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Elon Musk steps down

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    #32
    ShaneC93
    Registered Users Posts: 268 ✭✭ShaneC93


    He walked away from from the SEC on Thursday that would have given him the same deal details bar from the director ban being only for two years instead of three. The SEC making public their legal action against him and a 15% drop in stock price later (Keeping in mind this comes at a time they desperately need their stock price to get to / stay above $360 by Q1 2019 so Tesla can avoid having to make $920M worth of repayments on debt that they can't afford) and Elon comes back to the table and accepts a worse deal?

    Shows he hasn't learned a whole lot since impulsively tweeting the "funding secured" statement which had he consulted anyone on, he would have been universely told it was a bad idea / had massive legal ramifications. Had he listened to the advise of his legal team etc. rather than leaving the talks, he would have gotten away with the better deal.


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    #33
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,706 Mod ✭✭✭✭Capt'n Midnight


    A $20m fine will be a major deterrent for someone who's worth $19.7Bn.


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    #34
    wexie
    Closed Accounts Posts: 7,480 ✭✭✭wexie


    hatrickpatrick wrote: »
    Wait what? :D:D:D

    Scrotox.....

    https://www.boards.ie/vbulletin/showthread.php?p=107220367


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    #35
    Wibbs
    Moderators, Science, Health & Environment Moderators, Society & Culture Moderators Posts: 60,075 Mod ✭✭✭✭Wibbs


    Capt'n Midnight wrote: »
    A $20m fine will be a major deterrent for someone who's worth $19.7Bn.
    What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.

    Rejoice in the awareness of feeling stupid, for that’s how you end up learning new things. If you’re not aware you’re stupid, you probably are.



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    #36
    wexie
    Closed Accounts Posts: 7,480 ✭✭✭wexie


    Wibbs wrote: »
    What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.

    It's a bizarre economic system we have isn't it?

    He might be worth 19.7 billion USD on paper but most of it is no doubt in Tesla or Space X stock.....and if he tries to actually cash in on that in any big way it's likely to seriously effect the prices of that stock.


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    #37
    Twenty Grand
    Closed Accounts Posts: 1,452 ✭✭✭Twenty Grand


    wexie wrote: »
    It's a bizarre economic system we have isn't it?

    He might be worth 19.7 billion USD on paper but most of it is no doubt in Tesla or Space X stock.....and if he tries to actually cash in on that in any big way it's likely to seriously effect the prices of that stock.

    It's 0.1% of his net worth.

    Doubt it'll have much effect.

    He lost a billion in one day when Tesla stock crashed.


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    #38
    ShaneC93
    Registered Users Posts: 268 ✭✭ShaneC93


    Twenty Grand wrote: »
    It's 0.1% of his net worth.

    Doubt it'll have much effect.

    He lost a billion in one day when Tesla stock crashed.

    It's actually probably a fair bit of what he has liquid / on-hand.

    It's well known, public-knowledge that his holdings in Tesla & SpaceX stock are already highly leveraged (personal guarantee of collateral against some past Tesla debt raises/ Boring company loans) so he wouldn't be easily able to cash-out to fund his fine.

    Not to mention that his selling of stock has to be made public in a filing by him / Tesla which would cause a drop in the stock price (as his last sell-off did) which as I mentioned in my last post, is the very last thing Tesla needs right now because unless they can get the stock price back up to $360 by March 2019 they likely won't be able to meet a $920M debt payoff (converts to being paid in stock instead of cash if the stock price is >$360) which leaves them having to raise more money by selling debt (soemthing Tesla has said they'll never do again) in order to not go bankrupt.


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    #39
    Capt'n Midnight
    Moderators, Recreation & Hobbies Moderators, Science, Health & Environment Moderators, Technology & Internet Moderators Posts: 90,706 Mod ✭✭✭✭Capt'n Midnight


    Wibbs wrote: »
    What he's worth on paper is one thing C, what he can actually lay his hands on in cash money terms is another.
    He's got lawyers and accountants and one of those limited edition credit cards.

    It's not like he'd had to pay in cash tomorrow.


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