This is for all of those believers in Elon Musk and their belief that he’s above reproach. From the get go, Elon Musk’s ambitions towards Twitter had nothing at all to be do with being altruistic or his seeking to improve the well being of the company . In the words of Wall Street movie character Gordon Gekko ” Greed is Good “.
Unfortunately, Musk is not only ethically challenged, but many of his business practices would actually put Gordon Gekko to shame. I’m waiting to see if the supposed investigation of Elon Musk by the Federal Trade Commission and Securities & Exchange Commission will come to anything of note .
Musk broke SEC guidelines concerning his build up of stock, before launching his unsolicited $44.1 billion bid for Twitter. Since the story broke, more than $15 billion has been wiped off the value of Twitter .
Elon Musk is going to be sued by a litany of Twitter shareholders for stock price manipulation . He’s been playing by his own set of rules for years and many Wall Street firms have often joined him willingly for the ride, because they know they’re going to make money unscrupulously. Elon Musk is this era’s version of Gordon Gekko.
If Martha Stewart can be found guilty and imprisoned in a federal facility for having made a $110,000 profit from the use of insider trading , then Elon Musk should be facing some serious charges for having broken SEC guidelines and his failing to notify the SEC of his build up of stock in Twitter, once he’d purchased more than 5 percent of the company. He went to purchase another 11 % of the company and netted more than $347 million on paper , pre-tax profit .
Now that Elon Musk has placed his take-over bid on hold, claiming that Twitter has been using bots to drive up the volume of content on the social media platform. It will be interesting to see if he will drop his bid for the company altogether . If he chooses to do so , then he’d have a heavy price to pay , because of the financing arranged in conjunction with his investment partners. That cost could be in excess of $1 billion, due to the structure of the capital raised . Elon Musk is the consummate snake oil salesman .