Exhibit B: The Musk defense team in the SolarCity trial has pinned their hopes on the $TSLA Powerwall product as the justification for the merger. Since Tesla had Powerwall and SolarCity had panels, it made business sense to combine them. Hard for a judge to argue with that.
Musk told the court that Tesla *had* to buy SolarCity in order to make a better integrated system—except that Evercore's analysis of the merger found that SunRun, not SolarCity, already had a product, BrightBox, that was built *specifically for Powerwall*.
This is documented in color (!) in the court documents. Amazingly, EverCore then proceeded to give SolarCity a better circle rating in a summary chart on the "Storage Technology" category than SunRun. They even gave SolarCity a footnote for the *idea* of the product SunRun *had*.
This is all to say that the Powerwall defense is a complete lie, told under oath. Not only was Powerwall a *generic* battery product compatible with multiple systems, but SolarCity was clearly *not* the obvious candidate to acquire in order to achieve better system integration.
Exhibit C: Musk told the court, per CNBC, "I don't think SolarCity was financially troubled." Meanwhile, the documents prove he was lying. Musk, Chairman of the SolarCity Board of Directors, knew it wasn't a going concern, and as its CEO, approved $TSLA intervening.
Exhibit D: Musk told the court he was thinking about the internet years before NSF approved its commercial use in the United States. Musk doesn't know anything about genetics based on his lies about Neuralink, which are at direct odds with science.
A previously unreported search warrant for a Binance account used to traffic drugs to Cleveland, Ohio: plainsite.org/dockets/4kn5y0…
A previously unreported seizure lawsuit in which the United States won a default judgment against funds in a Binance account connected to a ransomware payment. plainsite.org/dockets/4h0fg5… CC: @nicoleperlroth
Introducing a new feature on PlainSite: Flags. While we always try to be true to the government sources of documents on PlainSite, including court dockets, sometimes those documents are just incredibly complex to navigate.
It makes no sense to post information so complex or voluminous that people get lost in the noise. We now can highlight documents that are especially important and of public interest. Lawyers and notaries have done something similar for years on paper with colored plastic tabs.
(That's the inspiration for PlainSite's logo.) And now we have the digital equivalent, starting with Elon Musk's deposition transcripts in the Tesla/SolarCity merger case. $TSLA
This is a smoking gun e-mail. Since August 2019 at least, the California DFPI has known that Tether and similar "stable coins" pose a risk to anyone using the financial system. Yet Bob Venchiarutti has opted to do precisely nothing about it.
Then, in December 2020, Tether Limited registered with FinCEN—as it should have years earlier—as a Money Services Business under the Bank Secrecy Act. Two problems: it doesn't have state licenses required everywhere that Tethers are used, and it lied about where that is.
This is as brazen and consequential a violation of 18 U.S.C. 1960 as there ever has been: operation of an unlicensed money transmitting business. It's also a violation of the California Money Transmission Act. There is no DFPI or predecessor legal opinion exempting stable coins.
@pmarca The California DFPI is hard at work regulating cryptocurrency companies. Audits and capital controls are obsolete, having been replaced by back-scratching, congratulatory platitudes, and golf.
@pmarca From the Inmates-Running-The-Asylum Department... $COIN