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Thread: Tesla is hiding cars and Grimes is a shiter (Elon Musuk thread)

  1. #261

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    Regardless of if this burns Musk or not, I am quite happy that some parasite short-sellers got wrecked.

  2. #262
    Lana Torrin's Avatar
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    Quote Originally Posted by Nicholai Pestot View Post
    Regardless of if this burns Musk or not, I am quite happy that some parasite short-sellers got wrecked.
    TBH he should get done for trying to manipulate his companies stock price. There are rules for announcements like this for publicly listed companies. If it was currently a private company then sure, he can tweet what he wants, but it isn't and 'playing by the rules' is one of the unfortunate requirements of opening your company up to outside money.
    Quote Originally Posted by lubica
    And her name was Limul Azgoden, a lowly peasant girl.

  3. #263

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    If he really had the funding secured at the time he tweeted, he's done absolutely nothing wrong.

  4. #264
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    This honestly the greatest thing to happen in this timeline. It's win/win

    Musk is committing securities fraud or a bunch of short sellers are getting completely fucked. It seems like this timeline has thrown us a bone.
    Quote Originally Posted by Paul Mason
    It is absurd that we are capable of witnessing a 40,000 year old system of gender oppression begin to dissolve before our eyes yet still see the abolition of a 200 year old economic system as an unrealistic utopia.

  5. #265
    Lana Torrin's Avatar
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    Quote Originally Posted by elmicker View Post
    If he really had the funding secured at the time he tweeted, he's done absolutely nothing wrong.
    Yes he has. He is still required to announce it to the exchange first.

    The fact that he later tweeted that it might not happen means he hasn't secured funding though making it even worse.
    Quote Originally Posted by lubica
    And her name was Limul Azgoden, a lowly peasant girl.

  6. #266
    Lowa [NSN]'s Avatar
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    I did see a tweet where he responds to an article about getting investigated for this, it reads like someone who has gone of the rails and trying to be a smart ass about it.

    This can get interesting for sure.
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    I would create a dragon made out of vaginas. Then I would create a dragon made out of dicks. Then I would have them fight to the death.

  7. #267

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    Unless "private" means sold and tweeting for more dineros, cos fuck the consequences


    Sent from my CPH1701 using Tapatalk

  8. #268

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    Quote Originally Posted by Lana Torrin View Post
    Russian funding?
    Looks like the Saudis.

  9. #269

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    Quote Originally Posted by Lana Torrin View Post
    Yes he has. He is still required to announce it to the exchange first.
    No he doesn't. He can announce it any way he pleases, as long as it's a reasonable method of communication and is followed up by the appropriate, detailed paperwork. Most companies would do this with a press release and simultaneous filing. Musk chose to do it via twitter. This may seem nuts but Musks's personal twitter account is even called out in Tesla's S-1 and other paperwork as a source of relevant information for investors.

    The problem is not that he announced it, or that he announced it via twitter it's that:
    1) There's, as of yet, no evidence of the funding that he has claimed to be 'secured'
    and
    2) There's substantial motivation for price manipulation, in both screwing the people with shorts and pushing the stock price above a point where Tesla is allowed to pay off nearly $1Bn in debt with stock, rather than cash.
    and
    3) Pre-announcing a price in this kind of transaction is extremely unusual, adding further weight to point 2.

  10. #270

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    Quote Originally Posted by elmicker View Post
    Quote Originally Posted by Lana Torrin View Post
    Yes he has. He is still required to announce it to the exchange first.
    No he doesn't. He can announce it any way he pleases, as long as it's a reasonable method of communication and is followed up by the appropriate, detailed paperwork. Most companies would do this with a press release and simultaneous filing. Musk chose to do it via twitter. This may seem nuts but Musks's personal twitter account is even called out in Tesla's S-1 and other paperwork as a source of relevant information for investors.
    I've read something the lines that such a statement "must be communicated via official channel", followed by an explanation that Twitter meanwhile is acknowledge to be such an official channel by the SEC.

    Ah, here is even the offical statement from 2013: https://www.sec.gov/news/press-release/2013-2013-51htm:
    Quote Originally Posted by U.S. Securities and Exchange Commission
    SEC Says Social Media OK for Company Announcements if Investors Are Alerted

    FOR IMMEDIATE RELEASE
    2013-51

    Washington, D.C., April 2, 2013 —

    The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

    [...]
    Not sure though if Tesla/Musk followed all the fine print buried herein.

  11. #271

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    Quote Originally Posted by elmicker View Post
    Quote Originally Posted by Lana Torrin View Post
    Yes he has. He is still required to announce it to the exchange first.
    No he doesn't. He can announce it any way he pleases, as long as it's a reasonable method of communication and is followed up by the appropriate, detailed paperwork. Most companies would do this with a press release and simultaneous filing. Musk chose to do it via twitter. This may seem nuts but Musks's personal twitter account is even called out in Tesla's S-1 and other paperwork as a source of relevant information for investors.
    I've read something the lines that such a statement "must be communicated via official channel", followed by an explanation that Twitter meanwhile is acknowledge to be such an official channel by the SEC.

    Ah, here is even the offical statement from 2013: https://www.sec.gov/news/press-release/2013-2013-51htm:
    Quote Originally Posted by U.S. Securities and Exchange Commission
    SEC Says Social Media OK for Company Announcements if Investors Are Alerted

    FOR IMMEDIATE RELEASE
    2013-51

    Washington, D.C., April 2, 2013

    The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

    [...]
    Not sure though if Tesla/Musk followed all the fine print buried herein.

