Down 12%
TSLA
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Last: 13 days ago by TxAG#2011
Gonna get uglier. Could see it being a 30% day for TSLA
A company with awful financials that is surviving based on the strength of personality of Elon Musk, is about to lose Elon Musk.......
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https://www.cnbc.com/2018/09/28/teslas-musk-pulled-plug-on-settlement-with-sec-at-last-minute.html
Oh boy.
Quote:
Elon Musk backed out of a deal with the Securities and Exchange Commission to settle allegations of fraud over his comments about taking Tesla private, reported CNBC's Andrew Ross Sorkin, citing sources.
Musk reportedly said that by settling he would be failing to be true to himself.
Oh boy.
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That dude's ego is so insane.
Wow. How did this guy manage to become the ceo if multiple companies?
The company's a disaster and is almost certainly insolvent at this point with no money raising prospects. If he can sell that he's a victim by being forced out, that would be a lot less painful to him than have to admit actual failure. Some have suggested the impending collapse has brought about some subconscious self-sabotage for the last several months. Either way, the timing is perfect.
Epitome of falling into a pile of **** and coming out smelling like roses...until now it looks like.leoj said:
Wow. How did this guy manage to become the ceo if multiple companies?
He's masterful at selling visions. Yes, most of them are regurgitated ideas of others but he has better graphic designers. The notion of plug in electrics, hyperloop, solar roof, and landable rockets are all old ideas. He deserves credit for packaging and selling these things as original visions of the future.leoj said:
Wow. How did this guy manage to become the ceo if multiple companies?
The idea that he (and his investors) could have been bailed out by the Saudi's offer but he overplayed it with a $420 stock price because he thought his girlfriend would laugh at the MJ reference would get every other CEO in the world removed by the BOD.
"Fort Worth where the West begins...and Dallas is where the East peters out!"
I feel bad for all of the folks that will end up unemployed when Tesla goes under, but I'm enjoying watching Elon's fall. This guy has always seemed like a sleaze.
Bassmaster said:
I feel bad for all of the folks that will end up unemployed when Tesla goes under, but I'm enjoying watching Elon's fall. This guy has always seemed like a sleaze.
That and the people who bought a $60k+ car who will find life very difficult when nobody is trained to work on your vehicle and nobody is left to manage the software. The cars become bricked if there's so much as a bug in the software.
Theranos on wheels.
there are similarities.
*cult of personality type running the show
*powerless/witless board of directors
*"revolutionary" business plan
*cult of personality type running the show
*powerless/witless board of directors
*"revolutionary" business plan
BREAKING: Elon Musk and SEC reach settlement on fraud charges that will keep Musk as CEO but force him to resign within 45 days as Chairman for 3 years, pay $20m fine and have Tesla appoint 2 new independent directors and also pay $20m fine - sources
Let's see how much of a premium was on TSLA because of Musk
I'm the long run this is probably a great result for Tesla, they need additional leadership at the top of the organization to help Musk out.
leoj said:
I'm the long run this is probably a great result for Tesla, they need additional leadership at the top of the organization to help Musk out.
The primary benefit is that the sec did the board's dirty work of requiring checks on Musk's social media use for corporate communications.
Seems like a lot seeing that it rebounded right back in just one day. Tesla will never fail as long as Musk is part of the company.gougler08 said:
Let's see how much of a premium was on TSLA because of Musk
Yep, basically bounced back like it never happened
cav14 said:Seems like a lot seeing that it rebounded right back in just one day. Tesla will never fail as long as Musk is part of the company.gougler08 said:
Let's see how much of a premium was on TSLA because of Musk
Well, what if they run out of money? Isn't that the most direct and definitive form of failing, ya know, since it's a business?
cav14 said:Seems like a lot seeing that it rebounded right back in just one day. Tesla will never fail as long as Musk is part of the company.gougler08 said:
Let's see how much of a premium was on TSLA because of Musk
So you are saying he can fool people indefinitely?
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TennAg said:cav14 said:Seems like a lot seeing that it rebounded right back in just one day. Tesla will never fail as long as Musk is part of the company.gougler08 said:
Let's see how much of a premium was on TSLA because of Musk
Well, what if they run out of money? Isn't that the most direct and definitive form of failing, ya know, since it's a business?
NSFW (Language)
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Wanna bet?cav14 said:Seems like a lot seeing that it rebounded right back in just one day. Tesla will never fail as long as Musk is part of the company.gougler08 said:
Let's see how much of a premium was on TSLA because of Musk
Diggity said:
there are similarities.
