If a penalty is "worth it", it's a business decision, not a penalty. Add a zero or two if you want it to work as intended.
this post was submitted on 06 Oct 2023
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Some countries make their penalties a percentage of income. Makes the sting equal for everyone.
Maybe makes the big guys sting some, but the same percentage for someone that is counting every penny for their food is still going to be more painful for them.
True. And we can't legislate our way out of this. Any legislation we proffer and make happen will be weaponized against the poor.
If he can even get a 1% gain in net worth from market manipulation, it would be a worth it even with 2 more zeros. 1 billion dollars is barely anything for him. 20mil is like a $80 fine for millionaire.
Crazy of you think about it. Kind of sad actually.
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
He just can't stop being Trumply. "I'll sue the judge and district attorney!"
This is the best summary I could come up with:
Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday.
The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal.
Musk also refused to SEC proposals to conduct the deposition in Texas, where he legally resides, in October or November.
After announcing plans to buy the company in late April, he tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform.
The SEC fined him $20m for misleading investors and forced him to step down as chairman of the company, a penalty he said in later tweets was “worth it”.
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
The original article contains 510 words, the summary contains 179 words. Saved 65%. I'm a bot and I'm open source!
Who cares, he bought it and he ran it into the ground.
Blue bought it paying twice the worth and then made that worth 30% of what it was in about a year.
Ladies and gentlemen, the "smartest man on the planet" at work here!