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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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[–] 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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