Mr. Clayton and executives of the SEC:
I am writing to express my disgust with the SEC’s overreach in the announcement of fraud charges against Elon Musk.
When I saw Musk’s tweet on Aug 7, the operative word: “considering” struck me as a clear indication – a 100% transparent indication – that there was ZERO certainty to the privatization prospects for Tesla. ZERO. It’s like my footloose friend who suddenly says he’s “considering” marrying the girl he met last week (I am not booking my tux anytime soon – not on a “consideration” – Instead, I will wait and see). Accordingly, I neither purchased, nor sold TSLA stock, nor did I seek to short the stock in response to Musk’s “considering” of a privatization. CLEARLY, it was a non-material off-the-cuff remark in a forum known for its wild-west banter. On top of that, it came from a visionary person, who proves by his remarkable achievements that he thinks differently from 99% of people. Any thinking person would know that more detail would have to be provided and that a formal announcement would have to be made before the words could be taken materially.
A philosopher once suggested that the “man who discovered fire… was probably burned at the stake”. Don’t make that error. Not in America.
You don’t burn a person like Elon Musk at the stake. You simply let the markets vote with their dollars for or against him. STAY THE HECK OUT OF THIS. You let the markets decide if the product being made is compelling OR not. You let the markets decide the credibility of the leaders of such companies. You let the markets decide to back the vision of the leaders of these companies or to run for the hills. You don’t saddle someone like Elon Musk with unbearable non-deserved consequences that could actually break or severely bruise his spirit.
You suggest investors were harmed by Musk’s tweet? Horse feathers. Only fools were harmed by his tweet.
But now… The SEC’s announcement today ACTUALLY will cause harm. It will harm the investors who have placed their cash in the hands of someone who will go down in history as one of the greatest entrepreneurs of the century. Actual harm will now come as a consequence of your over-reach. The investments that so many smart people made in TSLA are now at risk of being lost. America now risks losing a great entrepreneur running a host of visionary enterprises. Why? Because you are protecting investors?! Are you that blind?
America wants to bring back jobs and industry. Welcome Elon Musk. He’s doing both. America wants to lead by example on the world stage of business. Thank you, Elon Musk. America wants to solve the great problems of our modern age relating to energy and transport. Thank you, Elon Musk. America wants to engage the new economy of computer underpinnings of our future. Welcome to America, Elon Musk. Thank you for coming. Thanks for not just retiring to a private island after your first success. We need your vision. We need your example. We need your outlandish imagination that drives innovation and inspires our youth. We welcome it – we will not hold your feet to the fire just because the envious and short-sighted don’t understand you… Mr. Musk.
To anyone with a soul at the SEC: I implore you – be on the right side of history. Withdraw this insanely ill-conceived and illogical lawsuit immediately before any further actual harm comes. You are demoralizing the very people who make a positive difference in our world. They don’t just move money around markets. They MAKE compelling necessary products and services. They advance us.
Do not drive a stake in the rebel soul that made America what it is.
Withdraw that stake.
Laissez-faire – Let him alone.
Paul Tomori