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Summary

The SEC has sued Elon Musk, alleging he failed to disclose a timely 5% Twitter stake in 2022, allowing him to buy additional shares at "artificially low prices," underpaying by $150M.

Musk disclosed his stake 11 days late, after purchasing over $500M in shares, leading Twitter's stock to surge 27%.

Musk’s lawyer called the case baseless, accusing the SEC of harassment.

This follows prior SEC investigations into Musk for alleged securities fraud and insider trading related to Tesla stock sales.

Musk denies any wrongdoing.

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[-] rob200@endlesstalk.org 3 points 13 hours ago

I don't know. Elon might or might not face the consequences.

[-] Red_October@lemmy.world 45 points 1 day ago* (last edited 1 day ago)

Alright folks, place your bets! Place your bets now and win internet points later if you have the gift of foresight!

( A ) Elon gets off completely free because the law doesn't apply to people with his kind of money.

( B ) Elon gets a slap on the wrist because the law "technically" applies to people with his kind of money, but not really.

( C ) Trump shuts the case down because he doesn't want his ~~sugar daddy~~ "buddy" Elon to get in trouble.

( D ) The SEC throws the book at him and Elon gets the maximum sentence, because Trump is fucking sick of the "President Musk" jokes.

[-] Lemminary@lemmy.world 18 points 1 day ago

It's always A and I'm sick of it.

[-] CosmicTurtle0@lemmy.dbzer0.com 9 points 1 day ago

( E ) Trump pardons Elon after a $500 million bribe.

And I mean bribe, like it would normally be illegal. But since he's a Republican president, it's perfectly legal

[-] IamAnonymous@lemmy.world 3 points 1 day ago

It will be a called a “donation” or Tesla will spend the money on lobbying.

[-] CosmicTurtle0@lemmy.dbzer0.com 2 points 21 hours ago

Why? Trump has been told that he can do anything. Bribery is like peanuts to this guy.

I'm betting he will straight up murder someone within his first year. Like directly. Not figuratively. Not through some sort of executive action.

First degree murder.

And every Republican will refuse to impeach him.

[-] TranscendentalEmpire@lemm.ee 1 points 22 hours ago

More likely that conservatives just use it as "proof" that the deep state is attacking conservatives, and then use that as an excuse to further defund the FCC.

[-] TechAnon@lemm.ee 6 points 1 day ago
[-] the_wise_wolf@feddit.org 5 points 1 day ago

Hoping for D, but betting on A.

[-] masterofn001@lemmy.ca 3 points 1 day ago

( E ) a and c, and the DOGE finds efficiency in eliminating the SEC.

[-] Inucune@lemmy.world 2 points 1 day ago

I'll take D, but in no way was it Tiny Handed Felon Trump's idea.

[-] KnightontheSun@lemmy.world 1 points 22 hours ago

I'll take D

Damn right we will. Right in the A.

[-] Shawdow194@fedia.io 46 points 1 day ago

It's okay, our new government department DOGE will tell the SEC it was more efficient

[-] danc4498@lemmy.world 5 points 20 hours ago

Our old government waited nearly 3 years to bring this lawsuit forward, and only did so days before Trump will take over. A fail all around to me.

[-] Quill7513@slrpnk.net 34 points 1 day ago

good thing we've put safeguards in place to prevent someone with ongoing investigations of criminal wrongdoing from having power in the US government.

what's that?

we don't?

in fact the only sure fire way to get away with your crimes is to get power in government?

well i guess at least the world's richest dickhead won't have much power since he's a neophyte.

what's that?

he's going to have the most power?

well that's terrible. guess i should move somewhere safe, so called canada.

what's that?

well fuck me.

[-] Psionicsickness@reddthat.com 11 points 1 day ago

You can’t go to Canada. They have effective boarder and immigration enforcement.

[-] ayyy@sh.itjust.works 2 points 13 hours ago

Aren’t there literally streets where each side is a different country?

[-] Red_October@lemmy.world 5 points 1 day ago

I wonder how bad things have to get before we can request political asylum.

[-] finley@lemm.ee 2 points 23 hours ago

If you’re LGBTQ+, you can already claim asylum. Been that way since the first Trump term.

[-] Psionicsickness@reddthat.com 1 points 12 hours ago

You are not getting refugee status as an American, full stop.

[-] finley@lemm.ee 1 points 11 hours ago
[-] Psionicsickness@reddthat.com 2 points 11 hours ago
[-] finley@lemm.ee 1 points 5 hours ago* (last edited 5 hours ago)

Actually, that’s not what it says. One non-profit says they “may not be able to accommodate”, not that you won’t ever.

Try spending more than 15 seconds looking, and you might get a more reliable source the than some random blog.

[-] Quill7513@slrpnk.net 4 points 1 day ago

yeah i know. but it's still fascinating watching every american's desperation hail mary country getting threatened with a little bit of anschluss

[-] Psionicsickness@reddthat.com 3 points 1 day ago

Yeah, this seasons writers are doing some great work.

[-] HubertManne@moist.catsweat.com 19 points 1 day ago

baseless? There are specific disclosure rules he broke.

[-] Soup@lemmy.world 7 points 1 day ago

Right but the right’s entire thing is to scream “witch hunt” every time they’re caught for doing obviously wrong things.

[-] keinBloudsinn@lemmings.world 5 points 1 day ago

Ha! How is failing to follow the rules of the market "baseless"?! This is insider trading. He should have filed a disclosure immediately after passing the 5% threshold

this post was submitted on 15 Jan 2025
280 points (100.0% liked)

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