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Was this all calculated stock manipulation? It feels like Musk’s modus operandi: 1: Invest in something, 2: Tweet about it. 3: Grossly violate FTC regulation,
by sircastor 5y ago
Was this all calculated stock manipulation? It feels like Musk’s modus operandi:
1: Invest in something,
2: Tweet about it.
3: Grossly violate FTC regulation,
4: profit
- dragonwriter 5y agoTangential to your point: SEC regulation, not FTC.
- sircastor 5y agoMy mistake - thanks.
- solveit 5y agoMusk usually doesn't do the profit part, which is why he can settle with the SEC for pennies (relatively speaking).
- Rebelgecko 5y agoDidn't he profit (in terms of net worth, I guess he didn't realize any gains yet) by not disclosing when he hit the 5% mark?
- solveit 5y agoYes but he didn't sell as you say. Same with dogecoin, the "funding secured" debacle, and all his other stuff. He does something stupid and probably illegal, but doesn't actually take the crucial steps to profit and complete the scam. The image he portrays (I'm tempted to say cultivates) is that of someone above the law who doesn't give a fuck, not that of a common pump-and-dump scammer.
- onphonenow 5y agoThe reality is folks valued his potential input. That said I think a board role was a bad fit. He'd have to agree not to acquire more stock (he could personally easily buy 51% of twitter - 4% of his net work probably). Also, he's too strong minded. A recap of his ideas: * A limited edit button. * Move it to a paid service * No ads to avoid corp pressure to censor voices. My guess - he'd be in a conflicted position if he ever wanted to start / do his own social network. And these changes are WAY outside of the comfort zone of FTC etc.
- antonvs 5y ago
- bpodgursky 5y agoIt's about 7% fwiw (although it would cost him some more in taxes to get the cash to do so, he'd have to sell Tesla and realize gains).
- deleted 5y ago[deleted]
- skissane 5y agoCouldn't he take out a loan using his Tesla stock as collateral, and use that to fund a purchase of Twitter? That way he'd avoid selling any stock (and having to pay taxes on the sale), although he'd have to somehow fund the interest payments on the loan (which could be done through smaller stock sales, which would incur taxes, but he'd still pay less tax selling to fund the interest than selling to fund the principal.)
- bpodgursky 5y agoRich people do this to buy yachts and sports cars (for I dunno, tens of millions), but borrowing $15 billion? I'm kinda skeptical any banks would bite here. The collateral would be a huge portion of his Tesla stock, enough that a crash in TSLA could put the whole loan at risk.
- deleted 5y ago[deleted]
- onethought 5y agoDoes he do that? What did he Invest in something/Tweet/Violate FTC/Profit from? If you're referring to Tesla, you missed the part where he: Lead the delivery of a ridiculous amount of value to the company unrelated to any tweets.
- smt88 5y ago> What did he Invest in something/Tweet/Violate FTC/Profit from? Dogecoin and Bitcoin. He pumped and dumped the former pretty directly. He pumped and dumped Bitcoin by saying that Tesla would start to accept it as payment, and then he said that the price was too volatile and they wouldn't actually do that anymore. He pumped and dumped Bitcoin again later, but I forget the circumstances.
- onethought 5y agoRight, the currencies that are built on "trust-less networks" and are resistant to government interferences. But a single person can manipulate the entire currency with some tweets and a bit of capital. cool cool cool. Did Elon profit from that? i.e. He bought at the bottom and sold at the top? Or did he lose along with everyone else in the "dump" phase? Bitcoin: You don't have to trust anyone... except Elon.
- bcj7393nsk 5y ago> Did Elon profit from that? i.e. He bought at the bottom and sold at the top? That same quarter, Tesla reported almost $500 million in realized capital gains on BTC. And Elon owns Tesla stock. The rest is left as an exercise to the reader.
- onethought 5y agoYou are missing the part where they were accepting bitcoin as payment for cars. So how much of those gains were for Cars sold, vs inflated Bitcoin price based on Elon tweets?
- sixQuarks 5y agoIf you honestly think Elon cares about money/profit at this point, you don’t know jack about Elon.
- alphabettsy 5y agoIs it safe to assume that you’ve never met him before? I don’t understand why people say stuff like this about people they don’t know.
- yumraj 5y agoAnd you do? Please tell us more..
- sixQuarks 5y agoAs an entrepreneur, I’ve been following Elon’s progress going back to when he sold zip2. It became evident he was an outlier when his new company merged with then sold PayPal and so I’ve been following him closely since that time - I don’t think there is an interview of his I haven’t watched. Adding all those up, it’s probably over 60 hours of interviews over a roughly 20 year timeline. It’s not just the hours of interviews but also the ability to see how his actions play out over time. This is why I can state confidently that he doesn’t give a rats ass about money or profit (other than using that wealth towards making humanity multi-planetary species). If you feel that is a greedy goal, than so be it, but he is not interested in money for himself