- cross-posted to:
- technology@lemmy.zip
- cross-posted to:
- technology@lemmy.zip
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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
Removed by mod
fine the fucker for 20% of his net “worth”, that should give him some pause
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.
Less considering more doing
How about making them such a high percentage that it would genuinely impact their bottom line and not a measly amount calculated as “cost of doing business”
4% of gross revenue is not a negligible amount. For no company.
Probably, but it would depend on how much gross revenue they make on said practice, and how often they get a fine.
Start at 100% and work down from there?
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.
It’s finally time to hold the people hiding behind the companies accountable!!
woohoo!
break his ability to finance the orange felon
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.
DO IT!
Do it if you’re bad
and this is why we dont fuck with the chinese wall
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.
he’s the one whose blurred the lines between the businesses.
taking funds from one to pay for the other regularly.
I’d say the EU has every right to do it this way.
Corporations do this regularly. Using funds from one branch of their business to prop up others. That’s neither new or illegal in the EU.
you’re right, it’s not. but when legally attempting to distinguish where one company ends and the other begins, it’s up to the court to judge based on liquidity between the two.
if you run company A B and C and have money flowing from A to C and C to B and B to A, the feds might think you’re laundering money.
While I have no idea about legality, it is quite obvious that X/Twitter is not really run as a company run as a public communications platform, but rather as a fever dream of Musk.
Especially the Eli Lily Co. disaster should’ve been a wake up call for X of how much harm the fake checkmarks can bring, yet nothing was done. Most likely because Elon Musk didn’t care. He basically runs it like it’s how little service that he fully owns and controls with full disregard to anything but his own vision.
Therefore including his other businesses makes sense, as the fine that is only based on X’s income would probably be negligible in his opinion, as he runs it on a loss anyways. Only bigger fines would actually have any effect in my opinion.
I still can’t believe nothing substantive came of that.
It was incredibly harmful to the reputation and stock value of multiple pharmaceutical companies as well as Twitter. And then the greedy pharma assholes had to publicly announce they were still price-gauging people for life-sustaining medicine, making the reputational damage even worse.
That very much reads like “the ends justifies the means” logic. If a fine isn’t likely to change behavior, they should just block the platform.
Wven better, do like brazil; block and fine
Who cares about legal if it hurts republicans?
Is the EU just going to bet that none of its companies ever have to do business outside of the EU?
Eh?
Because retaliation on behalf of domestic businesses is something Europe freaking invented.
Why would they think that?
