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Elon Musk Lost $1 Billion in a Day as Tesla Stock Crashed Amid SEC Court Showdown

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Tesla CEO Elon Musk lost $1.1 billion from his net worth yesterday morning (April 4) amid his court showdown with the Securities and Exchange Commission. In the first few minutes of trading, Tesla stock cratered as much as 11% before staging a tepid recovery by day’s end.

Tesla (TSLA) closed on April 4 at $267.78 — down 8.2% on unusually heavy trading volume of 23.7 million shares. Average daily volume is 8.6 million shares.

This massive spike in trading activity suggests there was a major sell-off amid Musk’s ugly ongoing feud with the SEC over his Twitter usage.

That said, Musk’s net worth still tops $20 billion, so one bad trading day is neither here-for-there for the South African business mogul.

TESLA ROILED BY SEC FEUD AND DELIVERY SHORTFALLS

Another factor that is hurting Tesla is the electric-car maker’s record drop in deliveries during the first quarter.

Tesla delivered 63,000 vehicles in the first quarter ended March 31 — down 31% from 90,966 in the fourth quarter of 2018.

tesla stock price elon musk sec

Elon Musk lost $1 billion from his net worth in the first two minutes of trading on April 4. (Yahoo Finance)

MUSK: SEC AND I CAN SETTLE OUR DIFFERENCES

All this is obviously bad news for Elon Musk, who has been pummeled by an unending stream of negative press reports and investor backlash, including several shareholder lawsuits.

However, one silver lining to yesterday’s court showdown was that federal judge Alison Nathan did not find that Musk was in contempt of a September 2018 SEC consent order.In fact, Judge Nathan did not even rule on the motion. Rather, she ordered the SEC and Musk to “take a deep breath, put on your reasonableness pants” and settle their differences out of court.

ELON MUSK: THE JUDGE AGREED WITH ME

When Musk left the Manhattan courthouse yesterday, he smiled and praised Judge Nathan (see video below).

Musk also expressed optimism that he and the SEC will sort out their differences over the next two weeks.

The settlement will probably result in Musk paying another huge fine, but won’t lead to his removal as Tesla CEO or from its board of directors.

Musk later issued a statement, where he suggested that the judge agreed with him that he did not violate the SEC consent order. Under the consent decree, Musk agreed to get approval from Tesla’s board before tweeting anything that could impact TSLA’s stock price.“I have great respect for Judge Nathan, and I’m pleased with her decision today. The tweet in question was true, immaterial to shareholders, and in no way a violation of my agreement with the SEC.”

“We have always felt that we should be able to work through any disagreements directly with the SEC, rather than prematurely rushing to court.  Today, that is exactly what Judge Nathan instructed.”

MUSK: SEC IS BEING UNREASONABLE AND IDIOTIC

Meanwhile, Musk remains defiant in his insistence that the SEC is being unreasonable and overreaching. In a March court filing, Musk torched the agency, saying its contempt filing “is wrong at virtually every level.”

At the time, Musk said he understands that he needs to exercise caution before posting anything on Twitter. However, he says the SEC’s “overbroad interpretation” would restrict his free-speech rights.

Moreover, Musk underscored that his use of Twitter is an important part of Tesla’s marketing and consumer-outreach efforts.

On April 5, Musk was back on Twitter and apparently in a good mood. “Stay positive,” he cooed.

Source :ccn

CEO

JP Morgan CEO “wouldn’t spend too much time on” Libra

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In a recent interview with CNBC, the head of JP Morgan has claimed that he doesn’t see the release of Libra as a major issue. Discussing how to deal with the threat it potentially poses, Jamie Dimon said that he “wouldn’t spend too much time on it”.

Dimon has been deeply critical of Bitcoin and the cryptocurrency space in the past, but recently his attitude towards crypto seems to have changed slightly.

A few months ago, his own bank launched its own token, JPM Coin. This institutionally-focused remittance system was received with very little enthusiasm from the crypto community, and many pointed out that it was entirely centralized and didn’t count as a crypto at all. However, these same criticisms have been levelled at Facebook’s upcoming Libra stablecoin, and the two could potentially compete for some clients. 

