Elon Musk is a Fraud
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BadGuy
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PostPosted: Thu Sep 27, 2018 5:27 pm    Post subject:

All CEOs face heat from time to time. Musk is a character, but he's also a visionary. I have no doubt that Tesla will be successful in the long run, and I am betting my money on that. Just like Facebook, these controversies will not tank the companies because there is too much talent working for them.
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LongBeachPoly
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PostPosted: Thu Sep 27, 2018 5:34 pm    Post subject:

BadGuy wrote:
All CEOs face heat from time to time. Musk is a character, but he's also a visionary. I have no doubt that Tesla will be successful in the long run, and I am betting my money on that. Just like Facebook, these controversies will not tank the companies because there is too much talent working for them.


Hopefully you didn’t bet your money today
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lakersken80
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PostPosted: Thu Sep 27, 2018 5:41 pm    Post subject:

My guess is he gets a big fine...it would be bad optics for the guy in charge of the company helping to put America back in space to sit in jail.
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LongBeachPoly
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PostPosted: Thu Sep 27, 2018 6:09 pm    Post subject:

lakersken80 wrote:
My guess is he gets a big fine...it would be bad optics for the guy in charge of the company helping to put America back in space to sit in jail.


SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla

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 SEC had crafted a settlement with Mr. Musk—approved by the agency’s commissioners—that it was preparing to file Thursday morning when Mr. Musk’s lawyers called to tell the SEC lawyers in San Francisco that they were no longer interested in proceeding with the agreement, according to people familiar with the matter. After the phone call, the SEC rushed to pull together the complaint that it subsequently filed, the people said.

The SEC said that contrary to the statements he made in several Twitter messages on Aug. 7, Mr. Musk “knew that he had never discussed a going-private transaction at $420 per share with any potential funding source.”

“It’s an easy case,” said Charles Elson, director of the John L. Weinberg Center for Corporate Governance at the University of Delaware. “He said in the tweet he had financing, and apparently he didn’t. … It’s about as straightforward as you can get.”

The SEC alleged in its lawsuit that Mr. Musk first informed Tesla’s board of directors, chief financial officer and general counsel on Aug. 2 that he wanted to take the company private at $420 a share.

Mr. Musk told the SEC that he had met with representatives of a sovereign-wealth fund on July 31, according to the lawsuit. The fund’s lead representative, according to Mr. Musk, “expressed interest in taking Tesla private,” the lawsuit states.

Mr. Musk said in a blog post on Aug. 13 that Saudi Arabia’s sovereign-wealth fund had approached him several times over nearly two years about providing financial support to take Tesla private.

But Mr. Musk’s discussion with the sovereign-wealth fund didn’t include any financial details about such a transaction, the SEC alleged. The parties didn’t, for instance, discuss how much of a premium over Tesla’s current trading price would be offered to shareholders. The lawsuit says Mr. Musk chose $420 by estimating he would need to offer a 20% premium—which would amount to $419—and then rounding up by $1.

The SEC said in its complaint that “Musk stated that he rounded up the price to $420 because he had recently learned about the number’s significance in marijuana culture and thought his girlfriend ‘would find it funny, which admittedly is not a great reason to pick a price,’” the SEC’s complaint says. The number “420” is sometimes associated with marijuana.

Seventeen days after the tweets, Mr. Musk announced he decided against the idea.

-----------------------------------------

Guess Elon needs to come up with some evidence that he did have some private funding sources
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adkindo
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PostPosted: Thu Sep 27, 2018 7:05 pm    Post subject:

LongBeachPoly wrote:
SEC Sues Elon Musk for Fraud, Seeks Removal From Tesla


Some have said there is no Tesla going forward without Musk....but the BoD should probably give it a shot, because it appears to only way to mitigate the SEC actions at this point would be to remove him as an officer.
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BadGuy
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PostPosted: Fri Sep 28, 2018 8:20 am    Post subject:

LongBeachPoly wrote:
BadGuy wrote:
All CEOs face heat from time to time. Musk is a character, but he's also a visionary. I have no doubt that Tesla will be successful in the long run, and I am betting my money on that. Just like Facebook, these controversies will not tank the companies because there is too much talent working for them.


