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    Can the SEC be able to stand up to the most powerful man on earth?

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    Elon Musk has made several insults, ridiculed The Securities and Exchange Commission, and even expressed total disdain for Wall Street’s most powerful policeman.

    Musk has called Musk the SEC “bastards” during an event. He tweeted a vulgar innuendo in 2020. Musk said, “I do not respect the SEC,” in an interview with the SEC in 2018. After accumulating the majority stake in Twitter in 2018, Musk filed required paperwork eleven days overdue.

    “You already know that Elon Musk has been saying, ‘Come on to me. I’m going to challenge you to do it,’” says Christine Chung, Professor at the Albany Law School. She was once a lawyer at the Commission’s Division of Enforcement.

    Musk continues to taunt the SEC even though the SEC has taken numerous steps against him, ranging from securing millions of dollars in fines to the accusation of fraud in the securities industry. In a recent email, the SEC demanded Musk to explain the public remarks he made on Twitter and provide a reason why the company didn’t require disclosure in time.

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    This has rekindled an argument over whether the SEC is sharp enough to control wealthy and powerful executives like Musk.

    Late filings are a “slam-dunk lawsuit” against Musk.

    Many of Musk’s latest actions have been viewed with suspicion. A former SEC Director, Joseph Grundfest, says that it appears pretty straightforward that Musk did not follow the law when he made the late filing. If someone has more than a 5percent stake in a publicly-traded firm, the company has ten days to notify the SEC; however, Musk did not bother to file a report until the end.

    “As an issue of fact, I believe that this is the most”slam-dunk” case you’re likely to come across,” says Grundfest, an instructor at Stanford Law School. “The most junior attorney at the SEC will be able to draft an effective complaint.”

    However, Grundfest isn’t sure that the idea of charging Musk for a disclosure offense is likely to make a difference. This type of offense typically carries an estimated $100,000 fine.

    Elon Musk, who has offered to buy Twitter for $44 billion, has more than 96 million followers on the social media platform.

    “To someone like Elon Musk, it’s like pocket lint,” Grundfest says. Grundfest. “That’s an ounce of chump change. It’s bupkis. You get it from small cash.”

    Musk, the wealthiest person on earth, is estimated to have a wealth of 227 billion dollars under Bloomberg Billionaires Index. Bloomberg Billionaires Index.

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    “It’s not going to change anything,” Grundfest adds. “It will not change the behavior of people. He’ll chuckle.”

    This is the 60 Minutes Interview with Musk

    In 2018, Musk laughed at the SEC during a 60 Minutes interview with correspondent Lesley Stahl, who asked the Tesla CEO about his decision to negotiate with the SEC on the tweet.

    “I would like to make it crystal clear,” Musk said. “I don’t adhere to the SEC. I do not respect them.

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    The SEC has filed suit against him for tweets he sent “misleading tweets” that “led to a significant disruption in the market.” Perhaps most notable, Musk tweeted that he was “considering the possibility of taking Tesla privately with a price of $420.” Musk claimed that he had sufficient “funding secure” to take Tesla private. The SEC said he wasn’t.

    Musk and Tesla have agreed to pay each other $20 million. Tesla and Musk also have decided to “put in place additional procedures and controls to monitor Musk’s tweets,” including his tweets in the SEC announcement.

    But, this kind of muzzling has not been successful. Musk continues to slander the SEC publically and recently sought for a judge to invalidate the settlement. In April, the federal judge denied it.

    Millions against. trillions of dollars

    Former SEC officials question whether the agency has the resources to oversee a world in which companies are worth trillions of dollars. The wealthiest people have hundreds of billions, where tweets can influence stock market movements.

    Congress established the Securities and Exchange Commission almost a century ago when numerous Americans were unable to pay their bills following the 1929 crash of the stock market. The main goal of the SEC is “to safeguard shareholders,” as stated on its site.

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    It was intended to be a formidable organization that could function as an authority for regulation and also an agency for law enforcement. However, in the event of fraud and market manipulation, its options are restricted. In particular, the agency isn’t able to charge criminally.

