- San Jose Sharks criticized after promoting gender norms in ancient culture that used human sacrifice Fox News
- BT hosts respond to Sharks goalie James Reimer’s refusal to wear Pride jersey Breakfast Television
- NBC’s Tara Slone on speaking her mind about James Reimer: ‘We have to talk about this’ The Athletic
- James Reimer’s decision not to wear a Pride warmup was a missed opportunity to live his faith SB Nation
- Sharks’ Reimer knows refusal to wear Pride-themed jersey could have ‘consequences’ The Mercury News
- View Full Coverage on Google News
Tag Archives: norms
Elon Musk proves once again that rules, norms don’t apply to him
Elon Musk has once again proven he’ll do things his own way, announcing Friday that his $44 billion deal to buy Twitter is on hold. He shared this news in a tweet rather than in a formal filing with the Securities and Exchange Commission. The drama over the deal has continued to play out in a series of tweets between Musk and the company.
Because the SEC ruled back in 2013 that using Twitter and other social media platforms are an acceptable way for public companies to disclose material information, this might be one of the legal ways he’s flouted convention.
But many other moves by Musk over the years have broken actual rules, not just skirted norms, yet none of it has slowed him down or changed his behavior.
The financial penalties that regulators or business partners might put in place mean little to someone as wealthy as Musk. He’s walking, tweeting proof that normal rules don’t apply to the ultra-rich if they choose to ignore them.
One example: Musk recently acquired nearly 10% of Twitter’s stock — without making the legally required timely public disclosure.
An investor who buys 5% or more of a company’s stock has 10 days to disclose the purchases, so other investors can be aware of what is affecting share prices.
Musk waited 21 days to make the disclosure, by which point he had completed buying 9.6% of Twitter’s stock. News of the acquisition sent Twitter shares soaring even before he announced his bid to buy the platform and take it private.
Had Musk made the required timely filing, it likely would have cost him a lot more to accumulate the 15 million shares he bought after the 10 day deadline had come and gone.
The delayed disclosure saved Musk $143 million by keeping the share price lower than it might have been as he continued to buy shares, estimates Daniel Taylor, a University of Pennsylvania accounting professor.
The Wall Street Journal reported last week that the SEC is probing Musk’s late reporting of his stake in Twitter.
“I think it could be laziness or the belief that rules don’t apply,” Taylor said. “But if you look at when the SEC enforces late filing, it’s relatively rare. From a cost-benefit basis, it makes sense not to file. Even if the cost for reporting late is a $100,000 fine or a multi-million-dollar fine, why wouldn’t he [delay filing]?”
Musk’s previous big battle with the SEC back in 2018, when he tweeted that he had “funding secured” to take Telsa private, sending shares higher, only emboldened the billionaire.
Musk eventually paid a $20 million fine and gave up his position as chairman of Tesla, although he kept the CEO title, which the SEC had threatened to strip him of as well. He also has to have tweets with material information about Tesla approved by others at the company, but it’s not clear how closely he has complied with that requirement over the last four years.
Musk is still seething over that settlement he signed with the SEC, claiming he only did so because banks might otherwise have cut off Tesla’s funding and forced the automaker into bankruptcy. But Taylor said the action by the SEC amounted to little more than a slap on the wrist.
“They had the opportunity to send a strong signal and chose not to,” Taylor said.
Other rules Musk ignores
The regulations on disclosing ownership stakes are only the latest in a long series of rules that Musk has flouted -— with little if any consequence.
Traditional automakers issue recalls when they discover a flaw in the design or construction of a car. That’s why the National Highway Safety Administration, the federal regulator, has named the office that looks into consumer complaints and accident data the Office of Defects Investigation.
But Tesla has been ordered to issue recalls for building its cars precisely as planned. Musk has complied, but has also attacked safety regulators for requiring him to make his vehicles less “fun.” And Tesla has faced no significant costs for its actions.
