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Elon Musk to Owe Estimated $2.1 Billion After Jury Finds He Misled Twitter Investors Before 2022 Buyout (text.npr.org)
submitted 6 months ago* (last edited 6 months ago) by to c/technology@lemmy.world
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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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[–] 7 points 6 months ago (18 children)

Not necessarily, the fine just needs to be a sufficient size.

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

    Fines are not assessed that way.

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  • [–] 5 points 6 months ago (5 children)

    Some are, but they often have maximum caps.

    So for a UK speeding fine he'd get a £1000, but if it's wasn't capped it would be somewhere in the region of 340 million.

    Your Speeding Offence Details

    Speed Limit: 30 mph Recorded Speed: 35 mph Excess Speed: 5 mph Offence Band: A Road Type: Standard Road What This Means For You

    Your offence falls into Band A, which carries a fine of 50% of your weekly income. Based on your weekly income of £640,000,000, your calculated fine is £320,000,000. This has been capped at the maximum of £1000 for standard road offences.

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  • [–] 7 points 6 months ago (2 children)

    Why would any such fines be capped, unless the entire point is to effectively legalise crime for the ultra rich?

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  • [–] 3 points 6 months ago (1 child)

    Finland has similar thing, but it is not capped. There's a ton of 100 000+€ fines given around here. Obviously with Musk it would be a bit different, since the fine is based on actual income, not some imaginary monopoly money on the stock market.

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  • [–] -2 points 6 months ago (7 children)

    ...not assessed what way?

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  • [–] 6 points 6 months ago (2 children)

    Disclaimer: I know you're probably only trolling, but I'll answer anyway:

    ...not assessed in a way to be of sufficient size to not just be considered a cost of doing business. In other words, pricey enough to take away the incentive to not only take away the profit but to also deal a significant blow to the wealth of the richest person on earth.

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  • [–] 1 point 6 months ago*

    Believe it or not, everyone who you disagree with or misunderstand is not "trolling".

    There is no reason they couldn't assess fines a different way...

    Certainly the fines were sufficiently sized in the 90s era when they dropped the hammer on Microsoft.

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  • [–] 1 point 6 months ago (3 children)

    Percentage of profit accrued from the offense. They are static values.

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  • [–] 0 points 6 months ago* (last edited 6 months ago) (2 children)

    Just because they're currently assessed that way doesn't mean they can't be assessed a different way...

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  • [–] 0 points 6 months ago (1 child)

    The class the class that writes laws have decided they don’t want that.

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  • [–] 1 point 6 months ago

    I don't understand what your point is. No one is saying it's going to happen tomorrow. The point is that fines themselves aren't the problem. The problem is corruption and cronyism. Fines are totally effective when implemented properly.

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