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by barryrandall 653 days ago
As I understand it, X was fined, didn't pay, and the judge pierced a few corporate veils to discover that Starlink and X share a majority owner.
2 comments
JumpCrisscross 653 days ago
> Starlink and X share a majority owner

Musk doesn’t own a majority of Starlink or SpaceX. (SpaceX owns Starlink. SpaceX is controlled by Musk. But he owns less than 50% of the shares.)

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notfish 653 days ago
Musk owns 79% of voting shares of spacex (but yes, only 42% of equity). I guess it depends on your definition of “owns”, but its not unreasonable to say he owns spacex.
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prepend 653 days ago
He had to pierce veils to figure that out? Couldn’t he just check Wikipedia like everyone else?

Is this legal in the US?

If company A owns B and C; and C does something bad, can A or B be fined?

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rlpb 653 days ago
“Piercing the corporate veil” isn’t about discovering something that is a secret. It’s a legal principle.

https://en.wikipedia.org/wiki/Piercing_the_corporate_veil

> Is this legal in the US?

https://en.wikipedia.org/wiki/Piercing_the_corporate_veil#Un...

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hwc 653 days ago
that's the idea of "limited liability". it has a lot of downsides in practice.
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