Elon Musk

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Anaxagoras
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Elon Musk

Post by Anaxagoras » Sun Sep 30, 2018 1:18 am

Although he's mentioned in a lot of threads, we don't have a thread specifically about Elon Musk.

That tweet he made a few weeks ago about taking the company private has been costly:

Elon Musk agrees to pay $20 million and quit as Tesla chairman in deal with SEC

I suppose the $20 million he can afford, but stepping down as chairman means he's no longer the top boss. Maybe that's just a technicality, but eventually it means he could conceivably be forced out (like the founder of Papa John's). I don't think that's what will happen, but you never know.

It was a stupid tweet because it affected the share price, but it wasn't really true. Or at least it was misleading.
Elon Musk agreed Saturday to step down as chairman of Tesla and pay a $20 million fine in a deal to settle charges brought this week by the Securities and Exchange Commission.
Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He cannot seek reelection for three years, according to court filings.
He accepted the deal with the SEC "without admitting or denying the allegations of the complaint," according to a court document.
Separately, Tesla agreed Saturday to pay $20 million to settle claims it failed to adequately police Musk's tweet.
"The $40 million in penalties will be distributed to harmed investors under a court-approved process," the SEC said in a press release.
The company also agreed to appoint two new independent directors to its board and establish a board committee to oversee Musk's communications.
Tesla declined to comment. A spokesperson confirmed Musk will be permitted to remain a member of the board.
The announcement from the SEC comes two days after the agency filed a lawsuit against Musk, claiming he misled investors. The suit centers on tweets Musk sent on August 7 in which he said he had secured funding to take Tesla private at $420 a share, causing the company's stock to soar. He had not secured the funding, the SEC said.
The lawsuit sought to ban Musk from serving as an officer or director of any publicly traded company.
Musk called the SEC's suit "unjustified."
So the total fine is actually $40 million, half paid by Musk himself, and half by the company.

I hear he's also getting sued by that British cave diver who he called a "pedo". Maybe he should be more careful about what he says on Twitter.
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
William Shakespeare

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Re: Elon Musk

Post by Grammatron » Mon Oct 01, 2018 7:40 pm

Twitter is a double-edged sword. Sure Musk falls a few time into these kind of traps, but social media has undoubtedly helped Tesla, SpaceX, and Musk himself more than it hurt them. At least thus far.

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Re: Elon Musk

Post by Anaxagoras » Thu Nov 22, 2018 4:30 am

NASA launching safety review of SpaceX because Elon Musk smoked pot

Aw NASA, I thought you were cool. (I kid of course.)
When NASA tapped SpaceX and Boeing to fly astronauts to the International Space Station, the companies likely expected the government agency would keep a close eye on things. But they probably didn't expect a probe prompted by a podcast. According to the Washington Post, NASA is conducting a safety review of both companies because some officials were annoyed when they found out SpaceX CEO Elon Musk smoked weed with Joe Rogan.

While NASA hasn't specifically said the review has to do with Musk's behavior, a spokesperson for the agency told the Washington Post the probe would "ensure the companies are meeting NASA's requirements for workplace safety, including the adherence to a drug-free environment." NASA Administrator Jim Bridenstine was also cited as saying "culture and leadership start at the top." Both statements seem like a not-so-thinly veiled shot at Musk, even though the review will extend to Boeing.

While NASA's apparently invasive and intensive review, set to take place next year, may seem like a bit of an overreaction, it's not even the first government agency to take a closer look at its relationship with SpaceX as a result of Musk smoking pot. The Air Force also reportedly looked into Musk's behavior. Use of illegal drugs, including weed, is prohibited for someone with a government security clearance.

Aside from Musk's appearance on the Joe Rogan podcast, NASA investigators have plenty to keep an eye on as it monitors SpaceX and Boeing. The companies both have multi-billion dollar contracts to take astronauts to the ISS, and both have suffered noteworthy setbacks in the last few years. SpaceX has struggled with its craft's parachute system, while Boeing suffered a propellant leak and has fallen short on a number of safety tests. SpaceX plans to launch a crewed craft by June 2019, while Boeing is targeting August 2019.
A safety review is probably a good idea anyway. And it's probably speculative to think that "but for" Musk smoking pot there would be no safety review. NASA isn't saying that's what prompted it. But it makes for a click-baity headline.
A fool thinks himself to be wise, but a wise man knows himself to be a fool.
William Shakespeare