ELON MUSK CHARGED WITH RUNNING VAST INSIDER TRADING SCAMS AND OPERATING HIT-JOBS ON COMPETITORS

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SOCIOPATH NARCISSIST ELON MUSK CHARGED WITH RUNNING VAST INSIDER TRADING SCAMS AND OPERATING HIT-JOBS ON COMPETITORS

(Reuters) A Tesla shareholder filed a lawsuit on Thursday accusing CEO Elon Musk of insider trading when he sold over $7.5 billion of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before potentially disappointing production and delivery numbers were made public.

Shareholder Michael Perry, in the lawsuit filed in Delaware Chancery Court, said that Tesla’s share price plummeted after the company’s fourth-quarter numbers were made public on Jan. 2, 2023, and claimed that Musk “improperly benefited” by about $3 billion in insider profits.

“Musk exploited his position at Tesla, and he breached his fiduciary duties to Tesla,” the lawsuit said, asking the court to direct Musk to return the profits made from the trades.

According to the lawsuit, Musk sold the shares on various dates in November 2022 and December 2022.

The lawsuit also accused Tesla’s directors of breaching their fiduciary duty by allowing Musk to sell the shares.

Musk and Tesla did not immediately respond to a Reuters request for comment.

In the lawsuit, Perry said Musk – who in 2022 said demand for Tesla’s vehicles was “excellent” – found out about the lower-than-expected numbers mid-November, with his access to real-time data, and sold his shares before the information was public.

Following news of vehicle price discounts that sparked demand concerns and the release of the numbers in January, Tesla’s stock tanked.

“Had (Musk) waited to make these sales until after the release of material adverse news,… his sales would have netted him less than 55% of the amounts realized from his November and December 2022 sales,” the lawsuit said.

The lawsuit is the latest legal headache for Musk.

It comes as Musk faces opposition from some Tesla shareholders who are set to vote on June 13 on whether to ratify his $56 billion pay package, which a Delaware judge voided in January because she found he improperly controlled the process.

Tesla is incorporated in Delaware.

Musk is also in the middle of a regulatory probe to determine whether he broke federal securities laws in 2022 when he bought stock in social media platform Twitter, which he later renamed X. Musk said the U.S. Securities and Exchange Commission was trying to “harass” him through unwarranted investigations.

Musk and the top U.S. markets regulator have been in a years-long feud, dating back to 2018, when he tweeted that he had “funding secured” to take Tesla private.

A separate shareholder lawsuit has accused Musk of defrauding X investors by delaying disclosure of his stake in the social media company to amass shares at lower prices.

Tesla’s shareholders will be offered a free tour of a Tesla factory, perhaps a blue tick on X, the site formerly known as Twitter, or even a trip in one of his space rockets.

Elon Musk is doing everything he can to win shareholders’ backing for his bumper $56bn (£44bn) pay package for running the electric car manufacturer ahead of a crucial vote on the issue in less than two weeks from now.

But while Musk is one of the great entrepreneurs of the century, and has been crucial to the company’s success, the blunt truth is that no one is worth $56bn, or anything even close to it.

It is shaping up into an epic contest, with shareholders lining up on both sides of the issue. Musk’s massive payout for driving the Tesla share price up, first agreed back in 2018, was overturned by a judge in Delaware, where the company is incorporated, who ruled that the company’s boss had put too much pressure on a largely supine board to agree to the deal.

In response, Musk plans to move its base to the far friendlier Texas. While that will not necessarily remove the veto, it will make it far easier to push it through.

Shareholders are being lobbied furiously to approve the move. Only last week, the influential proxy adviser ISS told shareholders to vote against the pay package, while a week earlier, its fellow adviser Glass Lewis said the award was of an “excessive size”, which seems a mild description of $56bn.

