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TSLA - Tesla Motors
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TSLA - Tesla Motors

  #271 (permalink)
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tturner86's Avatar
 
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Elon sued.

https://money.cnn.com/2018/09/27/technology/elon-musk-sec/index.html?adkey=bn

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  #272 (permalink)
Market Wizard
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I'm not that into the Elon saga, but it sure is an interesting story.

Here's the latest: https://www.washingtonpost.com/business/2018/09/29/teslas-elon-musk-settles-with...wpisrc=nl_rainbow&wpmm=1

As I read this, Musk faced, as the worst outcome, being banned from being CEO of any publicly-traded company, which would clip his wings pretty badly. As it is, he has to step down as chairman of Tesla (but is still on the board) and pay a fine, and Tesla has to pay a fine. I don't see any mention of staying or not staying CEO, so I think he's still able to keep that job. (But subject to the board, which is his new boss.) This is not exactly a slap on the wrist, but it's not the disaster for him it could have been:


Quoting 
Tesla chief executive Elon Musk agreed on Saturday to step down as chairman of the electric car maker he founded, an unexpected resolution to a lawsuit filed by the Securities and Exchange Commission 48 hours earlier that threatened to throw Tesla into unprecedented chaos.

The SEC sued Musk on Thursday for allegedly lying to investors when he tweeted last month that he had “funding secured” to take Tesla private. It sought to ban the impulsive billionaire from serving as chief executive of any public company.

As part of the settlement, Musk will pay a $20 million fine. Tesla will separately pay another $20 million, add two new independent directors to its board, and monitor more closely Musk’s public communications -- the source of many of the scandals that have roiled the ambitious but unprofitable company this year.

...

Under the settlement, which is subject to court approval, Musk will resign as chairman of the automaker within 45 days and be barred from that position for three years. He will be allowed to remain on the board.

He can survive this (he's a billionaire), and if he is still CEO, he's still the boss, just not the supreme boss.

Now they just need to take his phone away from him....

Bob.

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  #273 (permalink)
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So what do y'all think? take out last weeks's high $315?

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  #274 (permalink)
Market Wizard
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The quick resolution might catch new shorts off guard. However, the whole episode is still a negative and poor for confidence. It suggest to me a quick 1-2 day pop and then possible continuation toward prior low support. I would anticipate over the medium term range bound to bearish action to continue until new information changes things, i.e. more proof they are hitting targets or something.


Note, I am not trading stocks at this time.


Skidboot View Post
So what do y'all think? take out last weeks's high $315?


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  #275 (permalink)
Market Wizard
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I think that, in most cases, it is risky to make trading decisions relating to the stocks of particular companies based on recent and unexpected news. Too much can go into the market's valuation of a particular security for any news item to have a clear import (usually... .)

In the case of TSLA, you can be sure that it is receiving an enormous amount of attention right now from all over the spectrum of market participants, from highly sophisticated to outright dumb. I think that the complications of its business prospects are varied enough already, and then all these Elon Musk developments add more to it. So how the market will respond is an interesting guessing game.

You could easily make a case for a strong advance now (relief that things have been resolved), and also a case for a gradual or not-so-gradual collapse (ongoing production and product quality problems, CEO shown once again to be a brilliant but possibly unsteady flake, etc. -- pick your narrative, there are many to go around.)

(Note to Elon Musk fans: I am not saying he is a flake, just that it's one possible narrative.)

Time will tell, but of course by then it will be too late.

I am just watching with occasional interest. No doubt there will be more, and it is sure to be unusual.

Bob.

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  #276 (permalink)
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Seems to me a short the gap ups / buy the gap downs type of market in TSLA atm , there seems to be something around every corner

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