836
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
109 comments fedilink hide all child comments
 

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.

you are viewing a single comment's thread
view the rest of the comments
[–] 5 points 6 months ago (5 children)

It's not real money, and Musk isn't the richest person in truth, not by a long shot. This is theoretical money based on overpriced companies that are propped up by what I suspect are some rather shady practices and investors using it as a casino stock.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 5 child comments
    •
  • [–] 8 points 6 months ago (3 children)

    The money doesn't have to be real for Elon to be able to use his stock as collateral for billion dollar loans. So he in fact has real money, that banks gave him, and that he will never pay back.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 3 child comments
    •
  • [–] 1 point 6 months ago (2 children)

    While true, a recession will change things.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 2 child comments
    •
  • [–] 1 point 6 months ago (1 child)

    It will only restrict his ability to get new loans, and make his collaterals worthless. But he probably spent most of the money they gave him, and like with twitter, he shifted the assets around in his network of companies, like a thimblerigger.

    But that's kind of like saying that inflation will make the rich poor, which is also not true.

  • permalink
  • fedilink
  • source
  • parent
  • hideshow 1 child comment
    •
  • [–] 1 point 6 months ago

    When stocks crash, his loans that are backed by those stocks get margin called, and he will have to sell other stock. If the government didn't bail him out, and they will so this is academic, although he will have to pay them bribes secretly obviously that goes without saying, he would see a cascading effect from a recession because his companies are all so overpriced.

  • permalink
  • fedilink
  • source
  • parent