The JP Morgan CEO insisted that he didn’t perceive Libra as a threat at all: “To put it in perspective, we’ve been talking about blockchain for 7 years and very little has happened,” he said during a conference call with analysts. “We’re going to be talking about Libra three years from now. I wouldn’t spend too much time on it.”

As for regulations concerning Libra, Dimon said that AML and KYC rules will need to be followed by everyone: “The request is always going to be the same: We want a level playing field. And governments are going to insist that people who hold money or move money all live according to rules where they have the right controls in place; no-one wants to aid and abet terrorism or criminal activities.

Source: ambcrypto

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Chainlock makes Dash immune to 51% attacks, claims Ryan Taylor

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Dash was recently in the news for the implementation of Chainlock, a protocol which helps the Dash network become immune to 51% attacks or a chain re-org.

Ryan Taylor, Dash CEO, was recently featured in an interview where he spoke extensively on Chainlock, New InstantSend and more. Taylor first spoke of how Dash is different from other cryptocurrencies and how it was focused on making “Point-of-sale” for users a more seamless process.

With the implementation of Chainlock on the Dash network, it can now settle payments instantly and can quickly be re-spent without any risk to the receiver.

In the interview, Taylor also spoke about the issues Proof-of-Work-based chains face. According to him, these chains follow the block that has “the most work associated with it,” and always go with the first block they see, even when there are two potential blocks. The validity of a block is confirmed only after the next few blocks are formed in the network.

He then spoke of projects using a checkpoint system, a system that carries its own cons. Taylor said that Dash had solved these issues. Dash has created a network that votes by itself on the blocks created. It does so through developed layers of a network called “Master Nodes.” These master nodes then randomly select 400 nodes to form a “Quorum,” members of which then vote when a block is sighted. The purpose of the voting is to term a block valid for it to be added to the network.

A block is only valid if 60% of the members agree to it. Later, a message is sent via the network and mentions the details of a block at a particular height, while also informing about any other block which is rejected.

When asked about the importance of Chainlock and reducing the chance of a 51% attack, Taylor said,

“The cost of attacking the Dash network for an hour isn’t just rent some hashrate like it is for all other cryptocurrencies, you also have to control 20, 25 percent of the coin supply before you could even attempt it. That makes Dash, probably, the most secure cryptocurrency, even more so than Bitcoin.”

Source.ambcrypto

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Binance

Binance CEO Hosts Fifth Live AMA On Company’s Latest Objectives For Futures And Smart Contracts

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Binance head CZ sat down for his latest edition of his famous AMA where he addressed numerous rumors and questions around Binance.

He said that while the arrival of institutional demand is one of the most cited reasons by cryptocurrency proponents for this year’s rally, individual investors are still playing a key role in driving the dramatic price gains. While both institutional and retail trading is growing at Binance, individual investors account for about 60% of trading volume which is the same proportion as the last year. This growth comes in part thanks to greater availability of margin trading.

Expanding on this, CZ said:

“So far, there’s more than $15 million borrowed for margin trading, so clearly there’s a very strong demand for that, and we’re happy to finally push the product out, and have more people use it.”

He even said that there is a possibility of a Future launch:

“The simulation market price will roughly follow the real Bitcoin price, which is the real contract price. We will do a simulation first. Then, in 10 to 20 days, we’ll make the futures testnet live.”

He was proud of the fact that the Binance DEX has been received with open arms by the crypto community.

“I think Binance DEX offers many many advantages. I mean in terms of technology, it is faster, cheaper etc, etc but also in terms of economics, when a project is on Binance, we help it market and provide a lot of service around it, which also helps promote the growth of our Binance DEX.”

Binance team is all set to burn off all the BNB tokens that were allocated to them in order to burn a mountainous 100 million BNB in total. CZ said that rather than linking BNB with market projects or holding BNB buybacks, the Binance team will be burning all of their tokens first, all the 2.4 billion USD.

*Action* Enter Best Email for Trending Crypto News & Market Updates

Source. bitcoinexchangeguide.

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