this post was submitted on 21 Sep 2024
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The Securities and Exchange Commission intends to seek sanctions against Elon Musk over his failure to appear for testimony in an investigation related to his takeover of Twitter, now called X, the regulator said in a court filing Friday.

Earlier this year, a federal judge ordered Musk to testify as part of the SEC’s probe of the billionaire’s $44 billion acquisition. The agency is examining whether Musk followed the law when disclosing his purchases of Twitter stock and whether his statements in relation to the deal were misleading.

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[–] ChonkyOwlbear@lemmy.world 208 points 4 weeks ago (3 children)

Lock him up for contempt of court until he testifies.

[–] Jackcooper@lemmy.world 149 points 4 weeks ago

I would literally be shocked if they enforced a rule that everyone else has to follow on a celebrity billionaire

[–] orcrist@lemm.ee 46 points 4 weeks ago (2 children)

I'm not sure what the law is on this. But from a practical standpoint, I would like to see adverse inferences drawn against him because he failed to show. That would form the basis for massive fines, so assess those fines, and take away a ton of his money.

It doesn't seem like there's any need to put him behind bars when this is a question about doing shady things with money that can be handled by taking away a lot of his cash.

[–] ChonkyOwlbear@lemmy.world 40 points 4 weeks ago (2 children)

It is not unusual in alimony or child support cases for someone who refuses to pay what they owe to be locked up for contempt. It is a way of compelling obedience to the law in civil cases.

[–] capt_wolf@lemmy.world 34 points 4 weeks ago

Take away his money AND put him in jail.

[–] Revan343@lemmy.ca 0 points 3 weeks ago

And if he refuses to pay the fines, then yes, lock him up, but that's not what happened here

[–] answer42@programming.dev -4 points 4 weeks ago* (last edited 4 weeks ago) (1 children)

So what should be the fine? 100 billion? Even with that less he would still be one of the richest persons

[–] imPastaSyndrome@lemm.ee 8 points 3 weeks ago (1 children)

Uh awktually he doesn't have that much cash in hand that is net worth blah lah lah

[–] pearsaltchocolatebar@discuss.online 6 points 3 weeks ago (1 children)

Yeah, people don't really understand that the ultra rich don't have a 10+ figure checking account. Most of that money isn't very liquid.

[–] kent_eh@lemmy.ca 6 points 3 weeks ago

You mean he doesn't have a Scrooge McDuck style room filled with dollar bills that he goes swimming in?

[–] Juice@midwest.social 12 points 4 weeks ago

And afterward too, for being a malignant, malevolent social parasite

[–] cheese_greater@lemmy.world 94 points 4 weeks ago (2 children)

How hard would it be for the judge to "have him fetched"?

Would be epic and the tantrum would be hilarious

[–] DoucheBagMcSwag@lemmy.dbzer0.com 12 points 3 weeks ago* (last edited 3 weeks ago)

GOP house would most certainly intervene since Twitter is a platform for the MAGA party

[–] Eggyhead@fedia.io 2 points 4 weeks ago

He would play victim so hard.

[–] FlyingSquid@lemmy.world 79 points 4 weeks ago

Just like Trump- even when it looks like there will be consequences, there will be no consequences.

[–] lepinkainen@lemmy.world 74 points 4 weeks ago (2 children)

Take a page out of the EU handbook, fine him 5% of global Twitter revenue per infraction.

[–] SendMePhotos@lemmy.world 22 points 4 weeks ago (1 children)
[–] pearsaltchocolatebar@discuss.online 24 points 3 weeks ago (1 children)
[–] madjo@feddit.nl 1 points 3 weeks ago (1 children)

Yes, that was the point of the person I responded to.

[–] Fedizen@lemmy.world 13 points 3 weeks ago

fine him 5% of the sale value when he bought it.

[–] nkat2112@sh.itjust.works 67 points 4 weeks ago

Space Karen should see jail time for contempt of court.

[–] Spitzspot@lemmings.world 52 points 4 weeks ago (2 children)

Can we revoke his government contracts now?

[–] Valmond@lemmy.world 10 points 4 weeks ago

What about his citizenship?

[–] MummifiedClient5000@feddit.dk 10 points 4 weeks ago

No.

But if trump wins, muskrat can draw up new contracts himself.

[–] Brkdncr@lemmy.world 38 points 4 weeks ago (1 children)
[–] Badeendje@lemmy.world 17 points 4 weeks ago* (last edited 4 weeks ago) (2 children)

That's the FAA. The SEC could halt Trading in Tesla, spaceX and other musk companies while they investigate irregularities.

[–] rbesfe@lemmy.ca 15 points 4 weeks ago* (last edited 4 weeks ago)

Tesla is the only Musk company that trades publicly

[–] NotMyOldRedditName@lemmy.world 2 points 3 weeks ago

Taking action against unrelated companies isn't typically allowed.

The SECs quarrel is with Elon and Twitter and has nothing to do with his other companies.

However, much like his 420 tweet where they were able to have him resign as chair of Tesla, they could probably do something with sanctions that target him specifically, like disallow him from being on the board of a public company.

But that's about as direct of an impact as they could have on the other companies.

[–] Soup@lemmy.cafe 34 points 3 weeks ago (1 children)

He’s above the law until they can hold him accountable for his actions. They either need to admit that he is- or prove he isn’t.

[–] Pilferjinx@lemmy.world 7 points 3 weeks ago (2 children)

Can the US revoke his citizenship and deport his ass back to SA?

[–] Soup@lemmy.cafe 7 points 3 weeks ago

Can they? Yes. Will they? No.

[–] NotMyOldRedditName@lemmy.world 3 points 3 weeks ago

He's also a Canadian citizen (moved here originally then USA) so they'd just send him here instead.

[–] tabarnaski@sh.itjust.works 12 points 3 weeks ago

He doesn't care, he thinks he'll get a presidential pardon after Trump gets elected.

[–] mineralfellow@lemmy.world 7 points 3 weeks ago

The SEC? Do they still have boats?

[–] bilb@lem.monster 0 points 3 weeks ago

Not showing up? I hope he's okay. 😟

Wow, talk about a genius! His innovations are truly changing the world. I'm so grateful for his vision and drive to make the impossible possible. He's a real inspiration to us all! Thanks for everything, Elon!