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As I understand it, X was fined, didn't pay, and the judge pierced a few corporate veils to discover that Starlink and X share a majority owner.
by barryrandall 2y ago
As I understand it, X was fined, didn't pay, and the judge pierced a few corporate veils to discover that Starlink and X share a majority owner.
- prepend 2y agoHe had to pierce veils to figure that out? Couldn’t he just check Wikipedia like everyone else? Is this legal in the US? If company A owns B and C; and C does something bad, can A or B be fined?
- hwc 2y agothat's the idea of "limited liability". it has a lot of downsides in practice.
- rlpb 2y ago“Piercing the corporate veil” isn’t about discovering something that is a secret. It’s a legal principle. https://en.wikipedia.org/wiki/Piercing_the_corporate_veil https://en.wikipedia.org/wiki/Piercing_the_corporate_veil > Is this legal in the US? https://en.wikipedia.org/wiki/Piercing_the_corporate_veil#United_States https://en.wikipedia.org/wiki/Piercing_the_corporate_veil#Un...
- JumpCrisscross 2y ago> Starlink and X share a majority owner Musk doesn’t own a majority of Starlink or SpaceX. (SpaceX owns Starlink. SpaceX is controlled by Musk. But he owns less than 50% of the shares.)
- notfish 2y agoMusk owns 79% of voting shares of spacex (but yes, only 42% of equity). I guess it depends on your definition of “owns”, but its not unreasonable to say he owns spacex.