Farewell Musk

"The Dummy Gummy" (dummygummy) 09/27/2018 at 16:27 • Filed to: tsla, Elon Musk, Tesla, fraud

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Elon has been officially charged. He will likely have to step down and I assume they are going to have to halt trading on TSLA because this stock is going to crater if he does. I hope the company can survive because I love what Tesla is doing for the market.

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Highlander-Datsuns are Forever > The Dummy Gummy 09/27/2018 at 16:32

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Musk: Opps! S orry!

Yowen - not necessarily not spaghetti and meatballs > The Dummy Gummy 09/27/2018 at 16:32

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I imagine Tesla has become big enough and has garnered enough confidence that they’ll be able to weather this.

The Dummy Gummy > Yowen - not necessarily not spaghetti and meatballs 09/27/2018 at 16:34

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Have you not seen their debt ridden balance sheet? Musk inspired a lot of confidence, with him gone... not so sure what the outcome will be .

For Sweden > The Dummy Gummy 09/27/2018 at 16:35

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We know Musk can’t become American president.  Can he angry tweet his way to South African president?

Chariotoflove > The Dummy Gummy 09/27/2018 at 16:37

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Don’t feel sorry for Musk in the least.  I also hope Tesla doesn’t go down with him.  If somehow the company could detach from him and come out of this separate and still viable, it might be the best thing for it in the long run.

TheTurbochargedSquirrel > Yowen - not necessarily not spaghetti and meatballs 09/27/2018 at 16:38

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I wouldn't be surprised if Tesla actually does better without Musk at the helm.

KingT- 60% of the time, it works every time > The Dummy Gummy 09/27/2018 at 16:38

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Laws don’t apply to billionaire industry icons, silly.

For Sweden > The Dummy Gummy 09/27/2018 at 16:40

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Ash78, voting early and often > For Sweden 09/27/2018 at 16:44

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Elon Soeto ro, President of Kenya?

Maxima Speed > The Dummy Gummy 09/27/2018 at 16:44

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What!?!?! This really sucks. I knew this was going to happen eventually. Screw the SEC, screw the government, and screw the Ford, FCA, and Chevy because I'm sure they weren't involved but I'm blaming them anyways. 

Ash78, voting early and often > The Dummy Gummy 09/27/2018 at 16:45

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Hooray for some semblance of stability and professionalism at Tesla.

I’m actually excited for what the next year or two will bring. And how much butthurtitude will be voiced by the fanbois over the false notion that this was a magical, charisma-driven organization.

The Dummy Gummy > For Sweden 09/27/2018 at 16:45

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For a smart person, that’s fucking dumb.

AMGtech - now with more recalls! > The Dummy Gummy 09/27/2018 at 16:45

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So we're charging people because of stupid tweets now? If so, can we at least be consistent and charge everyone who makes stupid tweets?

The Dummy Gummy > KingT- 60% of the time, it works every time 09/27/2018 at 16:45

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Seems they do, since they charged him.

KingT- 60% of the time, it works every time > The Dummy Gummy 09/27/2018 at 16:46

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We’ll see how he wriggles out of this one...

AestheticsInMotion > Ash78, voting early and often 09/27/2018 at 16:47

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While it may be best for the business in the long-term, I’m worried about the crazy side-projects and moonshots dropping off.

Basically I just want to see the new Roadster come to fruition, and a continuation of Plaid

TorqueToYield > The Dummy Gummy 09/27/2018 at 16:48

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I don’t know if Azealia Banks is really a credible source about Musk tweeting while tripping but either way Musk should never have been tweeting about business matters period. This is peak 2018 - fuck it’s so stupid it hurts.

https://www.cnbc.com/2018/08/17/elon-musk-disputes-azealia-banks-claims-he-was-on-acid.html

Personally I’d like to have Musk keep a technical role at Tesla as CTO or something but damn do they need an adult at the wheel as CEO.

beardsbynelly - Rikerbeard > TorqueToYield 09/27/2018 at 16:50

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She’s not credible at all, she admitted  more recently that she’d never even met him in person at the time.

promoted by the color red > The Dummy Gummy 09/27/2018 at 16:50

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I’m just here to see the Tesla fans spin this in a positive way or watch them try to pin this on a deep-state conspiracy. Or is this Jalopnik intentionally smearing Tesla’s good name? 

TorqueToYield > beardsbynelly - Rikerbeard 09/27/2018 at 16:52

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I mean - pot joke as short squeeze is only one step above Azelia Banks and tweeting on acid. Either way it was a boneheaded move.

Just Jeepin' > Maxima Speed 09/27/2018 at 16:53

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Screw the SEC for noticing that Musk is a dumbass?

