If a penalty is "worth it", it's a business decision, not a penalty. Add a zero or two if you want it to work as intended.
this post was submitted on 06 Oct 2023
415 points (93.9% liked)
Technology
59135 readers
2532 users here now
This is a most excellent place for technology news and articles.
Our Rules
- Follow the lemmy.world rules.
- Only tech related content.
- Be excellent to each another!
- Mod approved content bots can post up to 10 articles per day.
- Threads asking for personal tech support may be deleted.
- Politics threads may be removed.
- No memes allowed as posts, OK to post as comments.
- Only approved bots from the list below, to ask if your bot can be added please contact us.
- Check for duplicates before posting, duplicates may be removed
Approved Bots
founded 1 year ago
MODERATORS
If he can even get a 1% gain in net worth from market manipulation, it would be a worth it even with 2 more zeros. 1 billion dollars is barely anything for him. 20mil is like a $80 fine for millionaire.
Crazy of you think about it. Kind of sad actually.
Some countries make their penalties a percentage of income. Makes the sting equal for everyone.
Maybe makes the big guys sting some, but the same percentage for someone that is counting every penny for their food is still going to be more painful for them.
Make it a percentage of disposable income, calculated as income plus 4% of net worth minus average living expenses for your city.
To avoid letting low-income people commit certain crimes without any penalty, maybe have a minimum fine but allow anyone who would be eligible to pay less than the minimum to make up the difference with community service (i.e., if the minimum fine is $200 and the calculated percentage of their disposable income would only be $100, they can pay $100 and then work 10 hours of community service).
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
He just can't stop being Trumply. "I'll sue the judge and district attorney!"
This is the best summary I could come up with:
Elon Musk is under investigation by the US Securities and Exchange Commission over his $44bn takeover of social media giant Twitter, it was revealed on Thursday.
The investigation concerns whether Musk broke federal securities laws in 2022 when he bought stock in Twitter, which he later renamed X, as well as statements and SEC filings he made about the deal.
Musk also refused to SEC proposals to conduct the deposition in Texas, where he legally resides, in October or November.
After announcing plans to buy the company in late April, he tried to get out of the deal, alleging Twitter was not disclosing the full extent of bot activity on its platform.
The SEC fined him $20m for misleading investors and forced him to step down as chairman of the company, a penalty he said in later tweets was “worth it”.
“A comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gains,” Musk said in a post on X.
The original article contains 510 words, the summary contains 179 words. Saved 65%. I'm a bot and I'm open source!
Who cares, he bought it and he ran it into the ground.
Blue bought it paying twice the worth and then made that worth 30% of what it was in about a year.
Ladies and gentlemen, the "smartest man on the planet" at work here!