Elon Musk sets stage for Tesla to bail out Twitter/xAI at an insane valuation(electrek.co)

24 pointsby JustExAWS9 days ago2 comments

ggm9 days ago
In a sane world, the SEC would be knocking down the door of the portakabin where Musk sleeps. This is really bizarre behaviour.
Much though it may distress them, His saudi friend(s) and Larry can afford to take the hit. It would be better for all of us, if the actual value of this enterprise was there, for all to see, from book value, revenue, and rational projections.
But no: it's value is defined as whatever Musk can make it, based on his ability to direct investment of other companies also under his control.
- sidibe9 days ago
  Tesla is run like a private company anyways. He did this in a slightly saner world already with SolarCity.
  The shareholders are passive index investors through institutions that for some reason dgaf about governance (maybe because they've lent him massive amounts of money?) and worshipful fans who rallied to give him back the biggest pay package after the court struck it as he was burning the brand and working less than part time
  - Zigurd8 days ago
    We are all bag holders in this pump and dump because of the index funds. But the other big component of Tesla shareholders is retail investors. The same people who HODL meme stocks.
- scarface_749 days ago
  Until Musk includes Tesla with this scheme, the SEC doesn’t have jurisdiction. Twitter and xAI are private companies.
  - Zigurd8 days ago
    IANAL but if you sell shares, even privately, the SEC sets anti-fraud provisions that must be observed.
  - ggm9 days ago
    I fear that even though we are at the door of this moment, it's not a door they will be kicking down.
9 days ago
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