Chariotoflove > AMGtech - now with more recalls! 09/27/2018 at 16:53

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From the FP article, it seems Elon’s tweet directly influenced Tesla’s stock price. I think that where it becomes an SEC and  legal issue.

For Sweden > The Dummy Gummy 09/27/2018 at 16:55

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“smart”

Highlander-Datsuns are Forever > The Dummy Gummy 09/27/2018 at 16:56

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Tesla stock tanks, F ord buys T esla. Ford starts selling sedans in the US again and the electric Taurus hits US lots.

Tripper > The Dummy Gummy 09/27/2018 at 16:58

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Some of my friends are so enamored with this guy. Obviously not so much recently, but I’ve been saying this guy was a phony way before it was “cool”.

fintail > Maxima Speed 09/27/2018 at 16:59

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It’s a conspiracy!

fintail > Highlander-Datsuns are Forever 09/27/2018 at 17:01

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As much of life, that can be related to The Simpsons:

(these were EV1s, if you recall)

PS9 > The Dummy Gummy 09/27/2018 at 17:03

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Its almost like governing through twitter is a bad idea. 

Highlander-Datsuns are Forever > fintail 09/27/2018 at 17:03

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Do you remember the EV1? Pe pp ridge F arm remembers the EV1.

ttyymmnn > The Dummy Gummy 09/27/2018 at 17:04

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Musk isn’t really that important to Tesla. I mean, just look at what happened to Apple when they ousted Steve Jobs. Oh, wait....

ttyymmnn > Just Jeepin' 09/27/2018 at 17:04

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And for manipulating Tesla’s stock price?

Highlander-Datsuns are Forever > For Sweden 09/27/2018 at 17:05

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IRL I just realized he said $420 as a reference to marijuana. Now I’m feeling like a dumb ass and I think Musk should go take a long walk off a short pier.

ttyymmnn > Chariotoflove 09/27/2018 at 17:05

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^this^

ttyymmnn > The Dummy Gummy 09/27/2018 at 17:07

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Adults should never Tweet. Ever.

PS9 > AMGtech - now with more recalls! 09/27/2018 at 17:07

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Tweets that contain or imply criminal activity might result in authorities charging you with crimes. Whether they are also stupid or not is neither here nor there. 

Tekamul > The Dummy Gummy 09/27/2018 at 17:10

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Pardon me while I polish my resume —-

Bachelors degree

Valid drivers license

Snappy dresser

Told by his friends he could ‘totally do standup’

Owns 16 kinds of screw drivers (even the triangle one!)

Yup, looks good. *send*

Variance > Maxima Speed 09/27/2018 at 17:10

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Are you seriously blaming the government and other automakers because Musk was a dipshit that tried to publicly manipulate Tesla’s stock prices through Twitter?

The Dummy Gummy > Maxima Speed 09/27/2018 at 17:12

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How about blaming the person who caused this instead of passing accountability ?

Just Jeepin' > ttyymmnn 09/27/2018 at 17:14

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It’s always dangerous to think you’re the smartest person you know.

WilliamsSW > Chariotoflove 09/27/2018 at 17:14

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They may well be at the point where they’re better off without him. Sometimes, no matter how smart/successful the founder is, the company outgrows the founder’s capabilities.

I think maybe that’s happened here.

The Dummy Gummy > AMGtech - now with more recalls! 09/27/2018 at 17:14

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I assume you’re not be familiar with laws around publicly traded companies. Yes, people can get charged for tweets because it is now allowed as a platform for investor engagement. The CEO of a publicly traded company making unfounded tweets is a serious problem.

The Dummy Gummy > TorqueToYield 09/27/2018 at 17:15

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Not sure he can hold any officer position if fined, or if that’s limited to only the CEO role. 

The Dummy Gummy > promoted by the color red 09/27/2018 at 17:16

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There’s one in the comments already blaming other automakers ha.

The Dummy Gummy > ttyymmnn 09/27/2018 at 17:18

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I don’t think these two companies can be compared Apples to Apples

/s

Chariotoflove > WilliamsSW 09/27/2018 at 17:32

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If he could have settled down and provided the drive, ambition, and showmanship without being so unstable and unable to keep a good executive crew around him, he would still be an asset.  As it is, I think you’re right.

Manwich - now Keto-Friendly > The Dummy Gummy 09/27/2018 at 17:33

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LOL... he might be charged, but that doesn’t mean anything will stick. And it’s pure short-seller wishful thinking that the entire company would get taken down over this.

At worst, Musk will have to pay a fine and pay off some people who filed lawsuits.

TorqueToYield > AMGtech - now with more recalls! 09/27/2018 at 17:43

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The tweet was a short squeeze.

