Speaking as someone who filed RICO claims against Elon, dismissed only because he has not yet been successfully prosecuted for securities fraud due to A) the PSLRA amendments to RICO and B) his purchasing the 2024 election, and was then ridiculed by certain lawyers for doing so...
I agree.
I agree.
Big Tech is organized crime.
Most people won’t engage with that statement. They don’t want to confront what it means — how huge the problem is and how hard it will be to fix. But that doesn’t change the fact that it’s true.
Big Tech is organized crime.
Most people won’t engage with that statement. They don’t want to confront what it means — how huge the problem is and how hard it will be to fix. But that doesn’t change the fact that it’s true.
Big Tech is organized crime.
Meta sure sounds eager to get young people hooked on online gambling
June 28, 2026 at 5:39 PM
Speaking as someone who filed RICO claims against Elon, dismissed only because he has not yet been successfully prosecuted for securities fraud due to A) the PSLRA amendments to RICO and B) his purchasing the 2024 election, and was then ridiculed by certain lawyers for doing so...
I agree.
I agree.
The notion that this whole insanely expensive charade is anything approaching justice is a farce, especially because the PSLRA is so completely broken. As I've said before, PSLRA reform needs to be up there with overturning Citizens United.
March 5, 2026 at 12:27 AM
The notion that this whole insanely expensive charade is anything approaching justice is a farce, especially because the PSLRA is so completely broken. As I've said before, PSLRA reform needs to be up there with overturning Citizens United.
It's even worse than this. The plaintiffs in Lamontagne argued that he / Tesla don't get to use the forward-looking statement exemption in the PSLRA anymore because the PSLRA says that if you violate an anti-fraud part of the statute within 3 years of a forward-looking statement it doesn't apply...
October 12, 2024 at 7:54 PM
It's even worse than this. The plaintiffs in Lamontagne argued that he / Tesla don't get to use the forward-looking statement exemption in the PSLRA anymore because the PSLRA says that if you violate an anti-fraud part of the statute within 3 years of a forward-looking statement it doesn't apply...
Apollo Global, Marc Rowan & Leon Black sued for lying about Jeffrey Epstein ties
storage.courtlistener.com/recap/gov.us...
storage.courtlistener.com/recap/gov.us...
Complaint – #1 in Feldman v. Apollo Global Management, Inc. (S.D.N.Y., 1:26-cv-01692) – CourtListener.com
COMPLAINT against Apollo Global Management, Inc., Leon Black, Marc Rowan. (Filing Fee $ 405.00, Receipt Number ANYSDC-32478491)Document filed by Solomon Feldman. (Attachments: # 1 Exhibit PSLRA Certif...
storage.courtlistener.com
March 2, 2026 at 11:53 PM
Apollo Global, Marc Rowan & Leon Black sued for lying about Jeffrey Epstein ties
storage.courtlistener.com/recap/gov.us...
storage.courtlistener.com/recap/gov.us...
I’m listening to the PSLRA Supreme Court case this morning, and Petitioner is arguing (I think?) that you can do some sort of Daubert at 12b6?
November 13, 2024 at 3:37 PM
I’m listening to the PSLRA Supreme Court case this morning, and Petitioner is arguing (I think?) that you can do some sort of Daubert at 12b6?
Little known fact: the PSLRA safe harbor for forward-looking statements does not apply to statements made with actual knowledge that they are false or misleading.
August 4, 2026 at 9:05 PM
Little known fact: the PSLRA safe harbor for forward-looking statements does not apply to statements made with actual knowledge that they are false or misleading.
And I know it sounds preachy and sure, who cares if Aaron (or anyone) makes another dollar in the stock market, but keep in mind that thanks to the PSLRA joining hands with Citizens United, the stock market is politics now.
The misallocations of resources short sellers warn about *matter*.
The misallocations of resources short sellers warn about *matter*.
April 22, 2026 at 2:04 AM
And I know it sounds preachy and sure, who cares if Aaron (or anyone) makes another dollar in the stock market, but keep in mind that thanks to the PSLRA joining hands with Citizens United, the stock market is politics now.
The misallocations of resources short sellers warn about *matter*.
The misallocations of resources short sellers warn about *matter*.
I'm not a lawyer, and I get PSLRA was created to reduce frivolous/abusive fraud suits, but Musk has blown open a shocking loophole IMO. A pattern of repeated false forward looking statements must, at some point, become fraud. You can't just say "end of the year" forever, and never offer refunds.
October 12, 2024 at 5:50 PM
I'm not a lawyer, and I get PSLRA was created to reduce frivolous/abusive fraud suits, but Musk has blown open a shocking loophole IMO. A pattern of repeated false forward looking statements must, at some point, become fraud. You can't just say "end of the year" forever, and never offer refunds.
pslra is a joke
June 25, 2025 at 11:26 AM
pslra is a joke
There is only one answer to this question.