Tesla chairman Robyn Denholm has dismissed criticism of Musk's pay package as 'crap' and 'total BS'
Tesla chairman Robyn Denholm has dismissed criticism of Musk’s pay package as ‘crap’ and ‘total BS’ – Alex Ellinghausen/Sydney Morning Herald via Getty Images

Against that, Tesla has taken out adverts and built a website to support the move and poured huge sums of money into getting private investors on board.

With the blunt language that is so often characteristic of the Musk team, Robyn Denholm, Tesla’s chairman, has dismissed criticism of the package as “crap” and “total BS”, while Musk himself has started dropping heavy hints that he would rather go off and concentrate on his other businesses if he doesn’t get the rewards he feels he is entitled to for running Tesla.

In fairness, if anyone is worth a pay package of that size it is probably Musk. Tesla’s share price rose from $1.40 back in 2010 to more than $400 at their peak. The value of the company, admittedly briefly, went over $1 trillion. Along the way, it has created a new luxury auto brand with a global presence, the first major new player in the industry since the Japanese manufacturers rose to global prominence in the 1960 and 1970s.

It has been a fantastic achievement, and one that has taken the kind of obsessive determination that Musk exemplifies. He is, without question, one of the great entrepreneurs of the century so far.

Yet there are three big problems with the award as it stands. First, Musk has always multi-tasked furiously, and yet since the package was first agreed he has started to spread himself even more thinly.

The takeover of Twitter has consumed vast amounts of his time and energy. His SpaceX rocket business has become bigger, but it is also taking up more of his time. He has just raised $6bn for his artificial intelligence start-up xAI, and presumably that will take up a few hours a month as well.

Meanwhile, we learned last week that he might take a role as an official adviser to the Trump White House, should the former president win re-election in November (and, heck, who knows, if the boss is detained in court perhaps he will run the country).

The list of jobs gets longer and longer all the time. For $56bn you might be hoping to get an executive’s full-time attention, and yet that is clearly not true of Musk anymore. If he spends less and less time on Tesla, he can’t expect to be paid quite so extravagantly.

Next, it diverts too much money away from shareholders. In fairness, Musk does not draw a salary, but the shares he will be awarded under the proposed plan will dramatically increase his stake in the business. That comes at the expense of the existing shareholders who, obviously enough, will end up owning far less. That hardly seems fair.

Perhaps most significantly, the company is clearly losing its edge. The sales of EVs are falling off a cliff as buyers worry about charging, about the cost of repairs and insurance, and as governments, fretting over vanishing fuel tax revenues, start to impose more and more taxes on them.

The competition looming from China is brutal, with a whole range of well-designed battery powered cars, with a huge domestic market behind them, coming on to the global market. And Tesla seems unable to make up its mind whether it wants to move into the mass market with cheap EVs or to stay in the luxury market, turning itself into an electric BMW or Mercedes. The price for that kind of strategic confusion is typically a high one, and companies that can’t settle on a clear strategy rarely prosper.

The shares have more than halved from the 2021 high as investors, quite rightly, grow more and more worried about the challenges it is facing, and whether it can be consistently profitable. Against that backdrop, perhaps a change at the top is overdue anyway.

In reality, Musk’s threats are mostly bluster. It is very hard to see him walking away from a business to which he has committed most of his adult life, which briefly made him the richest man in the world, that has allowed him to branch out into other industries, and which is likely to provide him with the legacy he craves.

It would be too much to give up. The shareholders are quite right to hold their ground, and keep rejecting the package. No one is ever worth that kind of money.

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One thing is almost sure: Elon will end up in jail at some point.

Why? Elon built his empire on lies and deception. Tech has gotten into a weird business culture where you grow for the sake of growth and you’re valuation is based on your perspective. People get rich without making a profit. Eventually they reach the size where they establish and start generating cash or get bought or they go bankrupt.