*cult of personality type running the show
*powerless/witless board of directors
*"revolutionary" business plan
I personally think that is too extreme. Theranos was pure fraud that never had an actual product or operations at any time. They were just shipping blood tests off to conventional labs. Tesla has major problems but they are actually developing products, running an operation, and delivering cars.
I think a better analogy to Tesla is Apple circa 1998:
* cult of personality type running the show
* flashy, but niche products
* shakey finances and unclear future
Diggity said:
there are similarities.
*cult of personality type running the show
*powerless/witless board of directors
*"revolutionary" business plan
Differences:
*Tesla actually has a product to sell, and it is better than anything else in its class. Go drive an S class and a model S, or a 3 series and a Model 3 and tell me which has a better driving experience.
The comparisons between the S Class and a Model S are laughable. The Model S is nice, but it's nowhere near the level of the S Class.
jh0400 said:
The comparisons between the S Class and a Model S are laughable. The Model S is nice, but it's nowhere near the level of the S Class.
S Class has a stunning interior and oozes class, but I'd rather drive a model S. Model S also starts 20K lower than an S class.
TriAg2010 said:Diggity said:
there are similarities.
*cult of personality type running the show
*powerless/witless board of directors
*"revolutionary" business plan
I personally think that is too extreme. Theranos was pure fraud that never had an actual product or operations at any time. They were just shipping blood tests off to conventional labs. Tesla has major problems but they are actually developing products, running an operation, and delivering cars.
I think a better analogy to Tesla is Apple circa 1998:
* cult of personality type running the show
* flashy, but niche products
* shakey finances and unclear future
You're right, Tesla is not a pure fraud, just a partial one. Here's a few reasons why:
- Their cars are real and by some accounts great vehicles. But they're sold well below cost to design, manufacture, sell, deliver, charge, and warranty to the tune of 15-20k per. That gives consumers the idea that Tesla has significant edges that it does not. it can't last.
- Their CEO lies. Constantly. It's actually laughed off by supporters but it's a fraudulent situation everytime it happens.
- The company is the most opaque I've ever seen when it comes to financial disclosure. They only get specific on the positive side, never the negative. e.g. the much hyped meeting their goal of 5k/week of production. They didn't mention that the majority of vehicles weren't ready to leave factory. In the same way they always hyped up the reservation numbers in detail but now they won't even mention them.
- The reservation system evolved into a complete fraud.
- Where are all the solar arrays that are supposed to run all these superchargers? That's actually what was promised, now the cars burn mostly lng/coal.
- The solar roof is/was literally a fraud. As in they hadn't even designed, tested, or built it when they brought it to the public. It was a prop made to grease the self-dealing solar city buyout.
- During the model 3 reveal, Elon told the crowd that in the future, "which is now," drivers will be able to read a book, etc while they're taken to their destination.
- 35k was THE selling point of this car
There are dozens more examples but suffice it to say, Tesla isn't just some cash-strapped company at the crossroads, they are also dishonest as hell at the same time.
What a dumbass
Gordo14 said:
What a dumbass
Taunting the SEC? yeah...
Also I believe that Honda just signed a deal to team up with GM's Cruise technology.
Yep. $750MM deal
leoj said:
BREAKING: Elon Musk and SEC reach settlement on fraud charges that will keep Musk as CEO but force him to resign within 45 days as Chairman for 3 years, pay $20m fine and have Tesla appoint 2 new independent directors and also pay $20m fine - sources
There was an article the WSJ yesterday saying Musk's attorney brought in Mark Cuban to convince Musk to settle with the SEC. The worst part is the settlement was $10 million and 2 year timeout as chairman when Musk walked away. When he came back it became $40 million and 3 year timeout.
Mark Cuban Prodded Tesla's Elon Musk to Settle SEC Charges
Quote:
In the Musk matter, the SEC lawyers on the case, who had previously received approval for the settlement from the agency's five commissioners, pulled together a new complaint and won approval on the action from the commission, which happened to be meeting that day on unrelated matters.
The SEC filed the lawsuit in a New York federal court after the stock market closed last Thursday, accusing Mr. Musk of knowingly making false and misleading statements to investors.
Early Friday morning, after the call from Mr. Cuban, the talks were back on. Mr. Musk's lawyers emailed the SEC's enforcement directors to say they wanted to talk again about the deal he had just abandoned, people close to the situation said.
The new agreement called for Mr. Musk to give up his role as Tesla chairman for three, rather than two, years, and to pay a personal $20 million fine, rather than the $10 million fine under the prior settlement. In addition, Tesla itself agreed to pay a $20 million fine.