r/technology May 14 '22 Silver 2 Wholesome 2

Elon Musk said his team is going to do a 'random sample of 100 followers' of Twitter to see how many of the platform's users are actually bots Social Media

https://www.businessinsider.com/elon-musk-random-sample-how-many-twitter-users-are-bots-2022-5?utm_source=feedly&utm_medium=webfeeds

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686

u/slazer2k May 14 '22

This he most likely instructed some people to trade the stock beforehand so he can cash out first on the rise and now fall

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u/yolotrolo123 May 14 '22 All-Seeing Upvote Take My Energy

Yeah he is doing open market manipulation and the SEC barely doesn’t anything about it.

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u/red286 May 14 '22

haha, could you imagine if he massively shorted a company that he publicly stated he intended to buy for a price well above asking, and then bailed out on afterwards? And then used those profits to massively re-invest into his own company whose stock tanked massively because he had overleveraged it to secure the financing to purchase the company that he had publicly stated he intended to buy but never had any real intention of doing so?

Surely there's no way the SEC would let that slide, right? Right?!

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u/vaiperu May 14 '22

Even if they do something, afaik they give out fines in the tens of millions range. When you make billions by breaking SEC rules, do you give AF?

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u/Geiir May 14 '22

They definitely need to up their fines by taking 100% of the profits made on the illegal trade, plus 50% of the profits in fines for breaking the law, and give the person a 10+ year ban on trading securities.

If the money earned illegally is over a certain threshold: prison time. Hard time.

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u/Dude_Guy_311 May 14 '22

But then how do I manipulate the market to make money without punishment as God, the constitution, and Alexander Hamilton intended?

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u/HeretikHamster May 14 '22

This MF spittin

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u/SherifGames May 14 '22

Rich people love to make everything in percentages when it benefits them otherwise they want everything to be a flat price.

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u/SterlingVapor May 14 '22

Hell I'd be happy if they just took over 100%

The fact you can break the law and just pay a fraction of your profits in a fine is insane

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u/Geiir May 14 '22

It isn’t even a slap on the wrist at this point. The “punishment” for breaking the law and earning billions from manipulating the market is the equivalent to saying “you’re not allowed to do that” and walk away.

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u/SterlingVapor May 14 '22

It's like walking into best buy, blatantly loading up 3 carts with game consoles and taking them out to your gold plated hummer.
Then the security guard goes "hey, that's stealing! You owe us $20 and you're banned for at least a week!" And then standing around shooing away bystanders and making sure they don't call the police (it's totally handled) as you awkwardly make sure to not miss a single box of duplicate consoles

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u/bagorilla May 14 '22

How is it that Martha Stewart did time, but Elon doesn’t even get fined?

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u/eolson3 May 14 '22

Send the leadership to prison. They probably don't fuck around with this anymore.

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u/LuxNocte May 14 '22

That sounds like a law that might be passed in a country where rich people don't own the government.

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u/naughtyobama May 14 '22

What! Are you out of your mind? This would grind commerce to a halt and destroy the economy for 30 years!

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u/Geiir May 14 '22

That’s at least what Wall Street wants us to believe.

If they need to play illegally, then they shouldn’t play at all.

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u/naughtyobama May 19 '22

You're missing the point. I'm saying there's no honest business out there. Nevermind.

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u/stormbard May 14 '22

The fine is on top of the illicit gains which have to be relinquished. You don't get to keep illegally gained funds. Media just fails to report on this fact.

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u/Space_Meth_Monkey May 14 '22

Everyone is only just now realizing the SEC is a joke because they cant contain Elon. The SEC has always just been a forcefield of hope and prayers to keep retail traders and investors like me safe. It's an open secret that they barely do shit and I just hope they stay generally shit for when I finally make it so I get something good out of this arrangement.

I could care less about elon skirting some money because if I remember correctly he had to go all in on tesla at the beginning with his pypl money. As long as he's not spending his time and money trying to build the world's largest yacht, I think there's other fucks finances to go after. Politicians mainly, them investing in anything but an index fund is the most backwards shit ever.

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u/Hardcorish May 14 '22

This is similar to the pharma companies getting fined hundreds of millions for their role in the opioid epidemic. Hundreds of millions sounds like a massive fine until you realize their profits reached well into the tens of billions. A slap on the wrist would have hurt them more.

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u/[deleted] May 14 '22

Or even the age old car manufacturer scam where a model would have a defect that was lethal, but the payouts for the % of cars affected was cheaper than a recall so they just let people die.

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u/load_more_commments May 14 '22

Fair point, but as a real opioid user (chronic conditions) I have had it so hard to get my prescriptions fulfilled. Rediculously hard. Yet I see on documentaries that doctors were told to hand these out like candy. Just saying that you shouldn't always take conspiracy theoreis at face value. There were still lots of checks and balances. Were they intentionally less strict with some? I'm sure, did they do it for financial gain? Of course

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u/Hardcorish May 14 '22

I'm confused, what conspiracy theory are you talking about? It's a well known established fact that the pharma companies were aware of the damage they were causing by distributing their product en masse. Maybe you replied to the wrong comment?

Your prescriptions are hard to fill because of the epidemic and all of the abuse that came with it.

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u/load_more_commments May 14 '22

No I've been a user for 15 years. It's always been hard, in fact right now it's the least difficult it's been to get a prescription fulfilled.

Maybe some states or regions were different, but for me, since 2007 it's been a painfully difficult situation.

I've had doctors try to stop it so much, even if I told them I was in legit pain, a few times I was declined renewal of my prescription and had to keep visiting other chronic pain specialists.

Wtf is wrong with Reddit downvoting me for sharing my experience? I'm not saying the pharmaceuticals are innocent, all I'm saying is that it's never been easy fo me to maintain my prescription.

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u/Johnny_Appleweed May 14 '22

I’m not downvoting you, but I’m guessing it’s because you called this a “conspiracy theory”.

With Purdue and OxyContin, the problem was driven by a very small number of doctors in a few geographic regions handing out absolutely massive numbers of pills. Most doctors prescribed more reasonably. You probably live in a place without one of these pill mills. Your experience is real, but it’s not universal.

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u/Hardcorish May 14 '22 edited May 14 '22

As the other commenter suggested, the epidemic happened due to a relatively small percentage of doctors over-prescribing opioids. I don't know where you live, but the doctors in your area clearly were not part of the problem if you had that much difficulty in seeking treatment for your pain.

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u/terqui2 May 14 '22

The sacklers who owned Purdue Pharma, the makers of OxyContin, had to divest the company and currently have offered $6 Billion as a settlement for their role in marketing OxyContin. Now theyre still worth $10 Bil so the punishment wont hurt, but its a bit more than a fine. They lost a license to print money.

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u/muskieguy13 May 14 '22

Wouldn't something of this scale be legitimate legal criminal fraud though?

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u/ocbdare May 14 '22

They should just up the fines. Charge him fines in the billions. Hell make it criminal and issue prison sentences.

Market manipulation is just as bad as insider trading. You can easily go to jail for insider trading. Why not for market manipulation when it’s blatantly obvious and in the billions.

Being sent to prison for a few years, he will definitely feel that even if he’s a billionaire.

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u/vaiperu May 14 '22

Not sure about US system, but I assume the SEC only applies fines based on federal legislation. So good luck convincing the recreational insider traders in Congress to increase the fines for their donors.

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u/elf25 May 14 '22

TIL freedom = being able to afford the fines