Tesla Inc. (NASDAQ:TSLA) and SpaceX CEO Elon Musk says his new litigation team will go after Wall Street short sellers and other corrupt regulators.
Brandon Ehrhart, General Counsel and Corporate Secretary at Tesla posted on LinkedIn more details.
“Are you an experienced partner at a top law firm?
Do you enjoy handling sophisticated litigation and trials but are frustrated by internal issues like conflicts and passing on work for clients you love?
Tesla Legal is building something unique: a full-scale internal litigation and trial team that can handle all aspects of litigation and trial work, including briefings, hearings, discovery, depositions and trials, completely in-house.
Apply online and see if you qualify for a team that handles cutting-edge and sophisticated legal work itself with NO conflicts.
Because we are one team with one mission: to accelerate the world’s transition to sustainable energy.”
Source: LinkedIn Post.
Elon Musk on Wall Street Short-Sellers
Elon Musk responded to the publication on Twitter sharing Brandon Ehrhart’s LinkedIn post with the following statement:
“Tesla will continue to use outside litigators, but it’s important to build a powerful litigation team internally, so that we’re not always on the defensive.
We’ll also go after the Wall St short-sellers, certain law firms & (sometimes) corrupt regulators who are the true evil.”
Elon Musk has been outspoken about short sellers in the past and has even had quarrels with the Securities and Exchange Commission (SEC) in the past.
“I want to be clear, I do not respect the SEC. I do not respect them”, said Elon Musk in an interview with CBS’s 60 Minutes.
Musk’s war with short sellers goes beyond advocating for his company.
He spoke out against shorts during the ‘Meme Stock’ frenzy of 2021, when large groups of retail investors on Reddit squeezed short sellers from their short positions in GameStop, AMC, and other companies.
“u can’t sell houses u don’t own u can’t sell cars u don’t own but u *can* sell stock u don’t own!? this is bs — shorting is a scam legal only for vestigial reasons,” Elon said in a tweet in January 2021.
Failure in Regulation for Short Selling in America
Regulators have strengthened punishment for naked short selling in South Korea and other parts of the world.
For example, The Financial Investment Services and Capital Markets Act of South Korea was revised in April 2021 so that illegal short sellers will face pecuniary penalties instead of fines.
According to the amended act, the maximum pecuniary penalty is equal to the amount of illegal short selling.
In addition, violation may lead to at least one year in prison or a fine equivalent to 300 to 500 percent of the illegal profit or avoided loss.
This model is raising attention in the United States as the predatorial practice has dominated the industry for decades.
But CEOs such as Roger Hamilton of Genuis Group (GNS) and John Brda, formerly of Torchlight/Meta Materials, and others have begun to take legal action against naked short selling.
The retail community has raised awareness through social media activism and peaceful protests, as seen on Occupy The SEC 2023, of the market injustices investors face today.
One of the most recent and most alarming frauds in Wall Street takes shape in the FINRA and MMTLP scandal – where investors’ money disappeared out of thin air when the self-regulatory agency halted buying and selling prior to delisting the ticker completely.
MMTLP shareholders have their money stuck in limbo with Project Veritas founder James O’Keef now looking at the story.
And with Elon Musk’s new litigation team going after Wall Street short sellers, it certainly brings about a new confidence in the possible changes that may occur in the markets this decade.
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