Now we have Tesla. Tesla has grown partly on great products, partly on promises but also survived the brink of bankruptcy multiple times based on lies. I will call that „karma deficit“. Tesla as a company was able to establish itself. But then there is TSLA-stock. All the pumping of the stock with more and more empty promises lead to absurd valuation and to even worse karma. People got rich by buying and holding TSLA. These shareholders partly got filthy rich (on paper) due to promises. They look away from governance and all of the karma deficit. TSLA became a huge Ponzi scheme, a meme stock. But there is always a time when success stops, by a wrong decision, by a bet gone wrong, people stop believing in vaporware. When underdelivery is so bad that you cannot sugarcoat it anymore and trust vanishes. That’s the time where the hungry predators spot a weakness, the vultures see their next meal and the potential victims get into a panic and either start fighting or running.

Elon made his move to buy Twitter, exposing him as incompetent and corrupt leader. People still defend him as they made a profit, but once there is danger in losing it, they will either sell their shares, take their money and run or they will fight in court against everything Musk and for anything in terms of money and power.

And what we see here is all of the bad karma piled up until it reached the surface. You cannot just look away. Everything that was swept under the rug starts to surface as expectations are not met and people are willing to know what happens to their investment. Tesla Employees forced to workfor X, hardware ordered for Tesla being shipped to Musk‘s private ventures. Threats on not making Tesla an „Robotics And AI company“ although being crucial for the companies future and damaging Tesla’s reputation, killing off the most anticipated future product, firing one of if not the most important department on an impulse of top-down-management from hell while not fixing issues that plague Teslas for the last 8 or so years; instead creating even more technical debt.

I personally think that Tesla can be a healthy company where great people make great products. Or could be one, but not with Musk anywhere near control.

 

 

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Most of the remaining tesla supporters I have met IRL are fiscally illiterate. “Elon good” and “buy the dip” are the limit to their ability to understand the situation. They don’t understand price to equity, corporate norms/ethics/good practices, conflicts of intrest, the duties of CEO to shareholders, ect. Tried explaining to one at a bar once the paypackage is approx 66%+ of total tesla equity and they just retored that numbers are made up and can’t be trusted.

They are easy marks for scams. And Musk knows this. And is acting accordingly.

Remote Brazilian tribe are given the internet… and are now obsessed with porn, falling for online scams and hooked on social media

Remote Brazilian tribe are given the internet... and are now viewing graphic porn, falling

The Marubo people, who for hundreds of years existed in small huts scattered along the Itui River in Brazil, were last year introduced to high speed internet for the first time thanks to Elon Musk’s Starlink satellite programme. The 2000-strong community quickly discovered the incredible benefits the newfound technology had to offer. Tribespeople were suddenly able to call for help in the event of an emergency, with medical helicopters able to reach the injured in a matter of hours rather than days. They could also connect instantly with relatives or friends camped dozens of miles further down the river, or even further afield. But shortly after the Marubo people were introduced to the pleasures of the internet, the perils quickly began to reveal themselves.

Tesla was ruined the day that Elon Musk took it away from Marty the ACTUAL founder. Constant issues with quality all the way back to the first model S in 2014(?). Constant lies about FSD. Dangling the carrot of a sub 30k car only to cancel the project multiple times. Going on twitter/x and repeatedly bashing his largest consumer base. The CT was the latest in a long line of blunders. I had friends tell me to buy Tesla stock back in the day and I never would because I could see back then the writing was already on the wall, nothing to support the value, and a complete ignorance of quality concerns. The only reason Tesla has out permed other ev startups is marketing. They did what Steve Jobs did to apple when he offered it in different colors. Suddenly the fanbois became violently loyal to the brand and you couldn’t say anything even remotely bad about Tesla or musk without being berated.

“Elon lost the electric car race. Literally any other company has better vehicles and responsibility, repairability and reliability.

Whereas he should have been producing the model 2, or you know, the new roadster to add to it’s brand image of luxury and power, we are just left with a truck that gets killed by car washes.

I hate my Tesla, yet love my Chevy bolt. Hate my Tesla, yet love my Chevy volt. People will see the light….”