Hopefully you didn’t bet your money today


I am not a day trader, so a couple days of market results mean little to nothing to me. I will hold for the long run and laugh at the herd mentality years from now as I have in the past with other stocks.
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LongBeachPoly
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PostPosted: Fri Sep 28, 2018 10:00 am    Post subject:

BadGuy wrote:
LongBeachPoly wrote:
BadGuy wrote:
All CEOs face heat from time to time. Musk is a character, but he's also a visionary. I have no doubt that Tesla will be successful in the long run, and I am betting my money on that. Just like Facebook, these controversies will not tank the companies because there is too much talent working for them.


Hopefully you didn’t bet your money today


I am not a day trader, so a couple days of market results mean little to nothing to me. I will hold for the long run and laugh at the herd mentality years from now as I have in the past with other stocks.


How much info do you have on this lawsuit?
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BadGuy
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PostPosted: Fri Sep 28, 2018 7:36 pm    Post subject:

LongBeachPoly wrote:
BadGuy wrote:
LongBeachPoly wrote:
BadGuy wrote:
All CEOs face heat from time to time. Musk is a character, but he's also a visionary. I have no doubt that Tesla will be successful in the long run, and I am betting my money on that. Just like Facebook, these controversies will not tank the companies because there is too much talent working for them.


Hopefully you didn’t bet your money today


I am not a day trader, so a couple days of market results mean little to nothing to me. I will hold for the long run and laugh at the herd mentality years from now as I have in the past with other stocks.


How much info do you have on this lawsuit?


As much as everyone else does. I doubt this case amounts to anything other than a fine, which I am sure Musk can afford. The SEC will be hard-pressed to prove their allegations. Regardless, I am prepared to lose everything I have invested in Tesla because I believe in the company and Musk. Feel free to bet against the company like another poster said and take the short position if you feel confident.
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LakerLanny
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PostPosted: Sat Sep 29, 2018 2:04 pm    Post subject:

Out as Chairman, remains as CEO.
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K2
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PostPosted: Sat Sep 29, 2018 4:08 pm    Post subject:

^....and $40 million fine

https://www.cnbc.com/2018/09/29/sec-settles-charges-with-teslas-elon-musk-will-remain-as-ceo.html
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adkindo
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PostPosted: Sat Sep 29, 2018 6:25 pm    Post subject:

LakerLanny wrote:
Out as Chairman, remains as CEO.


interesting....many did not think the SEC would settle for this since there have been claims his board is mostly handpicked pawns that have little influence.
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BadGuy
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PostPosted: Mon Oct 01, 2018 10:31 am    Post subject:

Tesla is already up 16.5% today (recovering above and beyond the past couple of days of losses). Hope no one panicked and pulled their money prematurely due to the SEC news
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cvballa
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PostPosted: Thu Oct 04, 2018 7:39 pm    Post subject:

DeeAgeaux wrote:
Elon Musk is the most consequential entrepreneur since Henry Ford.

Anyone who believes the anti-Tesla dumbasses at the NY Times and CNBC is naive at best.

Elon is not in trouble. With the SEC or anyone else.

There is a difference between stating "funding secured" and "funding committed." Anyone who does not know the difference should not be commenting on corporate finance.

Tesla is turning profitable as we speak. Tesla will be GAAP profitable in Q3 of this year, in Q4 and henceforth barring a major recession or full on global trade war.

SpaceX has been quite profitable for some time. SpaceX has 2/3 of the global launch business because SpaceX is the low cost launch leader.

If you truly believe bankruptcy is imminent for Elon/Tesla, because if one is so is the other, than take out a 2nd mortgage and short TSLA. Take a loan against your kids college fund and short TSLA. Ditto your retirement account.

I will be glad to take your money and buy more Tesla products. I could use a Tesla solar roof and powerwall.

BTW Regarding Pedo Guy: Why does a single white UK expat decide to live in Thailand?. And not in Bangkok or on the beach? But chooses to live in city notorious for child sex trafficking in a country notorious for the sex trade? HMMM?


I think you should reconsider your position. Tesla is by far the worst run company in corporate America and biggest fraud I’ve ever seen in my professional career. As a fellow laker fan I urge everyone to avoid investing in this company. Many millions will be hurt financially and emotionally when the do go bankrupt (which they 100% will) and the real truth about Elon’s lies come out. He is a charlatan plain and simple.

Great cars. Horrible business and leader.
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