this post was submitted on 21 Sep 2024
696 points (98.9% liked)

News

23634 readers
3317 users here now

Welcome to the News community!

Rules:

1. Be civil


Attack the argument, not the person. No racism/sexism/bigotry. Good faith argumentation only. This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban. Do not respond to rule-breaking content; report it and move on.


2. All posts should contain a source (url) that is as reliable and unbiased as possible and must only contain one link.


Obvious right or left wing sources will be removed at the mods discretion. We have an actively updated blocklist, which you can see here: https://lemmy.world/post/2246130 if you feel like any website is missing, contact the mods. Supporting links can be added in comments or posted seperately but not to the post body.


3. No bots, spam or self-promotion.


Only approved bots, which follow the guidelines for bots set by the instance, are allowed.


4. Post titles should be the same as the article used as source.


Posts which titles don’t match the source won’t be removed, but the autoMod will notify you, and if your title misrepresents the original article, the post will be deleted. If the site changed their headline, the bot might still contact you, just ignore it, we won’t delete your post.


5. Only recent news is allowed.


Posts must be news from the most recent 30 days.


6. All posts must be news articles.


No opinion pieces, Listicles, editorials or celebrity gossip is allowed. All posts will be judged on a case-by-case basis.


7. No duplicate posts.


If a source you used was already posted by someone else, the autoMod will leave a message. Please remove your post if the autoMod is correct. If the post that matches your post is very old, we refer you to rule 5.


8. Misinformation is prohibited.


Misinformation / propaganda is strictly prohibited. Any comment or post containing or linking to misinformation will be removed. If you feel that your post has been removed in error, credible sources must be provided.


9. No link shorteners.


The auto mod will contact you if a link shortener is detected, please delete your post if they are right.


10. Don't copy entire article in your post body


For copyright reasons, you are not allowed to copy an entire article into your post body. This is an instance wide rule, that is strictly enforced in this community.

founded 2 years ago
MODERATORS
 

The Securities and Exchange Commission intends to seek sanctions against Elon Musk over his failure to appear for testimony in an investigation related to his takeover of Twitter, now called X, the regulator said in a court filing Friday.

Earlier this year, a federal judge ordered Musk to testify as part of the SEC’s probe of the billionaire’s $44 billion acquisition. The agency is examining whether Musk followed the law when disclosing his purchases of Twitter stock and whether his statements in relation to the deal were misleading.

top 36 comments
sorted by: hot top controversial new old
[–] ChonkyOwlbear@lemmy.world 207 points 3 months ago (3 children)

Lock him up for contempt of court until he testifies.

[–] Jackcooper@lemmy.world 150 points 3 months ago

I would literally be shocked if they enforced a rule that everyone else has to follow on a celebrity billionaire

[–] orcrist@lemm.ee 46 points 3 months ago (2 children)

I'm not sure what the law is on this. But from a practical standpoint, I would like to see adverse inferences drawn against him because he failed to show. That would form the basis for massive fines, so assess those fines, and take away a ton of his money.

It doesn't seem like there's any need to put him behind bars when this is a question about doing shady things with money that can be handled by taking away a lot of his cash.

[–] ChonkyOwlbear@lemmy.world 40 points 3 months ago (2 children)

It is not unusual in alimony or child support cases for someone who refuses to pay what they owe to be locked up for contempt. It is a way of compelling obedience to the law in civil cases.

[–] capt_wolf@lemmy.world 34 points 3 months ago

Take away his money AND put him in jail.

[–] Revan343@lemmy.ca 0 points 3 months ago

And if he refuses to pay the fines, then yes, lock him up, but that's not what happened here

[–] answer42@programming.dev -4 points 3 months ago* (last edited 3 months ago) (1 children)

So what should be the fine? 100 billion? Even with that less he would still be one of the richest persons

[–] imPastaSyndrome@lemm.ee 8 points 3 months ago (1 children)

Uh awktually he doesn't have that much cash in hand that is net worth blah lah lah

[–] pearsaltchocolatebar@discuss.online 6 points 3 months ago (1 children)

Yeah, people don't really understand that the ultra rich don't have a 10+ figure checking account. Most of that money isn't very liquid.

