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I wonder if they will be able to demonstrate that any damage was actually done. The $420 tweet had a reverse effect in the end, not what most people would expec

I wonder if they will be able to demonstrate that any damage was actually done. The $420 tweet had a reverse effect in the end, not what most people would expect from such a tweet.

Analemma_ 8y ago
It has been mentioned elsewhere in this thread that several people holding short positions exited automatically when the stock price temporarily spiked. They were definitely harmed, and in fact are already suing in a separate case.
mikestew 8y ago
If I, a not-inexperienced investor, briefly wondered if I should by a few more lots of TSLA based on the tweet, it is not unfathomable that someone actually clicked the “buy” button somewhere near the peak. In short, yeah, it would be trivial to demonstrate damage. Someone was buying those pricey shares before the drop. EDIT: down $31 in after hours, hell, I’m thinking about suing. :-P
- mrep 8y ago
  Same. I thought there was no way he say such a stupid thing as "funding secured" without haven't it locked down precisely because I thought the SEC would easily come after him if he lied about it. Fortunately, my brother talked me out of it but I was seriously considering buying some.
  - mikestew 8y ago
    because I thought the SEC would easily come after him if he lied about it Which is exactly it. Folks here and elsewhere refer to it as "...obviously a joke". No, it's not so obvious, because if you joke about such things the SEC will nail your ass to the wall. And hence my consideration of purchase. Were the SEC not to follow through, well, what are they going to say when the next joker says, "j/k"? And so, apologists and Musk themselves are about to find out that they're fucking serious when they tell you not to make bomb jokes in the airport security line. And when your antics take 10% off your share price in one day, Musk'll start to lose some fans even, because this shareholder sure isn't the Musk fan he once was.
    - jacquesm 8y ago
      For me the turning point was when he joked Tesla was going bankrupt. It showed a complete misunderstanding of the role of the CEO in a public company as opposed to the CEO of a private company. You live in a glass house, that means you move with care and don't throw bricks around.
compcoffee 8y ago
>I wonder if they will be able to demonstrate that any damage was actually done. This case is unique in that both shorts and longs were harmed. Plenty to go around. How many people bought shares at ~$350 assuming they'd be private at $420 because the CEO said so?
rohit2412 8y ago
https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/ https://www.reddit.com/r/wallstreetbets/comments/95otw7/just...
- mikestew 8y ago
  My ex-brother-in-law is the only reason I'd believe those stories aren't completely fictitious. I wonder if there's a formal psychological diagnosis for "thinks simple math is a genius system that everyone else missed". Because I had money, and EBIL didn't, he was always coming to me with shit like this. I don't know how many times I said something along the lines of, "if it's that easy, why isn't Goldman Sachs taking out loans for $200 million to buy TSLA shares?"
  - rohit2412 8y ago
    Because there is always a risk. It is a risk/return question. The risk is if Elon musk could be a misleading liar, and the return was 20%. Well the end result is that Elon musk is a manchild who deserves books thrown at him by SEC and DOJ.

I wonder if they will be able to demonstrate that any damage was actually done. The $420 tweet had a reverse effect in the end, not what most people would expect from such a tweet.

Analemma_ 8y ago

It has been mentioned elsewhere in this thread that several people holding short positions exited automatically when the stock price temporarily spiked. They were definitely harmed, and in fact are already suing in a separate case.

mikestew 8y ago

If I, a not-inexperienced investor, briefly wondered if I should by a few more lots of TSLA based on the tweet, it is not unfathomable that someone actually clicked the “buy” button somewhere near the peak. In short, yeah, it would be trivial to demonstrate damage. Someone was buying those pricey shares before the drop. EDIT: down $31 in after hours, hell, I’m thinking about suing. :-P

mrep 8y ago
Same. I thought there was no way he say such a stupid thing as "funding secured" without haven't it locked down precisely because I thought the SEC would easily come after him if he lied about it. Fortunately, my brother talked me out of it but I was seriously considering buying some.
- mikestew 8y ago
  because I thought the SEC would easily come after him if he lied about it Which is exactly it. Folks here and elsewhere refer to it as "...obviously a joke". No, it's not so obvious, because if you joke about such things the SEC will nail your ass to the wall. And hence my consideration of purchase. Were the SEC not to follow through, well, what are they going to say when the next joker says, "j/k"? And so, apologists and Musk themselves are about to find out that they're fucking serious when they tell you not to make bomb jokes in the airport security line. And when your antics take 10% off your share price in one day, Musk'll start to lose some fans even, because this shareholder sure isn't the Musk fan he once was.
  - jacquesm 8y ago
    For me the turning point was when he joked Tesla was going bankrupt. It showed a complete misunderstanding of the role of the CEO in a public company as opposed to the CEO of a private company. You live in a glass house, that means you move with care and don't throw bricks around.

compcoffee 8y ago

>I wonder if they will be able to demonstrate that any damage was actually done. This case is unique in that both shorts and longs were harmed. Plenty to go around. How many people bought shares at ~$350 assuming they'd be private at $420 because the CEO said so?

rohit2412 8y ago

https://www.reddit.com/r/wallstreetbets/comments/95otw7/just_borrowed_232k_at_600mo_interest_to_buy_623/ https://www.reddit.com/r/wallstreetbets/comments/95otw7/just...

mikestew 8y ago
My ex-brother-in-law is the only reason I'd believe those stories aren't completely fictitious. I wonder if there's a formal psychological diagnosis for "thinks simple math is a genius system that everyone else missed". Because I had money, and EBIL didn't, he was always coming to me with shit like this. I don't know how many times I said something along the lines of, "if it's that easy, why isn't Goldman Sachs taking out loans for $200 million to buy TSLA shares?"
- rohit2412 8y ago
  Because there is always a risk. It is a risk/return question. The risk is if Elon musk could be a misleading liar, and the return was 20%. Well the end result is that Elon musk is a manchild who deserves books thrown at him by SEC and DOJ.