Repeal the PSLRA, and let securities litigation eat them alive.
Repeal the PSLRA, and let securities litigation eat them alive.
actually yeah, let’s game this out a little: what are the policy levers, both fed and state, and both public and private, that you could use to most fuck over the bad actors in tech, a16z, twitter, etc? without doing death drive shit that destroys the whole sector I mean.
If the Musk coup fails we're going to do Radical Reconstruction on Palo Alto
February 5, 2025 at 4:00 PM
There is only one answer to this question.
Repeal the PSLRA, and let securities litigation eat them alive.
Repeal the PSLRA, and let securities litigation eat them alive.
Tesla very recently got out of a shareholder lawsuit over driving automation fraud on the strength of this argument: that most of the allegations were simply "forward looking statements," protected by the PSLRA, or (I hate this phrase so much) "corporate puffery."
www.theverge.com/2024/10/1/24...
www.theverge.com/2024/10/1/24...
Tesla wins again as lawsuit challenging Autopilot claims is dismissed
Corporate “puffery,” not fraud.
www.theverge.com
October 12, 2024 at 5:40 PM
Tesla very recently got out of a shareholder lawsuit over driving automation fraud on the strength of this argument: that most of the allegations were simply "forward looking statements," protected by the PSLRA, or (I hate this phrase so much) "corporate puffery."
www.theverge.com/2024/10/1/24...
www.theverge.com/2024/10/1/24...
There will always be oligarchs too, but Zuckerberg is unique for his social media platform which enabled Trump Round I, and Musk for his social media platform which enabled Trump Round II.
If it weren't for the PSLRA, they both would have been cut down to size long ago. Now...impossible.
If it weren't for the PSLRA, they both would have been cut down to size long ago. Now...impossible.
May 12, 2025 at 10:11 PM
There will always be oligarchs too, but Zuckerberg is unique for his social media platform which enabled Trump Round I, and Musk for his social media platform which enabled Trump Round II.
If it weren't for the PSLRA, they both would have been cut down to size long ago. Now...impossible.
If it weren't for the PSLRA, they both would have been cut down to size long ago. Now...impossible.
I think it's been lost in the rise of fascism in America that there is a direct causal link between the above (especially the first two companies listed) and our grim reality. The stock market is at the root of this catastrophe.
PSLRA -> Citizens United -> Zuckerberg -> Musk -> Putin = Fascism
PSLRA -> Citizens United -> Zuckerberg -> Musk -> Putin = Fascism
May 12, 2025 at 10:07 PM
I think it's been lost in the rise of fascism in America that there is a direct causal link between the above (especially the first two companies listed) and our grim reality. The stock market is at the root of this catastrophe.
PSLRA -> Citizens United -> Zuckerberg -> Musk -> Putin = Fascism
PSLRA -> Citizens United -> Zuckerberg -> Musk -> Putin = Fascism
also just to be clear i would so much be rather calling out courts for failing to respect the boundaries of the PSLRA than ... *handwaves* all the rest of this
My kingdom to be able to focus on a neat question of whether an interested transaction was cleansed, or something
My kingdom to be able to focus on a neat question of whether an interested transaction was cleansed, or something
So here is a court dismissing claims against Peloton for failure to account for bike recalls:
www.law360.com/articles/229...
Tian et al. v. Peloton Interactive Inc. 1:23-cv-04279 EDNY
www.law360.com/articles/229...
Tian et al. v. Peloton Interactive Inc. 1:23-cv-04279 EDNY
Judge Slams The Brakes On Peloton Bike Recall Claims - Law360
A New York federal judge on Friday threw out, for now, a proposed investor action alleging Peloton overstated the safety of its bikes before 2.2 million products were recalled over a bike seat defect,...
www.law360.com
February 16, 2025 at 3:00 PM
also just to be clear i would so much be rather calling out courts for failing to respect the boundaries of the PSLRA than ... *handwaves* all the rest of this
My kingdom to be able to focus on a neat question of whether an interested transaction was cleansed, or something
My kingdom to be able to focus on a neat question of whether an interested transaction was cleansed, or something
1. Reform the legal profession to prioritize allegiance to *truth* versus allegiance to the client
2. Repeal PSLRA
3. Fix "buy, borrow, die"
4. Give SEC criminal authority
5. Prioritize investigations of options manipulation
6. Extend statute of limitations to prosecute/jail every Trump/Musk enabler
2. Repeal PSLRA
3. Fix "buy, borrow, die"
4. Give SEC criminal authority
5. Prioritize investigations of options manipulation
6. Extend statute of limitations to prosecute/jail every Trump/Musk enabler
The post-Trump/Musk recovery is going to require dramatic and systemic solutions to inequality and billionaire power.