  12. #272
    Straight Hustlin's Avatar
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    Quote Originally Posted by Hel OWeen View Post
    Quote Originally Posted by elmicker View Post
    Quote Originally Posted by Lana Torrin View Post
    Yes he has. He is still required to announce it to the exchange first.
    No he doesn't. He can announce it any way he pleases, as long as it's a reasonable method of communication and is followed up by the appropriate, detailed paperwork. Most companies would do this with a press release and simultaneous filing. Musk chose to do it via twitter. This may seem nuts but Musks's personal twitter account is even called out in Tesla's S-1 and other paperwork as a source of relevant information for investors.
    I've read something the lines that such a statement "must be communicated via official channel", followed by an explanation that Twitter meanwhile is acknowledge to be such an official channel by the SEC.

    Ah, here is even the offical statement from 2013: https://www.sec.gov/news/press-release/2013-2013-51htm:
    Quote Originally Posted by U.S. Securities and Exchange Commission
    SEC Says Social Media OK for Company Announcements if Investors Are Alerted

    FOR IMMEDIATE RELEASE
    2013-51

    Washington, D.C., April 2, 2013 —

    The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

    [...]
    Not sure though if Tesla/Musk followed all the fine print buried herein.
    as Elmicker mentioned. Telsa had Twitter covered on their S1 filing so he's fine on that front. It's really a matter of whether or not he actually had the funding secured.

  13. #273

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    [Double posting, see above.]

  14. #274
    Donor erichkknaar's Avatar
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    Quote Originally Posted by Hel OWeen View Post
    Quote Originally Posted by elmicker View Post
    Quote Originally Posted by Lana Torrin View Post
    Yes he has. He is still required to announce it to the exchange first.
    No he doesn't. He can announce it any way he pleases, as long as it's a reasonable method of communication and is followed up by the appropriate, detailed paperwork. Most companies would do this with a press release and simultaneous filing. Musk chose to do it via twitter. This may seem nuts but Musks's personal twitter account is even called out in Tesla's S-1 and other paperwork as a source of relevant information for investors.
    I've read something the lines that such a statement "must be communicated via official channel", followed by an explanation that Twitter meanwhile is acknowledge to be such an official channel by the SEC.

    Ah, here is even the offical statement from 2013: https://www.sec.gov/news/press-release/2013-2013-51htm:
    Quote Originally Posted by U.S. Securities and Exchange Commission
    SEC Says Social Media OK for Company Announcements if Investors Are Alerted

    FOR IMMEDIATE RELEASE
    2013-51

    Washington, D.C., April 2, 2013 —

    The Securities and Exchange Commission today issued a report that makes clear that companies can use social media outlets like Facebook and Twitter to announce key information in compliance with Regulation Fair Disclosure (Regulation FD) so long as investors have been alerted about which social media will be used to disseminate such information.

    [...]
    Not sure though if Tesla/Musk followed all the fine print buried herein.
    I mean, if the president of the "free world" can shit his own pants mentally every day on twitter and we're all supposed to take it seriously, I don't see what's wrong with Musk using twitter to make announcements.
    meh

  15. #275

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    And regardless if he followed due procedures, I just realized that his tweet pushed the share's price over my high sell order limit, that I optimistically set ages ago, netting me a nice ~ 75% profit.

  16. #276

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    Quote Originally Posted by Hel OWeen View Post
    And regardless if he followed due procedures, I just realized that his tweet pushed the share's price over my high sell order limit, that I optimistically set ages ago, netting me a nice ~ 75% profit.
    #disrupt

    So apparently when Musk was talking about "innovation" and "disrupting the old industry", what he really meant was the "securities trading" industry, not the automotive one.

  17. #277
    rufuske's Avatar
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    I swear Silicon Valley had an episode where they explained that.

  18. #278
    Djan Seriy Anaplian's Avatar
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    Quote Originally Posted by elmicker View Post
    Quote Originally Posted by Zeekar View Post
    Quote Originally Posted by Rami View Post
    Quote Originally Posted by Lana Torrin View Post
    Russian funding?
    More likely middle east. Unless the Google duo made good on their personal promise of not letting Tesla go bust, but I thought they care more for SpaceX.
    It's someone with more money than sense. 70b that's needed for this is more than the worth of either GM or Ford. Companies that actually know how to build cars...
    You don't need to buy out the full company to take it private. He already owns 20% of it for a start, and all you really need to aim for is to bring your number of shareholders of record under 300 or something like that. Given Tesla is a young company, it's probably still overwhelmingly owned by a small number of founders, early employees and institutional investors. Assuming you can get the key players to agree on the plan, buying out everyone else is likely to be relatively straightforward.

    In any case it actually looks pretty real. Though I suspect he could still get into rather a lot of bother if his use of the word "secured" is overly certain.
    That similar to the companies act squeeze out provision? It's been a while since i looked at that.

  19. #279

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    It's a lot messier, but yes. The problem with the squeeze out approach is if he engineers a scenario where the company is delisted without a full tender offer available to all shareholders, any shareholders who don't end up being bought out may well end up suing him because they'd no longer be able to readily sell their stock and they didn't benefit from what functionally was a tender offer. However he has stated that any shareholder may sell up or stay on (in some form) in the new private entity, so unless he wants to get fucked by the SEC he'd better show he's got the 50-60bn needed to do a full tender offer, even if the chance of needing that full amount is quite small [assuming most institutional/founder shareholders would stay on in the private entity]

  20. #280
    Keckers's Avatar
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    I can only imaging the scramble in the SEC offices to be assigned to any case opened against tesla. Must be some serious brown nosing going on now.
    Quote Originally Posted by Paul Mason
    It is absurd that we are capable of witnessing a 40,000 year old system of gender oppression begin to dissolve before our eyes yet still see the abolition of a 200 year old economic system as an unrealistic utopia.

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