6 ms·
Elon is using a public traded company to save his other failing businesses. In a sense he already did this before using his private loans guaranteed by Tesla sh
by coliveira 10y ago
Elon is using a public traded company to save his other failing businesses. In a sense he already did this before using his private loans guaranteed by Tesla shares. But at least in that case it was his own money. Now he wants to use other shareholder's money to bailout his floundering solar energy investment.
- pdq 10y agoIt does seem like a direct conflict of interest. This will be interesting to watch if there are any challenges from the SEC.
- partiallypro 10y agoThe CEO is his cousin, but he has recused himself of voting on the deal. I doubt the SEC & FTC will care; Wall Street on the other hand, I think they all see what this is about.
- jonknee 10y agoElon is the chairmen of both companies... It's definitely unusual.
- partiallypro 10y agoI didn't say it wasn't unusual, just that the SEC and FTC likely won't bat an eye.
- chc 10y agoAccording to the announcement, Musk has recused himself from voting on this proposal on either side. It seems unlikely that the SEC would see funny business on Musk's part in a decision that was made by everyone except Musk.
- the_watcher 10y agoYea, all I could think was "Elon Musk founded company offers to purchase Elon Musk founded company that has run out of money"
- hirsin 10y agoAlso: "Elon Musk founded company [that's running out of money] offers to purchase Elon Musk founded company that has run out of money" I feel like not three months ago there were plenty of articles about Tesla having less than 2 years operating budget left even after accounting for increased revenue from presales.
- imtringued 10y agoR&D is expensive.