No way that guy has $180 million, someone is financing him or he sold the accounts.
I think he has the funds. He had close to $40m, sold the rights to the book/movie, and don’t forget he ran it up last month and probably took profit then. That would explain the $29m cash position. Someone backing him would be collosally stupid and way too easy to prove.
Also:
How much could this be, realistically?
For options 50k is considered good, but it can start as low as $500 and if there is a bidding war for the material can probably go higher. If the movie is made the author tends to make 2-3% of the budget of the movie up to a payment cap negotiated when the option was made. So, probably not a big chunk of his position.
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Why not blatantly insider trade, nobody will do anything about it
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I actually think there’s a pretty good chance he goes to jail for this transaction. In like ten years but still.
I don’t really understand CEO stock selling rules like it mentions the usual thing I hear about below but is it ever legal for them to sell outside of that sort of arrangement? Wouldn’t they always know non public info any time they sell?
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Unlike previous stock sales by Tesla insiders, however, these were not the result of a Rule 10b5-1 trading plan, which removes discretion over timing from an insider and hands them to a third-party broker.
These assholes usually hide behind a “pre approved trading plan” which is almost always bullshit but Musk skipped that step and just said “FU I’m gonna blatantly insider trade illegally.” Why would he be scared? He’s been clowning LOL LAW for a decade now with zero consequences.
But is it ever legal for ceo to sell outside that sort of plan? Just wondering why the banks or whoever allowed the sale if not legal
My wife has most of her shares under a 501b but also has a recent grant that isn’t covered by it. She hasn’t done it but if she wants to sell from the non covered allocation I believe she needs to get approval from the CEO and/or board. It’s not forbidden but it can open you up to insider trading scrutiny. Selling in the 501b is supposed to be safer because you’re basically writing a document that says I’m going to sell x amount of shares every month. You can also add in stipulations like if the stock price hits x $ per share then sell extra on top of the regularly scheduled sales.
Like Riverman said someone like Musk can probably just do it and say who is going to stop me. The board won’t, lol law probably won’t do anything either.
lol gme guy had quarter billion dollars of paper gains today
Twitter, tho
Even with the qualifier we’re approaching SSC territory.
Anyone know if insider trading is always a federal crime, which would make a conviction pardonable by the President.
In the super unlikely event Elon gets got, I’m sure he could straight up offer orange man a few billion to pardon him.
He’s not going to have the money. Elon is the kind of guy who goes busto busto. He wont ever be poor but he’s getting demoted to merely kinda rich while he waits for the sec to get their shot together. This particular situation was really blatant even for him. It was a desperate act actually which is a big part of why I’m reading the situation this way.
How does he liquidate his position without cratering the price?
I was wondering that also, especially given his crowd expecting daily updates
Wasn’t a huge chunk of it just options
Halted 17 times today and down 40%. How is this real.
I seriously doubt it.