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Leaked SpaceX documents show company forbids employees to sell stock if it deems they've misbehaved (techcrunch.com)

submitted 8 months ago by ylai@lemmy.ml to c/technology@lemmy.world

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[–] Kinglink@lemmy.world 14 points 8 months ago* (last edited 8 months ago) (2 children)

I mean.... isn't that also a legal thing?

If you know insider information that's not public (A company misbehaved being one of them) you are not supposed to trade stock to financially gain from it.

Now that's what you're supposed to do... Politicians have proven that's rules just for peasants, and most stock traders heavily benefit from this type of information, and unless your Martha Stewart for some reason, you get away with it... But my point is legally, if you know they misbehaved, that's immediately insider information?

Edit: I misunderstood the headling/rule. Sorry. Quite a shit thing that granted stock can be revoked, especially after you pay taxes. I wonder how legal it is, because if they can revoke it, is it actually yours and thus do you have to pay taxes on it?

[–] nman90@lemmy.world 33 points 8 months ago (2 children)

It's if SpaceX decides that the employee misbehaved, not the company that misbehaved, that allows them to ban that employee from selling private stocks. Also if you leave the company for any reason you lose out on 6 months of them or if you are fired they will buy back all of your stocks at $0, all the while you are paying taxes on your stocks. So the employees could possibly end up losing money from taxes on something they never actually got because the company said so.

[–] nman90@lemmy.world 17 points 8 months ago

Also, i guess the next question is what counts as misbehaved since the company gets to decide? Does calling in sick for a day count? What about if they want you to do something that they legally can't ask you to do and you say no? It sounds more like a ploy to control the workers even more, whether or not what SpaceX does is legal. Sure if its not legal they can sue and maybe even win, but SpaceX could drag out the suit till it has to be dropped from a lack of funds on the employees side or make it not worth the amount they would win.

[–] Kinglink@lemmy.world 7 points 8 months ago* (last edited 8 months ago)

Oops I misunderstood the direction. (I think it was if the employee deems they misbehaved. (I assumed "It" was the employee, not SpaceX. More obvious in hindsight I guess, my bad.)

[–] TheBat@lemmy.world 3 points 8 months ago (1 children)

Didn't Martha Stewart go to jail?

[–] Kinglink@lemmy.world 10 points 8 months ago

That's kind of the point I was making. (She was the one who didn't get away with it)