Walmart Inc. (f/k/a Wal-Mart Stores, Inc.) v. Tesla Energy Operations, Inc. (f/k/a SoalrCity Corporation): plainsite.org/dockets/40v40i… $TSLA
A picture is worth a thousand words... $TSLA
And sometimes a paragraph is worth millions of dollars. $TSLA
When in doubt, as @LoraKolodny first reported...tape!
@lorakolodny Yes, that's 492 counts against $TSLA by one of the largest corporations on Earth. No wonder Elon wants to take off for Mars, leaving behind his employees to raise $100 per solar customer in deposits.
$WMT also filed 128 sealed exhibits, you know, just for good measure.
Earlier today, instead of trying to fix the situation with $WMT, $TSLA's CEO was busy philosophizing on Mars in the style of a overconfident high school sophomore with a sci-fi book collection.
Let's talk about $TSLA's reported cash balances. First of all, they are very likely exaggerated relative to the average daily cash balances the company has on hand during the quarter. But even assuming they're real numbers, some thoughts.
Here's a not-so-helpful breakdown of $TSLA's cash from its last SEC Form 10-Q. It's not so helpful because it doesn't provide any geographic context for where this cash is actually held. It could be in the U.S., the Netherlands, Korea, China...anywhere.
$TSLA claims it had $18.9 billion cash-like-things on hand at the end of June 2022. That sounds pretty great. There are some issues, though. First, Elon admitted on the earnings call that Tesla had to "convert to fiat," i.e. sell, a whole lot of bitcoin for "liquidity." Huh. Why?
Congratulations to the Ninth Circuit on making even the most basic form, Form 1, which every appellant has to file, more confusing than its prior version starting with the very first field.
"The District of...the Northern...District..."
Left: 2018 version
Right: 2022 version
"The District of...California, Northern?" No one ever says that. Why does this need to be so difficult?
This probably seems like a dumb tweet to some people. But this kind of thing is *exactly* why people end up hiring lawyers at $950 per hour: because the courts *could* make things easy with web-based forms and automation, but they make them confusing and infuriating.
The mob has announced its intention to tell all yous why the used car industry don't matter for us no more, in a week or so. We're in the buyback business, you see. Stock buybacks. $CACC ir.creditacceptance.com/news-releases/…
Incredibly, the SEC completely disregarded everything in our $CACC report, even after several Attorneys General filed suit against the company based on it (and managed to pump up the stock even further by agreeing to weak settlements). Care to explain why, @GaryGensler?
After it became clear that the SEC wasn't going to do anything, "ratings agency" DBRS started deleting copies of its prior error-riddled assessments of $CACC's likely fraudulent Asset-Backed Securities. But that's no big deal, right @SEC_Enforcement?
In $TSLA's 10-Q, the phrase "converting our holdings of digital assets into fiat currency" is intended to avoid a lawsuit from the SEC for contradicting Elon Musk's material tweets promising that Tesla would not sell its bitcoin holdings. It did.
1. Elon lied. He said Tesla wouldn't do something and then Tesla did it while he was in charge.
2. Elon committed perjury. He claimed under oath that he would never lie to shareholders. See 1.
3. Elon again violated his amended consent decree with the SEC. $TSLA
In addition, "we purchased and/or received an immaterial amount and $1.50 billion, respectively, of digital assets" is a fancy way of stating "basically no one purchased their cars or anything else with bitcoin or dogecoin" in legalese. $TSLA
Omead Afshar has been running Tesla for years. Internal documents show that he was in fact the company's de facto CEO. The fact that he has been suddenly pushed out is...strange. $TSLA
Very few people get equal billing with Elon Musk, let alone in public. $TSLA
Omead was *very* well compensated for his time at $TSLA. So well compensated that he should have been disclosed to investors as a key executive. But his name never appeared as corporate management.
Like his predecessor Sam Teller, he knows basically all of Elon's secrets. $TSLA