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> Musk we know that he has repeatedly violated securities laws Fwiw, "insider trading" is not an actual law. It's a constantly-shifting regulation maintained

> Musk we know that he has repeatedly violated securities laws Fwiw, "insider trading" is not an actual law. It's a constantly-shifting regulation maintained by the SEC. In the example you're citing, Musk tweeted financial information about Tesla. This would have been totally precedented and OK for the company to release as a PDF on their website, but there was no standing principle on whether a tweet counted as a public release of financial info. After deliberation and some caveats, the SEC said "Yes, this is fine" [1]. I don't think this counts as a "violation of security law". Would most CEOs have played it safe and asked their lawyers first, who could have consulted the SEC, and waited six months for a draft new regulation? Probably. But I don't think it makes the tweet illegal, or even especially wrong. [1] https://www.sec.gov/news/press-release/2013-2013-51htm https://www.sec.gov/news/press-release/2013-2013-51htm

dannyw 5y ago
the issue was Musk making up an acquisition offer at an imaginary price of 420.69 because his girlfriend thought it was funny.
H8crilA 5y ago
No, Musk said "a deal is done" while in reality the other side of the deal didn't agree to anything, and ultimately nothing happened. Would've been the same fraud if it was a press release on EDGAR, probably worse since you can always play cute and say "lol it's Twitter it's for shitposting". Nothing to do with insider trading (that we know of) and little to do with the form of the disclosure/lie. It was just a cacophonous stupidity. (I'm talking about the 420 tweet)
- bpodgursky 5y ago
  Ah. Still, it's hard to see who got hurt by that one, given that anyone who bought Tesla hoping for a $420 exit is now sitting pretty above $700.
  - naturalauction 5y ago
    That doesn’t make his conduct legal. See Martin Shkreli who was convicted of fraud and sentenced for 7 years despite making his investors money.
  - H8crilA 5y ago
    The people that bought on the "announcement", and sold on the "lol, got you". But yeah for some (many?) people it was a non-event. Also what the sibling wrote.

dannyw 5y ago

the issue was Musk making up an acquisition offer at an imaginary price of 420.69 because his girlfriend thought it was funny.

H8crilA 5y ago

No, Musk said "a deal is done" while in reality the other side of the deal didn't agree to anything, and ultimately nothing happened. Would've been the same fraud if it was a press release on EDGAR, probably worse since you can always play cute and say "lol it's Twitter it's for shitposting". Nothing to do with insider trading (that we know of) and little to do with the form of the disclosure/lie. It was just a cacophonous stupidity. (I'm talking about the 420 tweet)

bpodgursky 5y ago
Ah. Still, it's hard to see who got hurt by that one, given that anyone who bought Tesla hoping for a $420 exit is now sitting pretty above $700.
- naturalauction 5y ago
  That doesn’t make his conduct legal. See Martin Shkreli who was convicted of fraud and sentenced for 7 years despite making his investors money.
- H8crilA 5y ago
  The people that bought on the "announcement", and sold on the "lol, got you". But yeah for some (many?) people it was a non-event. Also what the sibling wrote.