Tesla has a huge amount of people with money riding on their stock price dropping (they’re short Tesla). The shorts lose money when Tesla’s stoc k rises. The Musk tweet implied the stock was worth more and caused the shorts to lose money. So yeah it was more than a dumb tweet it cost people money.

Also Musk famously hates Tesla shorts.

Bman76 (hates WS6 hoods, is on his phone and has 4 burners now) > fintail 09/27/2018 at 17:46

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conspiracy

c o n s p i r a c y

o n s p I r a c y c

a o n s p I r c y c

a s p i c y c o r n

A Spicy Corn!!!

It was big ethanol!

loki03xlh > The Dummy Gummy 09/27/2018 at 18:01

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Elon is God! How dare you insinuate that this is his fault!   /s

nermal > For Sweden 09/27/2018 at 18:11

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On one hand, it’s getting the “I was totally tripping balls” legal defense some much needed attention.

On the other hand, this is a guy who over the past few years shot a car into space, randomly decided to sell flamethrowers to individuals, and has made the names of the cars his company makes spell “S.3.X.” To assume that there was any point at which he was not totally tripping balls is just naive.

ranwhenparked > The Dummy Gummy 09/27/2018 at 18:24

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Well, he is only charged, I mean, he might get off if it goes to trial, or he might even work out some other arrangement with the SEC beforehand that stops short of a full on guilty plea and avoids court. 

fintail > Highlander-Datsuns are Forever 09/27/2018 at 18:26

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Definitely. My alma mater actually had one - when GM called them back to be crushed , the school told them to pound sand. I think they still have it.

If only EssExTee could be so grossly incandescent > TorqueToYield 09/27/2018 at 18:39

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He’s good at the creative, blue-sky type stuff. His role should be limited to coming up with new ideas and setting a direction for Tesla and his other ventures. The business end of things should always have been left to literally anyone else.

Elumerere > AMGtech - now with more recalls! 09/27/2018 at 18:44

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Well, if those tweets result in stock prices rising sharply, then yes.

AMGtech - now with more recalls! > Chariotoflove 09/27/2018 at 18:57

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Hyperbole. But thank you. I know nothing of how stuck market things work or  legal stuff regarding that world.

AMGtech - now with more recalls! > PS9 09/27/2018 at 18:57

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Hyperbole. But thank you. I know nothing of how stuck market things work or legal stuff regarding that world.

AMGtech - now with more recalls! > The Dummy Gummy 09/27/2018 at 19:04

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Hyperbole. But thank you. I know nothing of how stuck market things work or legal stuff regarding that world.

AMGtech - now with more recalls! > TorqueToYield 09/27/2018 at 19:05

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Hyperbole. But thank you. I know nothing of how stuck market things work or legal stuff regarding that world.

Chariotoflove > AMGtech - now with more recalls! 09/27/2018 at 19:07

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I think the whole world is still trying to figure out how things like Twitter figure into the old landscape. I suspect Musk is only one of many people who don’t realize how serious things they say in the New Media can be. I remember reading that article a few weeks ago, for instance, about the guy who posted his speeding on youtube and got arrested because of it. It clearly never occurred to him that a youtube video cou ld be used against him in court.

The Dummy Gummy > Manwich - now Keto-Friendly 09/27/2018 at 19:18

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I think it’s fair to say you don’t understand how the market or the SEC work. I’m not a short-seller, but without Musk and with these charges I expect 25% downward pressure if not more.

At worst, Musk will have to pay a fine and pay off some people who filed lawsuits.

That’s definitely not at worst and the reality it is going to be much worse than your fluff scenario .

The Dummy Gummy > ranwhenparked 09/27/2018 at 19:19

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That’s not how these things work, it’s not like a crime with the police. The SEC are going to come hard if you read the language.

AMGtech - now with more recalls! > Chariotoflove 09/27/2018 at 19:19

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I think you're right. And I know this tweet cost people money. But what about Trump's tweets? I'd be surprised if he hasn't also hurt people with his stupid tweets, financially or otherwise.

The Dummy Gummy > AMGtech - now with more recalls! 09/27/2018 at 19:21

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Haha, ok sure. That’s why no one understood your ‘hyperbole’.

AMGtech - now with more recalls! > The Dummy Gummy 09/27/2018 at 19:26

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I don't give a shit what the SEC does in this situation and I'm sure they have good reasons for whatever they're doing. It was almost entirely meant as a fuck trump thing.

ranwhenparked > The Dummy Gummy 09/27/2018 at 19:36

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They can’t bar him from holding a governance position in a public company simply through the act of charging him, and he’s not obligated to give up his position simply because of a charge. He can certainly fight it if he wants to. The success rate in these cases is very, very low, and most people in his situation will end up negotiating and pleading guilty to some lesser offense, even if they don’t really believe they are, just to avoid the whole mess. Chances are, the SEC has more on him that they’re holding back as well, so they can come at him with something else if he somehow beats this one. 