    Chung suggests it’s worth asking whether the SEC is “carrying its mission fairly and reasonably regardless of how wealthy and powerful you might be?

    Congress created the Securities and Exchange Commission after the 1929 stock market crash, when many people lost money. Its primary mission is “to protect investors,” according to its website.

    In the aftermath of the 2008-2009 financial crisis, many Americans thought about why chief executives weren’t investigated. Even though banks were compelled by law to pay penalties for civil violations, these penalties were small changes for banks holding billions of dollars in assets.

    “If the majority of people believe that the market is rigged or they believe that markets are unfair in fundamental ways and your wealth and influence can determine the way you live your life and your family, they might be less inclined to trust what the market tells us about the importance of companies such as Twitter,” Chung argues.

    A significant gap exists between SEC and the executive and the organizations it controls when it comes to resources. To put this in perspective, Musk’s net worth amounts to over 100 times the annual budget for the SEC.

    “The SEC is driving their Model T when everybody else is driving their sports automobiles,” Chung says.

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    The emoji for poop

    Even if the SEC does not file charges against Musk, Musk is Tesla’s, Chief Executive. It is pushing the boundaries and testing the norms in a manner that we’ve never been before, according to attorney Marc Fagel, who used to head the agency’s San Francisco Regional Office.

    He has highlighted a recent Twitter debate between Musk and Twitter Chief Executive Officer Parag Agrawal.

    The essential initial debate on how social media counted its users ended with Musk posting an emoji of a poop.

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    “We have blunt tools within the securities laws designed to punish fraudulent conduct,” Fagel says. “But should someone send an emoji of poop and investors to decide they’re planning to buy or sell shares on response day? The laws on securities aren’t specifically designed to safeguard them at that moment?”

    The tweet in question didn’t cause a significant change in the price of Twitter’s stock; however, several of Musk’s tweets have led to a change. For instance, one tweet in which Musk announced that his deal for Twitter was “temporarily put on hold.”

    Musk appears to have worked something out, Fagel says. With the new social media, platform Musk wants to purchase in the modern world, you can play with markets, but it “doesn’t necessarily reach the level of fraud.”

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    Business

    Steps of Effective Leadership Development Program Plans.

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    A well-thought-out leadership development program offers opportunities and clear guidance for your workers to enhance their abilities and grow their careers. With a wider skill set, they’ll have the tools they need to assist your business in moving forward. It’s a win-win scenario for both you along with your workers.

    However, a development plan or program shouldn’t be designed in the nick of time. Follow these steps to ensure that your employees’ plans for professional development are on the right track. Follow this guide to know more.

    Effective Career Development Plans

    Step 1: Think about your goals for the business.

    Before setting goals for your employee development program, ensure that you align your employee’s goals for their development with the requirements of your business. Take into consideration your long-term and short-term business objectives.

    Do you need someone from your sales team to be a district manager? Do you require someone in accounting to know how to utilize and use new software?

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    You’ll be able to determine the needed abilities, know-how, skills, and knowledge to achieve your goals once you’ve identified them.

    If, for instance, your business is growing rapidly, it may be necessary to hire more leaders. What qualifications do they require? Does any of your employees currently have the knowledge or the ability and the desire to develop the competencies needed for these roles?

    The development of internal candidates to connect the current skills of employees and those of the future would be extremely beneficial for the business. Investments in employee development today will save costs and time in the long run regarding onboarding, recruiting, or training employees. In addition, creating an employee’s career path and showing the possibility of advancement and promotions can help you keep the best talent.

    Step 2: Discuss the matter with your employees

    Please don’t presume that you know your employees’ levels of expertise and career goals. Discuss with everyone on your team to know more about their professional goals.

    Having your employees evaluate their work and discuss the challenges they face within their current roles is also advisable. Which areas are they experiencing the greatest difficulty in? Are they in need of some additional education, mentoring or an assignment that is challenging?

