Special counsel Jack Smith’s team obtained a search warrant in January for records related to former President Donald Trump’s Twitter account, and a judge levied a $350,000 fine on the company for missing the deadline to comply, according to court documents released Wednesday.
Important to note that these fines were to enforce compliance, and they worked.
Twitter finally fulfilled their legal obligation before the cost really balooned, which was the entire point of the fine.
That’s 0.0008% of what he paid for Twitter, that’ll show him!
Especially because he’s just not gonna pay it
A reminder that fines are a poor person’s tax unless the percentage is tacked to the person’s income.
Iirc this fine started at $50k and each day of noncompliance. Another fine 2x the size of the prior days fine was added.
So noncompliance for another day would have cost another $400k, then $800k, then $1.6m, and so on. By day 30 of noncompliance, the fine would be over $5 billion.
Honestly all fines should be a percent of net worth with a minimum amount.
Why the minimum amount?
If a homeless person on the street is fined 100€, they won’t be able to afford it.
No, just keep it a percentage and keep it simple, or loopholes will be found.
Because if there was no minimum I’d just declare bankruptcy and commit crimes for free all day
And never ever again be offered any kind of credit product. You might not even be allowed to open a bank account or invest money. Say goodbye to ever having the THOUGHT of owning a house.
Do you think I’m actually thinking about doing this.
No you wouldn’t and you can’t just repeatedly declare bankruptcy. That’s just now how any of this works.
What do you mean. I’d only have to declare bankruptcy once. Then commit some big crime for free. Then I’d go back to my normal life.
I believe you have some serious misconceptions about how bankruptcy works but I don’t really have the time to explain it to you. The gist of it is that it’s not that simple and is certainly not guaranteed for everybody.
DMX was wrong, X ISN’T going to give it to ya.
A drop in the ocean.
It was 50k doubling each day. So 50k + 100k + 200k for 3 days, if they had let it keep going it would of hurt a lot. This type of fine works.
At 10 days would be 51 million, after 20 would be 52 billion dollars. So, they have a compelling reason to comply with haste.
This is essentially $350,000 that Elon is paying to stay in the daily news cycle.
Stop upvoting Elon garbage and doing the billionaire’s work for him.
This is the reason there are legal compliance officers in communication companies. Elmo fired his. Good that they compiled before the penalties started to escalate.
Gotta pump those numbers up. Those are rookie numbers in this racket
Uhhhhhhhh subpeona followed by arrest warrant after failure to comply with subpoena?
ohnoooes he has to pay a small fee to keep being a shithhhead
Umm, no X paid way too small of a fine, AND still had to comply with the court’s order. Could have done it without the hassle, but chose to cost X’s bottom line.
But Elon probably routinely has lost that much most times he’s posted dumb stuff on Twitter himself. Hard to meaningfully fine a multi billionaire. But apparently he caved before the government got to really trying.
For sure, but the fine wasn’t for noncompliance, it was for three days of noncompliance. Pushing that to a week would have cost him over $10m, pushing it to two weeks would have been almost a billion dollars
this is pertinent, thank you!
Running the business you bought for $44,000,000,000 into the ground to own the libs.
350k is peanuts for Elon