RPM esq. > The Dummy Gummy 09/27/2018 at 19:51

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He hasn’t been indicted or charged with a crime (yet). The SEC complaint filed today is a civil suit. I realize the CNBC headline you saw is confusing on this point and the error is not yours.

RPM esq. > ranwhenparked 09/27/2018 at 19:52

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He hasn’t been charged with a crime ( yet) . This is a civil suit.

The Dummy Gummy > ranwhenparked 09/27/2018 at 20:01

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I didn’t say because they charged him, my response is what happens after he’s charged.  

If found guilty they can b ar him from holding a governance position in a public company. Page 22 A rtic le V:

ranwhenparked > The Dummy Gummy 09/27/2018 at 20:01

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Oh, absolutely, that's the goal. 

ranwhenparked > RPM esq. 09/27/2018 at 20:04

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Hmm, executive agencies usually go criminal if they can  find a way when there’s a high profile example to be made. Could this actually be a rare case of restraint?

Nauraushaun > The Dummy Gummy 09/27/2018 at 20:53

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Nooooooo they’re changing the worlddddd

Manwich - now Keto-Friendly > The Dummy Gummy 09/27/2018 at 22:07

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Well if you’re so sure of yourself, go ahead and short TSLA if you aren’t already. If you’re right, it should be easy money.

;-)

The Dummy Gummy > Manwich - now Keto-Friendly 09/27/2018 at 22:13

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I’m not a short-seller

I am positive, but I literally already said I don’t short. Don’t believe in the ethics behind shorts/puts. I make enough money on calls and long positions.

Not my fault that you think these charges will result in just a fine and not a major blemish on TSLA. It’s pretty easy to see when you are unbiased on the position. You have to take emotion out of investing or you will lose your shirt .

TorqueToYield > Manwich - now Keto-Friendly 09/27/2018 at 22:13

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TSLAs down 12% after-hours.

https://seekingalpha.com/symbol/TSLA?s=tsla

Honestly a 25% drop isn’t crazy.

A stock like TSLA is pretty volatile normally and they’ve had +/- 10% days pretty regularly, so 25% drop from this is well within reason.

Manwich - now Keto-Friendly > TorqueToYield 09/27/2018 at 22:25

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Never said it was.  But I am saying that if he's so sure, shorting should be a sure bet for easy money.

RPM esq. > ranwhenparked 09/28/2018 at 00:22

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The SEC does not have the power to lay criminal charges by itself —that would require the DOJ to do so on its behalf. And apparently that investigation is still under way.

Manwich - now Keto-Friendly > The Dummy Gummy 10/01/2018 at 15:55

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Sooo...

https://electrek.co/2018/10/01/tesla-stock-tsla-surge-elon-musk-settlement-quarter-numbers/

You were saying something about Musk being ‘gone’, talking about the company ‘surviving’ (and insinuating that this might kill the company) and things being much worse than my ‘fluff scenario’?

Anyway... the SEC forcing Musk to cede the chairman role and forcing them to add a couple of independent directors is going to be good for the company in the long run. And hopefully Musk will also learn from this experience... that it’s stupid to mess around when discussing financial specifics the way he did.

The Dummy Gummy > Manwich - now Keto-Friendly 10/01/2018 at 18:14

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Electrek is a blow hard Tesla fanatic so I don’t take their word as credence, which is why I won’t even bother clicking the link to give them ad dollar. I t is also too early to tell if Musk will be fully removed. He lost control of the board but he still remains moderately in power .

They’re still fucked in the short run if they can’t figure out their debt situation.

Manwich - now Keto-Friendly > The Dummy Gummy 10/01/2018 at 18:22

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You can pick any other site and it’s the same basic story. Musk isn’t going away, the company lives, and it wasn’t anywhere as bad as you were saying/implying.

And Musk personally owns 20% of the shares and other friends and family have shares too.

He’s not losing control of the board any time soon unless he decides to divest.

And that’s the difference between Musk and all other auto industry CEOs... Musk has more of his own skin in Tesla than anyone else.

And that makes a difference in terms of his approach compared to everyone else.

The Dummy Gummy > Manwich - now Keto-Friendly 10/01/2018 at 18:28

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I get the SEC ruling, but it doesn’t mean he won’t go away with independents on the board. he loses his super majority with him and his cousin.

Shares don’t matter when the board votes. Shareholders can pick the board, but once the board is set; that’s it.

Like I said, jury is still out, but I know for die hards; Yay musk.