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    Certain employees have career goals, But they’re not sure what to do next or if the organization will be supportive of their plans. Others may not be aware that you can see their potential or need encouragement to grow in their career.

    When you speak to employees, you can work together in determining what role your business could play in their goals and the opportunities you could offer them.

    Step 3: Define the potential and the readiness

    After you’ve provided leadership and management education, evaluate your employees, and bear in mind the difference between readiness and potential. For instance, Michael may have the potential to become a superstar manager, but he’s not yet ready to assume this job. The definition of readiness can vary, including desire, skill and experience. Michael might want to pursue the managerial job you have in mind for him but isn’t yet. He might be taking care of parents who are elderly or children and isn’t keen to travel.

    Additionally, he may have the time and energy required for a new job. Or, he could need between two and three years in increasingly challenging assignments. Furthermore, this is the time to acquire the management skills needed in the new job.

    Final Thoughts

    Leaders often think of someone who excels at selling or manufacturing widgets (potential). They also assume they are great at managing the sales team or manufacturing widgets (readiness). Management and doing require different skills, and the employee is forced into employment. Furthermore to this, they aren’t prepared for the negative outcomes.

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    Career

    Do you want to quit your job in Dubai? These are the five steps to follow.

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    Gulf News speaks to UAE legal professionals about the steps employees should follow when quitting.

    Dubai: You may be contemplating quitting your job as a full-time employee in the UAE. What happens if my manager refuses to accept or acknowledge my resignation. How can I ensure I have no problems moving to a different job?

    Gulf News interviewed legal experts in UAE to determine the best steps for employees to take to avoid financial or legal liability when they quit their full-time jobs. The steps below are only for employees with full-time jobs. They are based on UAE’s new Labour Law, Federal Decree-Law No. 33 of 2022 – and its governing regulations.

    1. To ensure you give the correct notice period, read your employment contract.

    According to the UAE Labour Law, the notice period for a full-time employee who wants to end a work contract may be between 30 and 90 days. Your labor contract will specify the notice you must give to your employer. You can find our detailed guide on how to get a copy of your labor contract here.

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    Failure to fulfill your notice period could result in financial liability. You may be asked for your salary for the period you did not serve, according to Priyasha Corrie (Partner at Keystone Law Middle East LLP).

    She stated that Article 43(3) of UAE Labour Law requires parties to compensate each other. This is a ‘payment in lieu notice’ equivalent to an employee’s salary for the whole notice period or a portion thereof.

    You should keep some things in mind if you’re resigning within your probation period. Our detailed guide explains how to resign during probation.

    2. Resign in writing

    Corrie advised employees to notify their employer in writing of their decision to resign, via email or by letter. It is crucial to indicate your notice period and the last day of your work following your labor contract. This is required by Article 43 (1) of UAE Labour Law.

    What happens if my employer doesn’t respond to my resignation email

    According to Dr. Ibrahim Al Banna (CEO of Ibrahim Al Banna Advocates and Legal Consultants), while employees are required to submit their resignations in writing, acknowledgment from the employer is not required under the UAE Labour Law.

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    Dr. Al Banna stated that the employer does not have to acknowledge the notification.

    3. Receive all your end-of-service dues

    Your gratuity will be calculated according to Article 51 of UAE Labour Law once you have served your term as a full-time employee. You must note that gratuity will be calculated on an employee’s basic pay.

    Dr. Al Banna stated that when calculating gratuity for a foreign employee, an employer must, according to Article 51 (5), calculate it based on the previous basic salary to which the employee was entitled, regardless of whether the employee receives a salary on either a weekly, monthly, or daily basis.

    The gratuity paid to a foreign employee shall not exceed two years’ remuneration. The employer can deduct any amount due to him or her, following the law or a judgment rendered by a competent judge, when determining the gratuity amount.

