Musk on trial says he was sure he had Saudi backing to privatise | Business and Economy News

Elon Musk is on trial for claims that he defrauded traders by tweeting he secured funds to privatise his agency Tesla.

Elon Musk has testified that he was certain he had backing from Saudi financiers in 2018 to take Tesla Inc non-public, as he defended towards claims he defrauded traders by later tweeting about his electrical automotive firm.

At a trial in United States federal courtroom in San Francisco, California on Monday, Musk informed the traders’ lawyer Nicholas Porritt that he had met on July 31, 2018 with representatives of Saudi Arabia’s sovereign wealth fund, the Public Funding Fund (PIF), at Tesla’s Fremont, California manufacturing facility.

Musk stated he didn’t focus on a takeover value, however the Saudi representatives made clear they’d do what it took to make a buyout occur.

“PIF unequivocally wished to take Tesla non-public,” he stated.

The trial assessments Musk’s penchant for taking to Twitter to air his generally irreverent views, and when the world’s second-richest particular person could be held accountable for crossing a line.

At stake are hundreds of thousands of {dollars} for shareholders who declare they suffered losses after Musk tweeted on August 7, 2018 that he had “funding secured” to take Tesla non-public at $420 per share, and that “investor help is confirmed”.

Tesla’s inventory value surged after Musk’s tweets, and later fell because it turned clear the buyout wouldn’t occur.

A jury of 9 will resolve whether or not the billionaire artificially inflated Tesla’s share value by touting the buyout’s prospects, and if that’s the case by how a lot.

The plaintiffs have already cleared excessive authorized hurdles within the uncommon securities class motion, with US Choose Edward Chen ruling final Might that Musk’s put up was untruthful and reckless.

However in Monday’s testimony, Musk stated he believed he might have bought sufficient shares of his rocket firm SpaceX to fund a buyout, and “felt funding was secured” with SpaceX inventory alone.

‘Not a joke’

Musk was additionally sued by the US Securities and Change Fee (SEC) over the tweets, resulting in a mixed $40m in settlements for him and Tesla and a requirement {that a} Tesla lawyer display a few of his tweets prematurely.

The SEC had alleged that Musk rounded the alleged buyout provide to $420 per share from $419 as a result of he had lately realized in regards to the increased quantity’s “significance in marijuana tradition” and thought his girlfriend would discover it humorous.

Musk denied having thought that.

“It was chosen as a result of it was a 20 p.c premium over the inventory value,” he testified. “The $420 value was not a joke.”

Musk testified calmly, in distinction to his occasional combative testimony in earlier trials.

He started testifying on Friday, telling jurors that whereas Twitter, which he purchased in October, was essentially the most democratic strategy to talk, his tweets didn’t at all times have an effect on Tesla inventory the best way he expects.

“Simply because I tweet one thing doesn’t imply individuals consider it or will act accordingly,” Musk stated.

Alex Spiro, Musk’s lawyer, stated in his opening assertion final week that Musk believed he had Saudi financing, and tried to guard the “on a regular basis shareholder” from media leaks by tweeting, although his tweet contained “technical inaccuracies”.

The defendants additionally embrace present and former Tesla administrators, whom Spiro stated had “pure” motives of their response to Musk’s plan.

Elon Musk asks Twitter to vote on whether he should step down | Social Media

Musk runs a Twitter ballot on his management after backlash to new coverage banning ‘free promotion’ of different platforms.

Elon Musk has requested Twitter customers to vote on whether or not he ought to step down as head of the social media platform, following a backlash over the corporate’s newest controversial coverage change.

“Ought to I step down as head of Twitter? I’ll abide by the outcomes of this ballot,” Musk tweeted on Sunday.

“Because the saying goes, watch out what you would like, as you may get it,” Musk added in a later tweet.

As of early Monday morning, the ballot had almost acquired 10.5 million votes, with customers voting 56.3-43.7 % for Musk to go.

Musk’s ballot got here after Twitter’s announcement that it will not permit the “free promotion” of different social media platforms sparked a backlash amongst customers.

Within the newest controversial coverage change, Twitter stated in a press release on Sunday that customers would not be allowed to put up usernames and hyperlinks to accounts for a lot of different social media platforms together with Fb, Instagram and Mastodon.

The transfer was the newest in a collection of choices by Twitter to generate blowback, after the suspension final week of greater than half a dozen journalists who report on Musk.

Musk, who additionally runs Tesla and a number of other different startups, suspended the journalists after accusing the media of endangering his household by disclosing details about his location.

