A jury has found Elon Musk liable for misleading investors by deliberately driving down Twitter’s stock price in the tumultuous months leading up to his 2022 acquisition of the social media company for $44 billion. But it absolved him of some fraud allegations, finding that he did not “scheme” to mislead investors.
I don’t understand why these courts charge a set fine for stuff like this. This is clearly an extremely unique case. The man is 20% shy of being a trillionaire.
What really needs to be done is they need to charge a percentage of his profits. Say 20 to 30%.
Antonin Scalea capped punative damages
Lol. That’s not how the state serves capitalism. Fixed fines!!! Gotta put the burden the poor every time.
This idea needs to be fine tuned. The problem is that parasitic oligarchs don’t have a real income.
For those who don’t know, the parasite oligarchs take the vast amount of stock that they own and take it to a bank. The bank gives the parasite a loan with the stock as collateral. Right off the vat, the parasite gets to claim debt on their taxes. The parasite will then take the loan and use it to buy more stock or companies or anything that generates more wealth.
Loan gets paid off with the generated wealth. Due to generous tax loop holes put into place by politicians). The parasite gets to claim that they didn’t make any money and get a tax bill of zero and sometimes a refund.
Because that’s the law.
… and the billionaires draft the laws.