Tesla features that prompted recalls include allowing front seat passengers — and conceivably drivers — to play video games on the touch screen in the middle of the dashboard while the car is in motion and enabling cars to deliberately roll through stop signs when in self-driving mode.
Musk has also battled with the Federal Aviation Administration over the testing of SpaceX rockets without the requisite permission. In 2020, for example, the company conducted a brief test flight of its forthcoming Mars rocket, called Starship, without giving the FAA proper documentation or assessments for the risks to “public health and safety,” according to the agency.
Even before the test flight took off, the FAA had denied a safety waiver that SpaceX had requested. But the company moved forward anyway.
An FAA investigation ensued, but SpaceX ultimately walked away with little more than orders for “corrective action.”
During the early days of the pandemic, Musk reopened his Tesla factory in California that had been shut down due to stay-at-home orders he attacked as “fascist.”
The county health department, which had ordered the business closures to stem the spread of Covid-19, eventually caved into to his reopening plans.
— CNN Business’ Jackie Wattles contributed to this report
Kanye West, Julia Fox reportedly in open relationship: ‘Their bond transcends typical norms’
Kanye West and Julia Fox are open to seeing other people.
The two stars have been in a high-profile whirlwind romance since New Year’s Eve and reportedly don’t have strict boundaries when it comes to bringing others into the fold.
According to Page Six, West, 44, and Fox, 32, are in an open relationship.
“Their bond transcends typical norms because they’re evolved beings who just want each other to be happy,” a source close to the actress told the outlet. “There is no jealousy or bad vibes.”
KANYE WEST DELETES INSTAGRAM POSTS CRITICAL OF KIM KARDASHIAN AFTER WEEKEND OF FEUDING
Kanye West and actress Julia Fox are reportedly in an open relationship.
(Getty Images)
Furthermore, another source said West is “openly seeking” a romance with Instagram model Chaney Jones, who is known for bearing a striking resemblance to the “Power” rapper’s estranged wife, Kim Kardashian.
West and Jones, 24, were seen out-and-about together on Monday night.
KANYE WEST CLAIMS KIM KARDASHIAN SAID HE PUT A HIT OUT ON HER
Reps for the musician and “Uncut Gems” star did not immediately respond to Fox News Digital’s request for comment.
Julia Fox and Kanye West have been in a high-profile relationship since New Year’s Eve.
(Gotham/GC Images)
West and Fox’s romance was confirmed in a Jan. 6 essay written by the actress for Interview magazine. She detailed their second date, which included a lavish dinner and a glamorous photoshoot.
Despite the widely-known romance, West is still in the midst of a divorce from Kardashian, 41, which took a bitter turn recently when the rapper blasted the reality star on social media.
KANYE WEST ACCUSES KIM KARDASHIAN OF ‘STOPPING’ HIM FROM TAKING THEIR KIDS TO CHICAGO
In a since-deleted Instagram post shared over the weekend, West, who now goes by Ye, claimed Kardashian accused him of putting out a hit on her. He’s also claimed that the star has “stopped” him from speaking to their four shared children: North, 8, Saint, 6, Chicago, 4, and Psalm, 2.
Kanye West is in the midst of an increasingly bitter divorce from Kim Kardashian.
(Getty Images)
“Divorce is difficult enough on our children and Kanye’s obsession with trying to control and manipulate our situation so negatively and publicly is only causing further pain for all,” Kardashian has said in response to her husband airing their divorce drama. “From the beginning I have wanted nothing but a healthy and supportive co-parenting relationship because it is what is best for our children and it saddens me that Kanye continues to make it impossible every step of the way.”
CLICK HERE TO GET THE FOX NEWS APP
“I wish to handle all matters regarding our children privately and hopefully he can finally respond to the third attorney he has had in the last year to resolve any issues amicably,” she concluded her statement.
CLICK HERE TO SIGN UP FOR OUR ENTERTAINMENT NEWSLETTER