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SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - WoodlandsOwl - 09-27-2018 10:08 PM
I suspect United Launch Alliance played a role in this. Take out Musk, take out SpaceX
U.S. securities regulators on Thursday sought to force Tesla Inc. TSLA -0.67% Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout.
The complaint filed by the Securities and Exchange Commission came after a last-minute decision by Mr. Musk and his lawyers to fight the case rather than settle the charges.
The filing by the SEC in federal court in Manhattan threatens to deal a severe blow to the Palo Alto, Calif., electric car maker. Its brand and Mr. Musk are closely intertwined, and analysts have said the company’s roughly $50 billion market value is driven by Wall Street’s appreciation for Mr. Musk’s vision and skill as an innovator.
SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla
Tesla wasn’t named in the suit as a defendant, but the SEC is seeking to bar Mr. Musk, Tesla’s largest shareholder and its top executive, from serving as an officer or director of any U.S. public company. Tesla shares, which have been under intense pressure amid questions about the firm’s financial strength and Mr. Musk’s behavior, tumbled 9.9% to $277 in after-hours trading Thursday on Nasdaq.
“This unjustified action by the SEC leaves me deeply saddened and disappointed,” Mr. Musk said in a statement. “I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way.”
https://www.wsj.com/articles/elon-musk-sued-by-the-sec-for-securities-fraud-1538079650
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - banker - 09-27-2018 10:15 PM
Our generation's PT Barnum.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - HeartOfDixie - 09-27-2018 10:26 PM
It’s about time.
Musk has been selling snake oil for a long time.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - q5sys - 09-27-2018 10:45 PM
(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Kronke - 09-27-2018 10:48 PM
FFS, leave Elon alone.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - JRsec - 09-27-2018 10:52 PM
Sounds like the second coming of Preston Tucker!
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - fsquid - 09-27-2018 10:58 PM
Based on his comments and tweets, he deserves a fine
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RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - banker - 09-27-2018 11:31 PM
(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
Well, if I spent a million dollars to build a house and sold it to you for $50,000 you would be really happy too. Of course any one who invested in my house building business would probably be a little upset as would any one who lent my business money.
I think Musk is a great innovator, thinker and salesman. If you give him enough money and time he will do remarkable things, eventually. The value proposition will probably never materialize, but he'll make cool stuff. He probably shouldn't being running a public company that has a fiduciary responsibility to investors.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - georgia_tech_swagger - 09-28-2018 12:32 AM
My issues with Musk are that he gets shovels of tax dollars for nearly every major project he does .... and he's getting all John Deere with maintenance on the Tesla. The parts are ludicrously priced. You can only get the work done at a Tesla dealer.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - fsquid - 09-28-2018 06:10 AM
I think the majority of our innovations have been made in government programs or with government money.
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RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Jugnaut - 09-28-2018 09:33 AM
(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
There a major production issues with Telsa cars and Musk used twitter to manipulate the stock price to destroy short sellers. I expect the company to be the next Enron when everything comes out.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - HeartOfDixie - 09-28-2018 09:42 AM
(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
The issue isn't the product, even though it actually sucks.
The issue are the representations made to investors in a company which remains unable to sustain itself.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - tanqtonic - 09-28-2018 09:44 AM
(09-27-2018 10:08 PM)WoodlandsOwl Wrote: I suspect United Launch Alliance played a role in this. Take out Musk, take out SpaceX
U.S. securities regulators on Thursday sought to force Tesla Inc. TSLA -0.67% Chief Executive Elon Musk out of the company he helped get off the ground about 15 years ago, alleging he misled shareholders when he tweeted he had funding for what would have been the largest-ever corporate buyout.
The complaint filed by the Securities and Exchange Commission came after a last-minute decision by Mr. Musk and his lawyers to fight the case rather than settle the charges.
The filing by the SEC in federal court in Manhattan threatens to deal a severe blow to the Palo Alto, Calif., electric car maker. Its brand and Mr. Musk are closely intertwined, and analysts have said the company’s roughly $50 billion market value is driven by Wall Street’s appreciation for Mr. Musk’s vision and skill as an innovator.
SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla
Tesla wasn’t named in the suit as a defendant, but the SEC is seeking to bar Mr. Musk, Tesla’s largest shareholder and its top executive, from serving as an officer or director of any U.S. public company. Tesla shares, which have been under intense pressure amid questions about the firm’s financial strength and Mr. Musk’s behavior, tumbled 9.9% to $277 in after-hours trading Thursday on Nasdaq.
“This unjustified action by the SEC leaves me deeply saddened and disappointed,” Mr. Musk said in a statement. “I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way.”
https://www.wsj.com/articles/elon-musk-sued-by-the-sec-for-securities-fraud-1538079650
I suspect the main move is to bar Musk. This could have been done by an agency complaint, but with that route you cannot obtain the board/officer sanction.
When it is filed in Federal Court, that is the only route that option is open.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Niner National - 09-28-2018 10:32 AM
(09-28-2018 09:33 AM)Jugnaut Wrote:Production has been cruising for several months now. Their new difficulty is they can't get them delivered fast enough because of the volume. The tesla dealership in Charlotte is overflowing with model 3s. They have them parked on curbs and the grass. Over 300 waiting to be picked up by customers.(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
There a major production issues with Telsa cars and Musk used twitter to manipulate the stock price to destroy short sellers. I expect the company to be the next Enron when everything comes out.