February 9, 2025 at 5:27 AM
1. Reform the legal profession to prioritize allegiance to *truth* versus allegiance to the client
2. Repeal PSLRA
3. Fix "buy, borrow, die"
4. Give SEC criminal authority
5. Prioritize investigations of options manipulation
6. Extend statute of limitations to prosecute/jail every Trump/Musk enabler
2. Repeal PSLRA
3. Fix "buy, borrow, die"
4. Give SEC criminal authority
5. Prioritize investigations of options manipulation
6. Extend statute of limitations to prosecute/jail every Trump/Musk enabler
I blogged about NVIDIA, one of the two PSLRA pleading cases pending before the Supreme Court:
Business Law Prof Blog: NVIDIA
In 1995, Congress passed the Private Securities Litigation Reform Act (PSLRA), which dramatically heightened the pleading burden for plaintiffs bringing securities fraud cases. At the same time, the P...
lawprofessors.typepad.com
August 16, 2024 at 4:06 PM
I blogged about NVIDIA, one of the two PSLRA pleading cases pending before the Supreme Court:
Oh no, the people who were 100% in favor of the PSLRA, the obscure law that has defended Elon Musk from discovery obligations and liability in every single federal securities lawsuit ever filed against him, now don't like the effects of the law they sponsored! Whatever shall we do?
Burn it down?
Burn it down?
February 2, 2025 at 3:05 AM
Oh no, the people who were 100% in favor of the PSLRA, the obscure law that has defended Elon Musk from discovery obligations and liability in every single federal securities lawsuit ever filed against him, now don't like the effects of the law they sponsored! Whatever shall we do?
Burn it down?
Burn it down?
Fifth, every other answer out of Elon's mouth was "I don't recall," which he can kind of legitimately say because the PSLRA is so #*&!@ed that in the rare event that your case ever gets heard at all, it takes 4-5 years minimum before there's a trial. Do you recall exactly what you did 4-5 years ago?
March 5, 2026 at 12:27 AM
Fifth, every other answer out of Elon's mouth was "I don't recall," which he can kind of legitimately say because the PSLRA is so #*&!@ed that in the rare event that your case ever gets heard at all, it takes 4-5 years minimum before there's a trial. Do you recall exactly what you did 4-5 years ago?
Looks like the Tesla securities fraud class action is getting off the ground. zlk.com/pslra-1/tesl...
Tesla, Inc. Lawsuit Submission Form - Levi & Korsinsky, LLP | Securities Class Action Attorneys
zlk.com
September 7, 2025 at 7:08 PM
Looks like the Tesla securities fraud class action is getting off the ground. zlk.com/pslra-1/tesl...
Ed is right, for sure. But if you're curious who lit the fire that forged the monster, it was Newt Gingrich and Christopher Cox, and they lit it with a match they called the Private Securities Litigation Reform Act of 1995: the PSLRA.
when you understand how much Elon Musk has been getting away with, and for how long, you will start to understand how we got to this point... in many ways, Tesla is the fire that forged the monster we see today
benbellabooks.com/shop/ludicro...
benbellabooks.com/shop/ludicro...
Ludicrous - BenBella Books
Ludicrous lays bare the disconnect between the popular perception of Tesla and the day-to-day realities of the company.
benbellabooks.com
January 30, 2025 at 12:49 AM
Ed is right, for sure. But if you're curious who lit the fire that forged the monster, it was Newt Gingrich and Christopher Cox, and they lit it with a match they called the Private Securities Litigation Reform Act of 1995: the PSLRA.
Biggest problem here, PSLRA-wise, would actually be the markets reaction to the statements- Tesla went down 8%.
Defense would have a decent argument that the market didn’t buy what Elon was selling.
Defense would have a decent argument that the market didn’t buy what Elon was selling.
October 12, 2024 at 5:50 PM
Biggest problem here, PSLRA-wise, would actually be the markets reaction to the statements- Tesla went down 8%.
Defense would have a decent argument that the market didn’t buy what Elon was selling.
Defense would have a decent argument that the market didn’t buy what Elon was selling.
Could be appealed in theory. But the bigger problem is the PSLRA.
October 12, 2024 at 10:38 PM
Could be appealed in theory. But the bigger problem is the PSLRA.
I would be lobbying Congress to amend or repeal the PSLRA first because otherwise all securities litigation is pointless.
February 3, 2026 at 6:46 AM
I would be lobbying Congress to amend or repeal the PSLRA first because otherwise all securities litigation is pointless.
The PSLRA.
The nightly game of tag between Trump and Musk as to who is the most insane person on the planet.
How did we get here lol.
How did we get here lol.
April 2, 2025 at 9:40 PM
The PSLRA.