Unfortunately even an astronomical sum like this is still in “slap on the wrist” territory for a company that size. This is for a single incident, though, not class action. So it could be a valuable precedent in actually forcing them to act more responsibly for fear of more meaningful consequences.
This is significant if they actually pay it, it’s a drop in the bucket for their market capitalization, but as to the actual money they have it’s a very large amount, they don’t make that much money it’s all imaginary stock prices not earnings.
I’m sure they will appeal it until they get it cancelled.
They have 44b in cash and 6.2b in free cash flow in 2025.
They make plenty of money and this is a drop in the bucket to their cash reserve.
They’ve paid off almost all their debt as well
That is quite a bit,
I just looked up their Price to Earnings Ratio to just see how much it’s changed and it’s 380. Typical P/E ratios are like 12/1. 12 price to 1 earning. It’s insanely overvalued still it defies logical explanation there is no way they ever make enough money to justify 1,540,000,000,000 market price, with 3,750,000,000 shares valued at 412 right now.
You’re absolutely right that the earnings today doesn’t justify the stock price.
It’s all based off future assumptions that would need to come true like dominating the AV industry and humanoid robot industry.
There was actually a brief period in 2022 I think where the stock price was really high, but they were making more profit than other OEMs combined with a faction of the cars, and they were actually reaching what seemed like a reasonable PE ratio. Then he bought twitter, did the nazi stuff, did the Cybertruck instead of the 25k vehicle (which is now abandoned), and their vehicle growth started shrinking instead of growing.
Building on what you said, I think that the sum is actually pretty significant if you think of it as being roughly $100 million per person, and then multiply by the number of people hurt by the supposed “Autopilot” who now have incentive to sue.
It’s about 6% of net profit according to some websit.
Nice.
Musk = POS Nazi.
I don’t even care if the autopilot was at fault or not in this case. I’m just here to say fuck that guy!
Indeed
Can’t they just keep appealing till they get to the Supreme Court that will do whatever Trump tells them to?
Does the Supreme Court have jurisdiction over civil cases?
Wow! That sounds like TRILLION DOLLAR Behavior!
What’s the point of such court cases when the loser can simply appeal and appeal and appeal? It’s a stupid system.
Edit: typo.
There are limits to appeals. Each appeal up the chain requires that court to agree to hear the challenge of the appeal. Depending on the jurisdicion, I think the limit would be only 3 or 4 appeals with that last one being the Supreme Court of the United States. If the next higher court declines to hear the appeal, the lower courts ruling stands.
You can appeal - but appeals are rarely agreed to. An appeal isn’t about the facts in most cases - it is about was the law correctly applied and if so is the law constitutional.
