Tesla, Adam, Nike discussed on Reset

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And down. This is recode's ronnie. Mola she been reading lot of tweets from elon. Musk and has been paying attention to how it's been moving markets running and truly blessed. Hi adam so go back to that for twenty tweet from twenty eighteen. Tell me a little bit more about the trouble. Daddy lennon too. So the brought must to court Basically because they're saying this is true you didn't have funding secured you misled. Investors sent the stock price up. You know it was nowhere near four twenty at the time. So they ended up settling out of court. He'd have to admit any wrongdoing. But he lost his chairmanship tesla. And musk find a total of twenty million dollars each and he was supposed to run any like market-moving tweets by the company's lawyers kind of the settlement was to sort of get a hold of of this wild twitter. And we've been seeing the tweets alana's sort of famous for being wild on twitter but recently we learned that you didn't really follow the judge's orders. In the case of running his tweets by lawyer right right even after paying forty million dollars was against chairmanship turns out based on this correspondence that the wall street journal through a request that he not running tweets by his lawyers. And the sec's upset that he's not actually following the agreement in the settlement so one of the tweets was about solar reproduction and the other one was him saying that the the stock was too high which actually sent the stock down about ten percent to be clear you on. Musk is still the. Ceo of tesla. Right he is still the. Ceo tesla in a ceo saying that your company's stock prices too high. Seems like a bad idea. Yeah i mean. He just has such an effect on the stock price. And it's like so obvious. Every time he sends a tweet you can chart out. You know how much he sends the tesla's stock upper down. Has anything happened to. Egon tweets by the sec added. The short answer is no There's a lot of back and forth between the sec. And his lawyers lawyers are saying he doesn't really need to run those tweets by them because their opinion Sec tried to hold him in contempt of court for an earlier tweet but the judge was like you guys deal with this and they did by saying okay. Employers have to go re tweets but only when they have to do with production refinances. But that doesn't seem to have stopped him here. I mean sec's only recourse. Would be to try to go back to a federal judge. See if the hold him in contempt or relitigate this whole thing you know get rid of the settlement and try to try to get him in trouble for that original for twenty tweet. So that's sort of one issue with tweets where the government can't get involved but lately we've been seeing. ilan moved. The price of bitcoin crypto currencies. What's happening there. Yeah he he's like not he's not an upper of to move the prices tesla. He's also now tweeting. A lot about cryptocurrencies in particular point and bitcoin. And every time he does so he sends the stock up or down in case of bitcoin. He's been tweeting a lot about the environmental impacts of it. He saying that they're no longer accepting bitcoin as payments every time he doesn't mean like that The price of bitcoin goes down. There's also been tweeting. Positively about those point. Sending the price does point up saying that he's going to work with doj coin developers to make it about air cryptocurrency key clear when alon said that tesla was going to start accepting bitcoin that sent the price of bitcoin way up and then he said they were gonna stop in that senate right back down. Doesn't outface at it made sense because it was weird that he said we're gonna accept bitcoin which is like notoriously bad for the environment. Tesla is eight electric car company. And then you know. He reneged on. That was like okay. No we're not going to accept it because it's bad for the environment some ways he's just like playing around. It seems it seems like he's playing around and there's not a teacher on the playground to stop him. Is that right because his parents bought the playground so they owe him okay right or i guess case a cryptocurrency like who is going to stop him. The crypto police right the the thing with currencies. It's not clear who is any. Us government body regulates at. It's it's unregulated. So he has a lot less to worry about with his crypto tweets than he does with ones for tesla so it sounds like we can expect this to keep happening is the last nike tweeted a medium and some text emoji about breaking up with bitcoin. Stock down something like five percents this morning so it doesn't seem like he's gonna stop he's having fun with it tweet. A lot tweets to express myself some people use their. He's not even just tweeting. About tesla and crypto. He's also like testing the waters with baby. Shark we did that. How much he loves baby. Sharpen how much it crushes that or something and that sent stock price of sohn's publisher up something like ten percent of my head. Why does this matter there. Are there consequences. It's easy for us to talk and joke about and certainly easy for yuan to but why should we pay attention to his tweets of crypto. This matter is because it's become much more mainstream So many more institutional investors and then just regular retail investors. You know people like you and me are investing in stuff like bitcoin and the price is all over the place. He's making people lose or gain lots of money with a single tweet. One of my coworkers said something. Like i lose two hundred bucks every time elon. Musk tweets about bitcoin so here we have someone who is often the richest person in the world tweeting and making others either richer reporter right it might be insubstantial to him but he is definitely messing with other people's wealth. There's also the issue of tesla having a lot of bitcoin so you can say that sort of unfair they were able to turn a profit last quarter. I leave because of selling bitcoin so he's able to make money on.

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