A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter's stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not "scheme" to mislead investors.

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[–] 104 points 7 months ago (2 children)

So that's like me paying a $20 fine. GOOD JOB

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  • [–] 75 points 7 months ago (2 children)

    For the rest of us, there would be a seizure of assets and a prison term.

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  • [–] 3 points 7 months ago

    Basically, and it's not even like this is a corporation that has some level of money machine go burr, it's straight up one man who did this and is responsible it should be cut and dry and he should be spending the next few decades in prison.

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  • [–] 251 points 7 months ago (17 children)

    If the punishment is a fine, it's only illegal for poor people.

    The only war is class war.

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  • [–] 113 points 7 months ago (16 children)

    Considering he’s made $400B since acquiring Twitter, this was just a minor cost of doing business.

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  • [–] 56 points 7 months ago (6 children)
  • [–] 10 points 7 months ago (5 children)
  • [–] 7 points 7 months ago (4 children)

    I don't know, 0.5% isn't a bad rate...

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  • [–] 4 points 7 months ago (3 children)

    Hmm, maybe in the US. It is a very strange place after all.

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  • [–] 1 point 7 months ago (2 children)

    Where do you live where ATM rates are less than .5%?

    By the way, using an ATM from the same bank as your card doesn't count, because that's usually free.

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  • [–] 14 points 7 months ago (6 children)

    Considering he’s made $400B since acquiring Twitter...

    Serious question: How?

    AFAIK, Twitter wasn't terribly profitable before they sold to Musk. Then after he purchased it, the enshittification accelerated.

    How on earth does this result in $400 Billions in profit?!?

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  • [–] 28 points 7 months ago* (2 children)

    He made $400B, not Twitter. That's almost entirely from Tesla and other ventures, not Twitter.

    Last I've been able to find Twitter was valued at $33B when xAI bought it. But that was clearly an overvalued sale. Just look at the valuation over time.

    And that's just raw valuation which is easily manipulated, not revenue or profit, which can be easily manipulated.

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  • [–] 5 points 7 months ago (1 child)

    It's not real money, and Musk isn't the richest person in truth, not by a long shot. This is theoretical money based on overpriced companies that are propped up by what I suspect are some rather shady practices and investors using it as a casino stock.

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  • [–] 2 points 7 months ago

    And there is almost zero chance he actually pays this. If anything, it will be a fraction of the amount in 20 years after he exhausts appeals and pushes deadlines to the max.

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  • [–] 45 points 7 months ago (2 children)

    Spoiler alert: he won’t pay or admit any wrongdoing.

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  • [–] 57 points 7 months ago* (last edited 7 months ago) (7 children)

    I don't understand why these courts charge a set fine for stuff like this. This is clearly an extremely unique case. The man is 20% shy of being a trillionaire.

    What really needs to be done is they need to charge a percentage of his profits. Say 20 to 30%.

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  • [–] 2 points 7 months ago (1 child)

    This idea needs to be fine tuned. The problem is that parasitic oligarchs don’t have a real income.

    For those who don’t know, the parasite oligarchs take the vast amount of stock that they own and take it to a bank. The bank gives the parasite a loan with the stock as collateral. Right off the vat, the parasite gets to claim debt on their taxes. The parasite will then take the loan and use it to buy more stock or companies or anything that generates more wealth.

    Loan gets paid off with the generated wealth. Due to generous tax loop holes put into place by politicians). The parasite gets to claim that they didn’t make any money and get a tax bill of zero and sometimes a refund.

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  • [–] 1 point 7 months ago

    This scheme is called “buy, borrow, die.” It’s legal. The stocks are typically not sold off, so capital gains taxes are avoided. Loans and debt are not taxable. It’s effectively profit with relatively low risk. The point is that the level of entry is extremely high. One must already have large amounts of money to qualify for these kinds of loans.

    The problem, of course, is that if you start taxing debt, like people taking out loans, it’s not just going to be millionaires, as you called them “parasites,” paying those taxes. It will be everybody taking out a loan, including the poor and the middle class.

    The proposed solution is to tax people based on net worth. If you’re worth above a certain amount, then you get taxed at a very high percentage.

