News @lemmy.world ooli @lemmy.world 5 mo. ago

Tesla investor accuses Elon Musk of $7.5 billion of insider trades

www.forbes.com.au Tesla investor accuses Elon Musk of $7.5 billion of insider trades

Musk sold more than $20 billion in Tesla stock around the same time he purchased Twitter for $44 billion in late 2022.

42 comments

Will this be what gets Elon kicked out of Tesla by institutional investors? What will it take?
- If this doesn't do it, maybe he could just take a bunch of investor money and set it on fire in front of them at a shareholder meeting.
  
  It's not about the money, it's about sending a message.
  
  And that message is, don't be an emerald-mine-nepo-baby tech-bro billionaire on ketamine.
  
  He wants to give himself 10's of billions of dollars of their money already. You literally couldn't fit enough money in the room at the shareholder meeting for such an act to bother them.
  
  Fuck everything about Elon but that would be amazing on a few levels
  
  Elon musk surprised shareholders with this HOT investment trick.
- I can’t see how he’s anything but a liability.
- I believe the board is mostly installed by Musk so it would likely take quite a bit.
- Elon has reached a level of financial and material entanglement across such a broad cross section of key economic sectors that I'm having a hard time seeing any institutional mechanism or structures being able, or willing, to take him down.
  
  Unless the powers that be were somehow able to ensure his assortment of ponzi schemes and pump and dump operations wouldn't collapse and start a chain reaction that would, in economic terms, fuck our shit up, far and wide.
  
  But even if they could, I doubt those capable would want a precedent that the existing system was able to takedown such a powerful and wealthy person.
  
  The only way I see him checking out anytime soon is himself. Unless he knows the secret ritual rights for a proper Moloch summoning, no amount of adrenochrome boosters or infant blood infusions can compensate for his insane drug use and poor personal health habits. You can't be that old, that out of shape, and take that many hard drugs without it significantly reducing your life expectancy.
  
  That also provides an out for the scenario I mentioned above. If the impact of his downfall on the wider economy could be mitigated, his incredibly unhealthy habits provide an obvious vector for his removal, without it setting a public precedent.
  
  Tl;Dr: Hope he doesn't get sober, or learn to summon Moloch.
  
  When the Tesla stock price finally corrects we will see Elon crumble. Right now it’s being shorted by too many massive hedge funds, which causes other hedge funds to bet against them.
  
  This unfortunately lead to the price being massively inflated with Elon taking all the credit.
  
  We'll just have to hope he didn't learn anything from Steve Job's example and follows him to an early and well deserved grave.
  
  He's actually not that old. He just looks like shit.
It took down Martha Stewart..
- I would be so happy if I heard about Elon musk as much as I hear about Martha Stewart
  
  So long as he doesn’t get to hang out with Snoop after
  
  It would be a good thing.
He's being called in front of the SEC for possible stock manipulation on X. Hopefully this gets added onto his legal woes.
Can we revoke his government contracts now?
Wonder when/if investors will finally just sell their shares off. The day before the $56 billion vote takes place, for big laffs?
I highly doubt this particular lawsuit will go anywhere but dismissal.
- Well, the suit that overturned his bonus was a single shareholder suit and that one was obviously successful.
  
  I have been surprised there haven’t been more shareholder suits to be honest. They could challenge fiduciary responsibility on the basis of him robbing Peter to pay Paul by raiding Tesla for engineers, not to mention dividing his own time and effort between too many unrelated interests.
  
  This is just too torturous to prove without a miracle in discovery. A summary judgement would throw it out. And I just don't see a judge allowing discovery without a very compelling reason. I don't see any.
  
  The share price dropped in response to him selling, not because he knew it would drop before he sold due to some inside track in the company.
  
  I agree there's a good amount of shit this bozo could be nailed on by his shareholders, I just don't think this is remotely it.
- Depends on how much old money is behind it. Elon is rich, but he isn’t shit compared to old money.
  
  Only worse people to piss off are the Saudis. I cannot wait for him to fold to those guys. Will be Elon’s end, and he will be serving McDonalds somewhere.
  
  It looks like a nuisance lawsuit by a single investor as an excuse to go fishing with discovery. That dog won't hunt.

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