Comment on Brazil blocks Starlink bank accountsparentComments−barryrandall2yAs I understand it, X was fined, didn't pay, and the judge pierced a few corporate veils to discover that Starlink and X share a majority owner.−JumpCrisscross2yStarlink and X share a majority ownerMusk doesn’t own a majority of Starlink or SpaceX. (SpaceX owns Starlink. SpaceX is controlled by Musk. But he owns less than 50% of the shares.)−notfish2yMusk owns 79% of voting shares of spacex (but yes, only 42% of equity). I guess it depends on your definition of “owns”, but its not unreasonable to say he owns spacex.−prepend2yHe had to pierce veils to figure that out? Couldn’t he just check Wikipedia like everyone else?Is this legal in the US?If company A owns B and C; and C does something bad, can A or B be fined?−rlpb2y“Piercing the corporate veil” isn’t about discovering something that is a secret. It’s a legal principle.https://en.wikipedia.org/wiki/Piercing_the_corporate_veilIs this legal in the US?https://en.wikipedia.org/wiki/Piercing_the_corporate_veil#Un...−hwc2ythat's the idea of "limited liability". it has a lot of downsides in practice.
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As I understand it, X was fined, didn't pay, and the judge pierced a few corporate veils to discover that Starlink and X share a majority owner.
Musk doesn’t own a majority of Starlink or SpaceX. (SpaceX owns Starlink. SpaceX is controlled by Musk. But he owns less than 50% of the shares.)
Musk owns 79% of voting shares of spacex (but yes, only 42% of equity). I guess it depends on your definition of “owns”, but its not unreasonable to say he owns spacex.
He had to pierce veils to figure that out? Couldn’t he just check Wikipedia like everyone else?
Is this legal in the US?
If company A owns B and C; and C does something bad, can A or B be fined?
“Piercing the corporate veil” isn’t about discovering something that is a secret. It’s a legal principle.
https://en.wikipedia.org/wiki/Piercing_the_corporate_veil
https://en.wikipedia.org/wiki/Piercing_the_corporate_veil#Un...
that's the idea of "limited liability". it has a lot of downsides in practice.