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CEO Elon Musk: Tesla will remain a public company
In a blog post published Friday evening, Tesla CEO Elon Musk said that he would change course from his sudden announcement three weeks ago and would actually keep Tesla as a publicly-traded company.
"It's apparent that most of Tesla's existing shareholders believe we are better off as a public company," he wrote. "Additionally, a number of institutional shareholders have explained that they have internal compliance issues that limit how much they can invest in a private company. There is also no proven path for most retail investors to own shares if we were private."
Musk noted that he had met with the Tesla board of directors on Thursday and "let them know that I believe the better path is for Tesla to remain public. The board indicated that they agree."
See also: Analysis: Why Elon Musk abandoned his plan to take Tesla private
(Score: 1, Interesting) by Anonymous Coward on Sunday August 26 2018, @04:14PM (6 children)
Sure, maybe Elon behaved in poor taste, and perhaps the "rules" warrant a slap from the SEC (I doubt it), but it would actually be terrible for the small investor if the SEC did anything damaging to Elon Musk—people haven't invested in Tesla; they've invested in Elon Musk, and if the SEC tries to protect the little guy by admonishing Musk, then the SEC will ironically just end up irritating a billionaire and fucking over the investments of that little guy.
(Score: 3, Insightful) by SparkyGSX on Sunday August 26 2018, @05:05PM (3 children)
What he did is clearly stock manipulation. The SEC doesn't, and shouldn't, care about what investors would be hurt by dealing punishments to people who break the rules. He broke the rules, screwed people over (short-selling is perfectly legal and one could argue actually good for the company), and shouldn't get a free pass.
If he does get away with it, what would stop him from doing it again?
If your dog shits on the carpet and you praise him for it, can you really be surprised if he does it again?
If you do what you did, you'll get what you got
(Score: 0, Disagree) by Anonymous Coward on Sunday August 26 2018, @05:18PM (2 children)
Get the government out of stock market. The bankers engineered the Great Depression to buy up assets for pennies on the dollar, and the Federal Reserve's policies lengthened and deepened the economic horror show.
Next, the elites conspired with the federal government to "protect" Main Street with a huge, intrusive regulatory bureaucracy and rules for companies that want to sell equity to anyone, and then they restricted the common folk from even participating in "private" equity with their own resources.
The result? The rich can still hit it big, but the poor merely get the chance at beating the Federal Reserve's targeted inflation, while their "savings" dwindle in purchasing power year after year.
You want a smart country with shrewd investors? Caveat Emptor is the only way to push society in that direction.
(Score: 0) by Anonymous Coward on Sunday August 26 2018, @06:43PM (1 child)
Still unable to admit that this is Just How Capitalism Works.
(Score: 0) by Anonymous Coward on Sunday August 26 2018, @06:59PM
How is it Capitalism to tell someone that he can't use "his own" money to buy shares in a company?
Government corrupts capitalists, not the other way around.
(Score: 1) by Ethanol-fueled on Sunday August 26 2018, @06:04PM (1 child)
This is what drugs do to you. Elon Musk was totally fine until he started doing LSD and Marihuana, and now he is hallucinating and clinically insane. If you need a reminder why you shouldn't smoke pot, then look at Musk's bizzarre behavior. He is truly off the deep-end.
(Score: 1, Informative) by Anonymous Coward on Sunday August 26 2018, @07:59PM
I don't think it is proper to blame it on drugs. If you look, he has always been kind of a dick, an ego monster, if you will. The thing about it is that while he was doing good stuff the Cult of Elon and the press did the necessary fellatio on him to keep him satiated. But he needed more and more to satisfy his needs and people eventually started to call him on his crap. So the Ego monster was no longer being fed and is now turning on its former caregivers.