I wrote last night’s post about the socialist hacks attacking one of the U.S.’s most productive and innovative people for being too successful at what he does—as contrasted with his envious critics—based on old information, as in “what I had accumulated in my notes during the day while trying to do my far easier and less productive job. (In fact, it’s ridiculous how little being an ethicist accomplishes, if it accomplishes anything at all.) Here are some related items I would have included if I had taken a bit more time on that post….
1. In addition to being assholes, the Musk-haters don’t know what they are talking about.
A frequent and erudite “X”-pundit whose handle is “Cynical Publius” wrote:
“Elon Musk is a trillionaire.”
“As a securities law attorney, please allow me to explain how anyone who says this is basically lying to you:
- The Securities and Exchange Commission has a myriad of laws that prevent founders and other large stockholders of publicly traded companies from dumping their shares. There are substantial holding period requirements, volume of sales limitations and public reporting obligations for stock sales. Basically, Elon holds largely illiquid shares, he is a “trillionaire” on paper only, and the best analogy is when people peg your net worth based on your home’s market price. That’s not money in your pocket, that’s the house you live in.
- All that money raised in the IPO? That’s not going into Elon’s pocket like the lying socialist idiots want you to believe. It’s a capital influx that will be used to make more rockets and get more payloads into orbit. It’s a CAPITAL investment—that money is like a business loan, it’s not your money to keep, it’s your money to grow the business.
- If it WERE legal for Elon to dump his shares, the share price would crash basically instantly and the company could very well fail.
- If you bought SpaceX shares in the IPO, congrats. You just bought a lottery ticket, just like Elon. May the odds ever be in your favor.
- So the next time someone screeches about how unfair it is that Elon Musk creates wealth that benefits all of humanity, throw the truth back in their faces.”
Ethics Alarms 
I am proud to say I did research work on suicide at the Rockefeller Institute, during the 60’s, I have always enjoyed going to Radio City Music Hall which Rockefeller built in the midst of Rockefeller Center. Rockefeller center was the home of broadcasting as well as the center of ice skating and the host of the city’s Christmas tree and decorations.
I have never benefitted from anything built by a late nght “comedian” ao their opinions are worthless. Bedsides I am in bed by 10, due to my age.
Elon, thank you for all you have contributed to the quest of humanity. “To dream the impossible dream, to fight the unbeatable foe, , to right the unrightable wrong, to go where the brave not go.!”
Regarding the clarification provided by the securities lawyer in item one above: That won’t change lefty’s mind. Lefty wants to tax your paper net worth! The bigger the net worth, illiquid though it is, the larger the tax to be assessed and collected.
Jim Blase! My law school classmate and self-made TR authority in his spare time when not practicing law! Way to go, Jim! His is a very interesting book. Too bad TR is reduced to “Bully! Bully!”