    4. Ensure that your work permit is cancelled

    Concerning Executive Regulations of Labour Law, the employer must apply to the Ministry of Human Resources and Emiratisation to cancel the work permit. Dr. Al Banna states that the employer must also apply for cancellation of visas with the General Direction of Residency and Foreigners’ Affairs (GDRFA Dubai) or the Federal Authority for Identity, Citizenship and Ports Security(ICP) if the employee was under the sponsorship.

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    “Once the visa and work permit is canceled, information indicating that they have been canceled will be entered into the MOHRE/GDRFA database. Dr. Al Banna stated that employers had restricted access to the database.

    Although you are not allowed to access the databases of the authorities as an employee, your employer should send you cancellation papers detailing when your visa and work permit was canceled and the length of your stay in the UAE.

    The visa and permit have been canceled. This gives the employee only 30 days to enter into a new employment relationship or exit the UAE. Dr. Al Banna stated they would be fined if the employee failed to establish a new employment relationship or exited the UAE without a valid visa.

    5. For any questions, contact MOHRE

    Lawyers also advised Gulf News to contact the Ministry of Human Resources and Emiratisation for any clarifications on the new Labour Law. For more information, contact the Ministry.

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    Career

    HOW TO SURVIVE A JOB INTERVIEW IN ENGLISH.

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    In English, we frequently talk about “surviving” an interview. Sometimes, simply surviving isn’t enough. You have to be able to show the interviewer what an excellent candidate you are should you want to be hired for your dream job. While specific interview questions are more challenging than others, you will still get an edge over your competition by knowing how to handle these simple English questions during the interview. Sit in a comfortable position and get yourself ready to tackle these English job interview-related questions.

    Tell me more about your personal life.

    It’s not a question but rather an invitation to provide more information. It’s still a popular method of opening an interview, however. Keep in mind that the interviewer is looking to learn about your skills related to your job rather than what you’re doing in your private life. Don’t mention, “I was born in Taipei,” “I like playing computer games,” and “I am the youngest of my two brothers.” Talk about your career progress, the lessons you’ve learned, and particular skills that allow you to be a suitable candidate for this position.

    Your Strengths?

    Don’t hesitate to sell yourself! The trick to answering this question is providing specific examples and supporting them with proof. Don’t just answer: “I’m organized, punctual, and well-liked with my colleagues.” You should follow up any information you state with “For instance” …” and elaborate on how you demonstrated your skills in your previous position.

    What are your reasons for wanting to be a part of our team?

    Employers would like to know why you’re interested in working for them. Therefore, show them that you know the company’s work and that you’re excited about your job. Don’t begin by saying, “Umm,” “I don’t know,” It seemed like a good choice for my career,” or “I haven’t found any other interesting information.” Go online and research the company before you interview to ensure that you can provide specific reasons as to why you’d like to join the company. Remember that the interviewer needs to understand what you could bring to the company rather than what the company could bring to you!

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    What made you quit your previous job?

    Perhaps the last position you had was a disaster. However, an interview isn’t the right time to discuss the issue. If it’s true, do not make negative or opinionated remarks regarding your former or current colleagues or employers: “I didn’t agree with the direction of the company,” “I got no acknowledgment for my work,” “My boss was unjust.” Such statements can make you appear unprofessional. Instead, concentrate on positive reasons to leave, such as the desire to take on new challenges or expand your knowledge.

    Have any questions you’d like to ask me?

    Interviewers typically end their interview by asking this question. Make sure you ask specific questions that demonstrate that you know the basics about the company, but you’d like to know more. Be sure to ask questions you already know the answers to, such as, “What does your company does?” Or, “Could you give me your name repeatedly?” Also, don’t inquire about salary or vacation-related questions: “When do you give raises?” “How much vacation time should I anticipate?” Save those questions to ask after you’ve heard, “We’d like to give you the job.”

    Remember that the most important thing to do for an interview is to be prepared. Research thoroughly and ensure you know the company’s mission and job before going into the interview. Be relaxed and remember that you were invited to the interview because the company is looking for your skills. Be sure to answer these questions and make use of them as a base to ensure you are successful at that subsequent English employment interview.

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