[thomaskcr]

He said "funding secured", the board knew nothing of what was going on and scrambled to make it retroactively true.

> because they put too much stock in Elon's twitter feed.

That would be a wonderful argument, if the company had not put into an actual 8K that Elon's twitter is a source of official information about the company. https://www.sec.gov/Archives/edgar/data/1318605/000119312513...

"Tesla investors and others should note that we announce material information to the public about our company, products and services and other issues through a variety of means, including Tesla’s website, press releases, SEC filings, blogs and social media, in order to achieve broad, non-exclusionary distribution of information to the public. We encourage our investors and others to review the information we make public in the locations below as such information could be deemed to be material information."

"For additional information, please follow Elon Musk’s and Tesla’s Twitter accounts: twitter.com/elonmusk and twitter.com/TeslaMotors"

[CivBase]

> He said "funding secured", the board knew nothing of what was going on and scrambled to make it retroactively true.

Yeah, that's pretty irresponsible. I don't see how it changes things, though.

IANAL, but I suspect there's a difference between "follow Elon's twitter because he might release material information there" and "everything Elon tweets is material information".

I have no desire to defend Musk or Tesla. The practice of distributing official information via social media posts is pretty sketchy. But that such an arrangement is even possible only continues to highlight how dumb the stock market is. The more I learn about this, the more it sounds like investors playing with fire and whining when they get burned.