The damage to Twitter, exposed by Elon, cannot be understated.
Oxley-Sarbanes Act of 2002 - Sarbanes-Oxley makes it a crime to defraud shareholders of publicly traded companies through the filing of misleading financial reports. Executives face fines of up to $1 million and ten years imprisonment for knowingly certifying financial reports that don't comply with the SOX's requirements
Elon can walk away, without incurring any penalties, due to fraud. So the stock could then go into free-fall.
Shareholders now have cause to sue Twitter. First, by fraudulently filing SEC reports, shareholders were intentionally given bad information, by which they made financial decisions. This is a Class Action Law Suit.
Advertisers were defrauded, as the rate they were charged for advertising on that platform, was based on the number of Active Accounts, which were intentionally inflated. This is a Class Action Law Suit.
He can walk away from buying the whole thing, but he'll still own that 10% that he bought earlier, making him the largest stakeholder in the eventual class action suit.
Twitter is done. And the timing could not be better with the emergence of Truth Social.
The damage to Twitter, exposed by Elon, cannot be understated.
Oxley-Sarbanes Act of 2002 - Sarbanes-Oxley makes it a crime to defraud shareholders of publicly traded companies through the filing of misleading financial reports. Executives face fines of up to $1 million and ten years imprisonment for knowingly certifying financial reports that don't comply with the SOX's requirements
Elon can walk away, without incurring any penalties, due to fraud. So the stock could then go into free-fall.
Shareholders now have cause to sue Twitter. First, by fraudulently filing SEC reports, shareholders were intentionally given bad information, by which they made financial decisions. This is a Class Action Law Suit.
Advertisers were defrauded, as the rate they were charged for advertising on that platform, was based on the number of Active Accounts, which were intentionally inflated. This is a Class Action Law Suit.
It's bad, it's very, very bad.
He can walk away from buying the whole thing, but he'll still own that 10% that he bought earlier, making him the largest stakeholder in the eventual class action suit.
Twitter is done. And the timing could not be better with the emergence of Truth Social.