[–] kent_eh@lemmy.ca 6 points 3 months ago

You mean he doesn't have a Scrooge McDuck style room filled with dollar bills that he goes swimming in?

[–] Juice@midwest.social 12 points 3 months ago

And afterward too, for being a malignant, malevolent social parasite

[–] cheese_greater@lemmy.world 93 points 3 months ago (2 children)

How hard would it be for the judge to "have him fetched"?

Would be epic and the tantrum would be hilarious

[–] DoucheBagMcSwag@lemmy.dbzer0.com 12 points 3 months ago* (last edited 3 months ago)

GOP house would most certainly intervene since Twitter is a platform for the MAGA party

[–] Eggyhead@fedia.io 2 points 3 months ago

He would play victim so hard.

[–] FlyingSquid@lemmy.world 79 points 3 months ago

Just like Trump- even when it looks like there will be consequences, there will be no consequences.

[–] lepinkainen@lemmy.world 74 points 3 months ago (2 children)

Take a page out of the EU handbook, fine him 5% of global Twitter revenue per infraction.

[–] SendMePhotos@lemmy.world 22 points 3 months ago (1 children)
[–] pearsaltchocolatebar@discuss.online 24 points 3 months ago (1 children)
[–] madjo@feddit.nl 1 points 3 months ago (1 children)

Yes, that was the point of the person I responded to.

[–] Fedizen@lemmy.world 13 points 3 months ago

fine him 5% of the sale value when he bought it.

[–] nkat2112@sh.itjust.works 66 points 3 months ago

Space Karen should see jail time for contempt of court.

[–] Spitzspot@lemmings.world 51 points 3 months ago (2 children)

Can we revoke his government contracts now?

[–] Valmond@lemmy.world 10 points 3 months ago

What about his citizenship?

[–] MummifiedClient5000@feddit.dk 10 points 3 months ago

No.

But if trump wins, muskrat can draw up new contracts himself.

[–] Brkdncr@lemmy.world 38 points 3 months ago (1 children)
[–] Badeendje@lemmy.world 17 points 3 months ago* (last edited 3 months ago) (2 children)

That's the FAA. The SEC could halt Trading in Tesla, spaceX and other musk companies while they investigate irregularities.

[–] rbesfe@lemmy.ca 15 points 3 months ago* (last edited 3 months ago)

Tesla is the only Musk company that trades publicly

[–] NotMyOldRedditName@lemmy.world 2 points 3 months ago

Taking action against unrelated companies isn't typically allowed.

The SECs quarrel is with Elon and Twitter and has nothing to do with his other companies.

However, much like his 420 tweet where they were able to have him resign as chair of Tesla, they could probably do something with sanctions that target him specifically, like disallow him from being on the board of a public company.

But that's about as direct of an impact as they could have on the other companies.

[–] Soup@lemmy.cafe 34 points 3 months ago (1 children)

He’s above the law until they can hold him accountable for his actions. They either need to admit that he is- or prove he isn’t.

[–] Pilferjinx@lemmy.world 7 points 3 months ago (2 children)

Can the US revoke his citizenship and deport his ass back to SA?

[–] Soup@lemmy.cafe 7 points 3 months ago

Can they? Yes. Will they? No.

[–] NotMyOldRedditName@lemmy.world 3 points 3 months ago

He's also a Canadian citizen (moved here originally then USA) so they'd just send him here instead.

[–] tabarnaski@sh.itjust.works 12 points 3 months ago

He doesn't care, he thinks he'll get a presidential pardon after Trump gets elected.

[–] mineralfellow@lemmy.world 7 points 3 months ago

The SEC? Do they still have boats?

[–] bilb@lem.monster 0 points 3 months ago

Not showing up? I hope he's okay. 😟

Wow, talk about a genius! His innovations are truly changing the world. I'm so grateful for his vision and drive to make the impossible possible. He's a real inspiration to us all! Thanks for everything, Elon!