Comment by feifan
5 days ago
being a public company forces a lot of trust and transparency bc otherwise shareholders will sue you into oblivion
5 days ago
being a public company forces a lot of trust and transparency bc otherwise shareholders will sue you into oblivion
True story, for example take Tesla's promise of self driving which was delivered back in 2015.
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They defrauded everyone who bought a Tesla on the promise that the Tesla they bought would be fully self-driving sometime in the near future.
Taxis are a different and wholly irrelevant product that doesn’t absolve the fraud that they committed.
But that isn’t what they promised.
“Late” is doing a LOT of heavy lifting here. We are talking about 11 years!
What's wild to me is that today there are more companies with more than 100 unsupervised self driving cars out on the road that DID NOT exist (as a company) back when Tesla CEO told investors they're a year away from FSD.
Are those Teslas the 2016 Model 3?
There’s some number of supposedly unsupervised Teslas actually operating in Austin, but what I’ve seen suggests it’s more like a dozen.
And extreme skepticism is warranted that they’re actually fully unsupervised, given Tesla’s repeated lies about this. They’re likely remotely monitored and operated.
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From Matt Levine's description, SpaceX has a governance model that explicitly makes it resistant to shareholder lawsuits. It's not a Delaware corporation.
It might or might not work long-term, but I wouldn't count on courts to help.
Corporations are legally required to maximize shareholder's value. If reaching that goal requires them to pretend to be transparent, or fudge the numbers that they show to the public, then that's what you can expect them to do.
> Corporations are legally required to maximize shareholder's value.
This is a myth.
SpaceX is run by an absolute ghoul who managed to get away with securities fraud ("funding secured"), what makes you think there's any accountability left in public markets?