about.
I could change the world for the better with this sum. Hell, even with the fee. Oh well, I’m sure it’s best that he has that money 🙄🤮.
And there is almost zero chance he actually pays this. If anything, it will be a fraction of the amount in 20 years after he exhausts appeals and pushes deadlines to the max.
Someone please assassinate and kill Elon please
Not necessarily, the fine just needs to be a sufficient size.
Fines are not assessed that way.
Some are, but they often have maximum caps.
So for a UK speeding fine he’d get a £1000, but if it’s wasn’t capped it would be somewhere in the region of 340 million.
Your Speeding Offence Details
Speed Limit: 30 mph Recorded Speed: 35 mph Excess Speed: 5 mph Offence Band: A Road Type: Standard Road What This Means For You
Your offence falls into Band A, which carries a fine of 50% of your weekly income. Based on your weekly income of £640,000,000, your calculated fine is £320,000,000. This has been capped at the maximum of £1000 for standard road offences.
Why would any such fines be capped, unless the entire point is to effectively legalise crime for the ultra rich?
You sound surprised?
More chagrined than anything else. Having dual citizenship with US and UK is like having one foot in the grave and another foot in the toilet sometimes.
Finland has similar thing, but it is not capped. There’s a ton of 100 000+€ fines given around here. Obviously with Musk it would be a bit different, since the fine is based on actual income, not some imaginary monopoly money on the stock market.
…not assessed what way?
Percentage of profit accrued from the offense. They are static values.
Just because they’re currently assessed that way doesn’t mean they can’t be assessed a different way…
The class the class that writes laws have decided they don’t want that.
Disclaimer: I know you’re probably only trolling, but I’ll answer anyway:
…not assessed in a way to be of sufficient size to not just be considered a cost of doing business. In other words, pricey enough to take away the incentive to not only take away the profit but to also deal a significant blow to the wealth of the richest person on earth.
No one is “trolling”, you jackass. Just assess them in a different way, is the very obvious point that I was getting at.
Wake me when that happens.
Sanka, ya dead?
“Wake me” when anything at all happens…? The point is, they have the power.
I wish “massive white color crime” for the expediency that a “Black dude swelling a bit of weed” got.
Idk, swelling the weight of a bag is a dick move and I think it should be punished harshly. /s
It is. And if we are to have a just government, we ought to have these things governed.
That’s it, again?
JAIL TIME!
If I steal a bread to feed my hungry children I’ll go to jail, but this guy ficks around with billions and all he gets is a tiny slap on his fingers?
So that’s like me paying a $20 fine. GOOD JOB
Except he almost certainly won’t be paying anywhere near that amount, if anything.
Right, he’s just not gonna pay. It’s not like they’re gonna go get the money from his bank account. Can you imagine Elon Musk being garnished? Never gonna happen
Hope the Saudis treat a fraudster as harshly as a journalist
That’s a fine of $2 out of a total of $800.
I’d speed past cameras if I was running late, and that was the fine.
He’ll have it back in a month…
- That’s chump change to him.
- He’s not going to pay it anyway.
They should repossess it and place it in the hands of a responsible steward…
I don’t understand why these courts charge a set fine for stuff like this. This is clearly an extremely unique case. The man is 20% to being a trillionaire.
What really needs to be done is they need to charge a percentage of his profits. Say 20 to 30%.
Antonin Scalea capped punative damages
This idea needs to be fine tuned. The problem is that parasitic oligarchs don’t have a real income.
For those who don’t know, the parasite oligarchs take the vast amount of stock that they own and take it to a bank. The bank gives the parasite a loan with the stock as collateral. Right off the vat, the parasite gets to claim debt on their taxes. The parasite will then take the loan and use it to buy more stock or companies or anything that generates more wealth.
Loan gets paid off with the generated wealth. Due to generous tax loop holes put into place by politicians). The parasite gets to claim that they didn’t make any money and get a tax bill of zero and sometimes a refund.
Because that’s the law.
… and the billionaires draft the laws.
What really needs to be done is they need to charge a percentage of his profits. Say 20 to 30%.
Lol. That’s not how the state serves capitalism. Fixed fines!!! Gotta put the burden the poor every time.
Whatev.
Drop in a bucket. He should be fined of the money he paid to buy Twitter.
Cool, so when this reaches Appeals court (which is where it’s absolutely going next because they’ll definitely appeal it), that 2.1B$ fine will get knocked down to 10$ and a blowjob (for Elon).
But hey, the Washington Post or whatever can get a nice little headline out of it where they pretend billionaires face any sort of punishment in this Capitalist hellscape for 5 seconds so that’s nice.
