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But it (aside from the $20 million fine) it isn’t even a punishment. Every publicly-traded company has their tweets reviewed. Every. Single. One. It’s normal
by elliekelly 8y ago
But it (aside from the $20 million fine) it isn’t even a punishment. Every publicly-traded company has their tweets reviewed. Every. Single. One. It’s normal. It’s reasonably prudent for both the CEO and the shareholders. No shareholder wants to wake up and find 5%+ of market cap has been wiped out with a tweet.
- ceejayoz 8y agoDon't forget that he was forced to step down as Tesla's Chairman. That the SEC settlement required Musk to hire a lawyer and institute a review process indicates that at least one publicly-trated company wasn't having tweets reviewed, and the SEC complaint this time around alleges this tweet wasn't reviewed either.
- anth_anm 8y agoUh, he also got removed as a chairman. Having the sense to review tweets is different than having an SEC settlement enforcing such action.
- elliekelly 8y agoRemember, the SEC's function is to protect investors. Likewise, the function of the Chairperson of the Board is to represent investors on the Board. The SEC didn't remove Musk as Chair to punish him for his actions. The settlement required Musk to step down as Chair to give investors the representation they're entitled to because Musk didn't fulfill the fiduciary obligations of the role.