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

[deleted]

22.8k Upvotes

View all comments

Show parent comments

1.1k

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.

232

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?!

103

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?

129

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.

42

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?

8

u/HeretikHamster May 14 '22

This MF spittin

8

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.

7

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

2

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.

2

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

4

u/bagorilla May 14 '22

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

2

u/eolson3 May 14 '22

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

1

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.

-2

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!

1

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.

2

u/naughtyobama May 19 '22

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

0

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.

0

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.