Interested to see how this quarter shakes out though. Financials are a couple weeks away.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - HeartOfDixie - 09-28-2018 10:51 AM
(09-28-2018 10:32 AM)Niner National Wrote:(09-28-2018 09:33 AM)Jugnaut Wrote:Production has been cruising for several months now. Their new difficulty is they can't get them delivered fast enough because of the volume. The tesla dealership in Charlotte is overflowing with model 3s. They have them parked on curbs and the grass. Over 300 waiting to be picked up by customers.(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
There a major production issues with Telsa cars and Musk used twitter to manipulate the stock price to destroy short sellers. I expect the company to be the next Enron when everything comes out.
Interested to see how this quarter shakes out though. Financials are a couple weeks away.
The profitability of those cars remains in doubt.
Tesla's books are still ugly.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Attackcoog - 09-28-2018 11:11 AM
There are things about Telsa that are very admirable---and some things where they kinda suck. I frankly think the SEC is going too far here. To me, this was an off hand comment where his ego got the best of him---but I dont think his intent was to commit fraud or pump the stock. I think he should be fined---but it seems to me like he's probably being over charged here as the level of prosecution at this point seems a little overzealous.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - tanqtonic - 09-28-2018 11:16 AM
(09-28-2018 11:11 AM)Attackcoog Wrote: There are things about Telsa that are very admirable---and some things where they kinda suck. I frankly think the SEC is going too far here. To me, this was an off hand comment where his ego got the best of him---but I dont think his intent was to commit fraud or pump the stock. I think he should be fined---but it seems to me like he's probably being over charged here as the level of prosecution at this point seems a little overzealous.
This isnt the first time he has pulled comments like that out of his ass. Ego is a ***** when it slaps you back.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Niner National - 09-28-2018 11:25 AM
(09-28-2018 10:51 AM)HeartOfDixie Wrote:German car manufacturers tore them down and said the model 3 cost about $28000 to build. Average ticket price ia over $50k. None of the $35000 models have been built and I doubt they ever will be. That's pretty solid margin of those numbers are accurate.(09-28-2018 10:32 AM)Niner National Wrote:(09-28-2018 09:33 AM)Jugnaut Wrote:Production has been cruising for several months now. Their new difficulty is they can't get them delivered fast enough because of the volume. The tesla dealership in Charlotte is overflowing with model 3s. They have them parked on curbs and the grass. Over 300 waiting to be picked up by customers.(09-27-2018 10:45 PM)q5sys Wrote:(09-27-2018 10:26 PM)HeartOfDixie Wrote: It’s about time.
Musk has been selling snake oil for a long time.
How so? I know several people with Tesla cars, they are fantastic cars.
There a major production issues with Telsa cars and Musk used twitter to manipulate the stock price to destroy short sellers. I expect the company to be the next Enron when everything comes out.
Interested to see how this quarter shakes out though. Financials are a couple weeks away.
The profitability of those cars remains in doubt.
Tesla's books are still ugly.
We will find out in a few weeks. If they arent showing positive signs after this quarter, I'll be far more skeptical of their long term viability.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Attackcoog - 09-28-2018 11:59 AM
(09-28-2018 11:25 AM)Niner National Wrote:(09-28-2018 10:51 AM)HeartOfDixie Wrote:German car manufacturers tore them down and said the model 3 cost about $28000 to build. Average ticket price ia over $50k. None of the $35000 models have been built and I doubt they ever will be. That's pretty solid margin of those numbers are accurate.(09-28-2018 10:32 AM)Niner National Wrote:(09-28-2018 09:33 AM)Jugnaut Wrote:Production has been cruising for several months now. Their new difficulty is they can't get them delivered fast enough because of the volume. The tesla dealership in Charlotte is overflowing with model 3s. They have them parked on curbs and the grass. Over 300 waiting to be picked up by customers.(09-27-2018 10:45 PM)q5sys Wrote: How so? I know several people with Tesla cars, they are fantastic cars.
There a major production issues with Telsa cars and Musk used twitter to manipulate the stock price to destroy short sellers. I expect the company to be the next Enron when everything comes out.
Interested to see how this quarter shakes out though. Financials are a couple weeks away.
The profitability of those cars remains in doubt.
Tesla's books are still ugly.
We will find out in a few weeks. If they arent showing positive signs after this quarter, I'll be far more skeptical of their long term viability.
Their problem seems to be they are much better at designing cars than building them. Even then, there are questions about the car's real world reliability. That might be due to manufacturing or it may be due to design.
RE: SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla - Attackcoog - 09-28-2018 12:02 PM
(09-28-2018 11:16 AM)tanqtonic Wrote:(09-28-2018 11:11 AM)Attackcoog Wrote: There are things about Telsa that are very admirable---and some things where they kinda suck. I frankly think the SEC is going too far here. To me, this was an off hand comment where his ego got the best of him---but I dont think his intent was to commit fraud or pump the stock. I think he should be fined---but it seems to me like he's probably being over charged here as the level of prosecution at this point seems a little overzealous.
This isnt the first time he has pulled comments like that out of his ass. Ego is a ***** when it slaps you back.
He can be kind of a jerk--but I still think he's being over prosecuted on this one. Fine the hell out of him and move on. We really wont know what Telsa is until they hire someone who can get their manufacturing assembly process up to snuff.