    With that being said, if that were the case and Elon Musk were taxed like this, he would only pay around $12–$13 billion out of the roughly $800 billion he already has. In essence, it would still be pocket change to him.

    At this point, wealthy people not paying taxes has become a kind of game, who can pay the least.

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  • [+] 28 points 7 months ago (3 children)
  • [–] 24 points 7 months ago

    That's it, again?

    JAIL TIME!

    If I steal a bread to feed my hungry children I'll go to jail, but this guy ficks around with billions and all he gets is a tiny slap on his fingers?

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  • [–] 17 points 7 months ago

    Drop in a bucket. He should be fined of the money he paid to buy Twitter.

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  • [–] 36 points 7 months ago (2 children)

    I wish “massive white color crime” for the expediency that a “Black dude swelling a bit of weed” got.

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  • [–] 51 points 7 months ago

    That's a fine of $2 out of a total of $800.

    I'd speed past cameras if I was running late, and that was the fine.

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  • [–] 17 points 7 months ago (1 child)

    Cool, so when this reaches Appeals court (which is where it's absolutely going next because they'll definitely appeal it), that 2.1B$ fine will get knocked down to 10$ and a blowjob (for Elon).

    But hey, the Washington Post or whatever can get a nice little headline out of it where they pretend billionaires face any sort of punishment in this Capitalist hellscape for 5 seconds so that's nice.

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  • [–] 17 points 7 months ago

    So the public paid to see another billionaire do things nobody else can do and get away with it. Nice.

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  • [–] 30 points 7 months ago (6 children)

    It should be % based of his income. Otherwise it’s not a punishment 

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  • [–] 16 points 7 months ago (1 child)

    This does not work because he will find a way to have 0 income (legally). I don't know how we can make the billionaires pay, but we should tax the assets not the incomes.

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  • [–] 2 points 7 months ago*

    Is this your first time in capitalism? That's how every fine works. There are no punishments for the privileged.

    The president is a pedophile who has been prosecuted for like 30 felonies. They're not fining the creep at all. That's reality.

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  • [–] 29 points 7 months ago

    That is the price of new phone for him compared to us...

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  • [–] 14 points 7 months ago* (1 child)

    I wasn't invested in Twitter, but when I heard he was trying to get out of it I bought some stock. I knew he couldn't get out of the deal because it doesn't work like that and he's a dumb ass.

    My only regret was not buying more. Thanks for the money, idiot.

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  • [–] 12 points 7 months ago (1 child)
    1. That’s chump change to him.
    2. He’s not going to pay it anyway.
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  • [–] 16 points 7 months ago (9 children)

    Oh No, point 2 % of his net worth

    0.2%

    literally less than a traffic ticket in terms of scale

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  • [–] 7 points 7 months ago (6 children)

    I mean I dislike the guy as much as you, but almost all of his “wealth” is paper wealth. He may very well not be able to liquidate 2% of his wealth (fine with me).

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  • [–] 6 points 7 months ago

    Point is that if I commit fraud or steal anything over 10 dollars I might go to jail

    This guy lies steals and cheats by the billions and he gets a hug

    Jail the motherfucker already

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  • [–] 8 points 7 months ago

    They should repossess it and place it in the hands of a responsible steward...

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  • [+] 22 points 7 months ago* (last edited 7 months ago) (3 children)
  • [–] 7 points 7 months ago

    He'll have it back in a month...

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  • [–] 6 points 7 months ago*

    Hope the Saudis treat a fraudster as harshly as a journalist

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  • [–] 6 points 7 months ago

    I think he can cut you a check for that in the court room.

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  • [–] 5 points 7 months ago

    Money no longer talks. You need hard time for these societal meddlers.

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  • [–] 4 points 7 months ago (1 child)

    oh c'mon! didn't intentionally mislead investors? just accidentally. so they're saying he's an idiot?

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  • [–] 3 points 7 months ago

    And now the people he owes will never be broke. They'll always have that money coming "some day".

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  • [–] 1 point 7 months ago
    [–] 1 point 7 months ago

    Can’t wait to see how the system fails to make him account for this, again.

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  • [–] 1 point 7 months ago* (last edited 7 months ago)

    Nothing ever happens though, so he'll just take a loan and still be just as wealthy as he already was

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  • [–] -1 points 7 months ago