Less considering more doing
As much as I hate musk, I don’t think this is correct, or even legal…?
He’s free to leave the EU at anytime. They are allowed to create appropriate punishments to deter further misuse. They are saying here that they need to be able to punish more to deter him, as he’s an asshole who says fuck you to everyone.
legality i don’t know, but guess who has an infinite supply of lawyers? Musk was able to secure loans for his Twitter misadventure based on all his other shit. Everything he does is entangled with his other stuff. The Hyperloop? lies.
Do it. The crimes are almost entirely by him personally, and had unprecedented damage. He should be responsible with all his money - a Twitter-sized blow would be a slap on the wrist as the platform is worth just $5B or thereabouts.
It’s finally time to hold the people hiding behind the companies accountable!!
woohoo!
break his ability to finance the orange felon
That would be extra funny, considering at least some motivation behind his initially bidding on Twitter, was to cash out his absurdly overvalued Tesla stock, without causing it to crash.
Clearly he signed that initial Delaware contract while he was still riding high on mania, but still, his desire to convert his overpriced Tesla stock played no small part. The remaining rationale was mostly drug-induced psychosis, but I digress.
So, calculating fines based on his overpriced assets, forcing him to sell off a bunch of those shitty assets, and risking their price falling closer to their true worth, would be hilarious.
It’s also why I am skeptical that they’ll do it, or at least I’m skeptical they’ll do it in a way that would trigger a domino effect, or market contagion.
fine the fucker for 20% of his net “worth”, that should give him some pause
Not really billions is beyond being halved
Hi I’m a mathematician.
What’s the actual fuck are you talking about?
I think I read it like you did first, that fining him billions would be more than half of his net worth, which is wrong.
But I think they mean that if you have billions, taking away half wouldnt change your life. I’d also say thats wrong for musk though because his money is tied up in companies. If he had to pay a cash fine of a huge amount, that likely would cause discomfort.
I’m a mathematician too. They’re probably speaking from an intuitive grasp of utility.
I think they’re just saying that if you’re a multi billionaire and get a 50% net worth fine, you’re still a billionaire once it’s done.
While I disagree that “billions is beyond being halved”, there is some truth to the idea that numbers can get so big that halving doesn’t make much difference. That seems very very counter-intuitive, so I’ll try to briefly explain.
Consider (10^10 + 2). That’s 10000000000+2. I think it’s fair to say that the +2 doesn’t make a lot of difference. It’s still approximately 10^10.
So then, consider 10^(10^10)×100. That’s a huge number, too big to type here, then multiplied by 100. So the result is 100 times bigger than the huge number. But… writing it down we see this:
10^(10^10)×100 = 10^(10^10+2) ≈ 10^(10^10).
So although ×100 does make it one hundred times bigger… that just doesn’t really make a lot of difference to a number as big as that one. As numbers get bigger and bigger, they start to take on properties a bit like ‘infinity’. Addition stops being important, then multiplication, then for even bigger numbers exponentiation doesn’t huge much of an impact either.
Mathematically, I think this is really cool and interesting. But I don’t think 1 billion is that big. 10^9 is big enough that +2 doesn’t matter much, but not so big that ×2 doesn’t matter.
[edit] (I’m struggling to get the nested powers to look right… So hopefully my meaning is clear enough anyway.)
A single billion, when put in terms of money, is enough that - simply invested in GICs and bonds, earning a very, very conservative 1% interest - it would earn you ten million dollars a year in interest alone.
I would challenge you to even come up with a reasonable way to spend ten million dollars a year. By my back of the napkin math you could vacation every single day, living in hotels and eating at fancy restaurants, and still not make a dent in that.
Musk has an estimated net worth of $247 billion. You could fine him 99% of his current wealth, and he would still struggle to spend enough that he wouldn’t end up increasing his remaining wealth every year.
Maybe posting a picture where you write it out? I think I understand though.
Interesting concept, thank you!
Have you ever played idle champions of the forgotten realms? At some point you start to get this feeling.
Happens in MMOs too, world of Warcraft was bad with it over the years on and off.
They’ve reduced the numbers down multiple times so that people start to feel progression again.
They’re not talking about Maths. They’re talking about wealth.
division has no power here old man!
WOW. That’s interesting. Kinda brilliant if it works. Wouldn’t work in the US, unfortunately.
It’s the same thing Brazil did.
He’s rich enough that he’s kind of a parent corporation by himself, so:
X was previously accused of violating the Digital Services Act (DSA), which could result in fines of up to 6 percent of total worldwide annual turnover. That fine would be levied on the “provider” of X, which could be defined to include other Musk-led firms.
But yeah, American law has been limited so the buck stops at the company which declares bankruptcy and the money starts a new company.
Not everyone else system is as shitty
so important to realize this. laws are just what this group of people said. another group of people say they’re this. in the end, what they do is all that matters. it’s almost like you could just skip them, grab him by the collar, and shake him down to the tune of ‘whatever it takes to make you sit down, shut up, and stop your BS’.
I mean he is leveraging his Tesla stock
For twitter, he actually isn’t. That was the original plan, but he moved away from it and got additional external financing, and then put up more cash himself by selling additional Tesla stock.
Not sure about boring company / neuralink.
Is the EU just going to bet that none of its companies ever have to do business outside of the EU?
Eh?
Why would they think that?
It’s easy to support when Elon is the recipient, but is this a good precedent to set?
Yes. Next question.
Absolutely and without question yes
Unironically, yes. You shouldn’t be able to shield your actions under a different corporate umbrella.
“Oh, guess we can’t fine them much because Twitter is a money pit, so they’ll get to continue breaking the law for cheap”
Nah, make the fine off of his entire net worth, make him cash in some of that stock so he can finally pay taxes and fines. Make it hurt enough for him to consider not breaking the laws of countries he wants to do business in.
Sounds good in principle, but isn’t the one of the main purposes of creating an LLC or Corporation to shield your personal assets from the company’s finances? Everyone cheers for these policies until you’re the one they’re coming for. I hope you’re as cheerful when the government wipes your personal bank account as consequence of your company’s affairs.
LLCs shouldn’t exist in the first place.
A companys owner should always be liable for the laws its company breaks.
The problem is if we give major companies a way out, on the off chance that it might have a benefit for the little guy… those major companies end up stepping on the little guy anyway.
So why let them shield themselves from the consequences of their action?
There’s no need to give a company a “way out”. The government can be as harsh as it wants to be within the limits of the law. But as soon as you start targeting the owner when he is supposed to be financially protected by the law, there are worse consequences in the long term. No matter how much they personally fine Elon, he has infinite money, this doesn’t really hurt him and I doubt he cares since he seems more focused in helping Trump win than helping X (or himself) succeed.
Gotta ask, what would you propose that would curb Elon from willfully committing crimes as he is?
He continues to do so because he’s proven the system is broken as soon as someone is sufficiently wealthy. He fights the charges, then when that runs out he fights the amounts, and even when he does get his comeuppance to the tune of 44 billion, he’s an even bigger brat cause he finally got stood up to. Do you think that there’s a way to systematically even the playing field?
Gotta ask, what would you propose that would curb Elon from willfully committing crimes as he is?
I’m not a lawmaker so I don’t know. And it hasn’t been dealt with by those who are because it’s not an easy decision. But the solution can’t possibly be allowing governments to damage the owner’s personal finances for choices at the company level. Truth is you can’t open this road for Elon Musk and never use it again, because that’s never how it goes down. If this is allowed to happen, more people will be unwilling to open businesses because the only protection that they’re supposed to have can be completely ignored by the government. Governments are as predatory as mega corporations, and neither can be given too much power. This takes away power from the companies and gives it to the government, not the average citizen.
Do you think that there’s a way to systematically even the playing field?
I don’t know, and nobody else knows.
To clarify the cost of creating an LLC is a hundred bucks more or less depending on the jurisdiction. So Elon should be allowed to create “Musk Corp Oct2024 LLC” and then say or do anything under the guise of Musk Corp Oct2024 LLC, then if he’s sued or fined just declare bankruptcy and create “Musk Corp Nov2024 LLC” and do whatever he wants?
At some point you have to recognize the individual is at fault. You can’t just hide behind “Oh that wasn’t me, that was the company” or " That was Musk of SpaceX having an opinion of Musk of Tesla, they are different entities."
If someone is attempting to be genuine and truthful when it comes to personal statements, fine, we can consider the protections. But if someone is flagrant and malicious then those protections no longer apply.
I don’t think I quite agree about governments being predatory by nature. I think they can be, have been in the past, and safeguards and checks and balances need to be there to prevent it. But generally a democratically elected government is beneficial, albeit flawed. Often reactive rather than proactive, but not commonly bloodthirsty. I mean, they often can’t even jail executives for criminal decisions or negligence.
In Elon’s case, I do believe governments around the world are going to have to adapt to protect their citizens from popular, but provably false and dangerous propaganda, as well as protect their privacy in the EU’s case.
Also, I agree, we both aren’t lawmakers. So for now I will just have to cheer any attempt at adaptation, and hope that their solution is functional and passes scrutiny.
isn’t the one of the main purposes of creating an LLC or Corporation to shield your personal assets from the company’s finances?
It is but it is not written in stone for all eternity. If people are abusing this law, like Musk, then it gets amended or rewritten.
I agree. They can try to change the laws, and if the majority of those with voting powers agree on a way to handle these cases while doing more good than harm, I’m sure few would complain.
Give it up. Lemmy thinks “corporation” means “megacorp”, has no clue about financial dealings outside what they read in the headlines and can’t spell “LLC”.
“Capitalism BAD!”, is what you should be posting.
Allowing limited liability companies to exist without requiring them to be covered by liability insurance is institutionalised market failure.
Shipping companies setup separate LLC’s for their ships so of they have an accident the ship goes bankrupt and they keep their profits shielded… that kind of stuff is bullshit
Yes. Like every system, there are those who abuse it. But you must be careful so that while trying to punish those abusers, you don’t end up creating avenues to also punish those who don’t abuse the system, but simply make a mistake. This sets a precedent so that the government can target the assets of the owner of the company if they’re not satisfied the company punishment, which doesn’t sound as cool when the company in question is your family’s bakery or your neighbor’s paralegal office.
<…> your family’s bakery or your neighbor’s paralegal office.
Are not subject to DSA. For the most part DSA only covers companies which have more than 45 million users in the European Union.
I don’t know if this will be a big issue for small businesses. But in any case where there is construction of multiple companies in a structure to separate profits and losses for fuckery with taxes and fines, I think I would also be OK with that whole structure being seen as one entity and treated as such.
The billionaire class however is uniquely adept at this kind of fuckery and wield an ungodly level of power, only surpassed by governments. And I think governments need to be careful that these assholes don’t get too much power… so it’s high time they take them down a peg… or 10.
It will be an issue because your average citizen won’t be so willing to start a new business if they know the government can come after their personal funds as a consequence of something that was done at the company level.
Who said personal funds. Are you arguing slippery slope or moving the goal posts?
Shit take. Get judged by peers
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