Musk made the declare after revising the positioning’s doxxing guidelines to ban accounts that monitor non-public plane, together with his non-public jet.

Flight monitoring information collected by the US Federal Aviation Administration is public info and shared on-line by non-public web sites comparable to FlightAware and Flightradar24.

Twitter over the weekend reinstated a lot of the suspended accounts after Musk requested customers to vote on lifting the suspensions instantly or in seven days.

Since taking on Twitter in a $44bn deal in October, Musk has turn out to be a lightning rod for debate round free speech, on-line security and the function of social media in democracy.

Musk, a self-described free speech absolutist, has pledged to open up the platform to a better range of views and deal with what he has characterised as the positioning’s liberal bias.

Critics have accused Musk of permitting hate speech to flourish on the platform and censoring criticism he doesn’t like.

Twitter suspends journalists covering Elon Musk | Social Media

Twitter proprietor accuses journalists of endangering his household as press teams condemn suspensions.

Twitter has abruptly suspended greater than half a dozen journalists in the USA who’ve reported critically concerning the social media platform’s new proprietor Elon Musk.

The suspensions, which occurred with out prior warning late on Thursday, got here as Musk accused journalists of endangering his household by “doxxing”, or disclosing nonpublic info, about his location.

The suspended journalists embrace reporters from The New York Occasions, The Washington Publish, CNN, The Intercept and Voice of America.

“Criticizing me all day lengthy is completely nice, however doxxing my real-time location and endangering my household will not be,” Musk wrote on Twitter, including that “the identical doxxing guidelines apply to ‘journalists’ as to everybody else”.

Musk later accused journalists of posting “principally assassination coordinates” in violation of the platform’s insurance policies.

Flight monitoring knowledge collected by the USA Federal Aviation Administration is public info and routinely shared on-line by non-public web sites corresponding to FlightAware and Flightradar24.

Though the precise causes for the person suspensions weren’t clear, a number of of the suspended journalists, together with Drew Harwell of the Washington Publish and CNN’s Donnie O’Sullivan, had written about Twitter’s suspensions of the flight-tracking accounts and Musk’s jet.

All the suspended journalists, who additionally embrace the New York Occasions’ Ryan Mac and The Intercept’s Micah Lee, have additionally written critically about Twitter and Musk extra typically.

Ella Irwin, Twitter’s head of Belief & Security, advised NPR the platform would droop “any accounts that violate privateness insurance policies and put different customers in danger” however declined to elaborate on particular person selections.

The suspension drew expressions of concern from the New York Occasions, Washington Publish, CNN and press freedom advocates.

Sally Buzbee, editor-in-chief of the Washington Publish, stated Harwell’s suspension “undermines Elon Musk’s declare that he intends to run Twitter as a platform devoted to free speech”.

Jameel Jaffer, director of Knight First Modification Institute, a press freedom advocacy group, stated Musk had proven himself to be unsuited to the duty of operating the influential social media platform.

“Is it tenable for reporters to remain right here now that Musk has made clear that they’re right here at his pleasure, and that he’ll eject them in the event that they cross his arbitrary strains?” Jaffer wrote on Twitter.

Musk, a self-described free speech absolutist, has pledged to encourage a variety of views on Twitter and sort out what he views as its liberal bias underneath the platform’s earlier administration.

Since taking on the platform in a $44bn deal in October, Musk has slashed Twitter’s workforce, overhauled its moderation insurance policies and restored beforehand banned accounts, together with that of former US President Donald Trump.

Musk aiming to charge for Twitter check mark from Monday: Reports | Technology News

Social media large’s new proprietor is reported to be planning to launch $8 subscription service from subsequent week.

Elon Musk plans to start out charging for Twitter’s blue verify mark as early as subsequent week, based on media studies, because the billionaire’s closely-watched plans for the social media large quickly take form.

Musk is aiming to launch his $8 subscription service for customers who wish to receive or hold the verify mark from Monday, The New York Instances and Bloomberg reported on Thursday, citing inner paperwork and folks acquainted with the matter, respectively.

The Tesla CEO’s plans come because the billionaire seeks to spice up revenues and crack down on spam accounts after finishing his $44bn buy of the platform final week.

Regardless of its influential place in politics and journalism, Twitter, which launched in 2006, has hardly ever turned a revenue and reported a internet lack of $270m within the second quarter of this 12 months.

Below Twitter’s present system, well-known customers and accounts thought of to be of public curiosity can apply for a verify mark to confirm their identification freed from cost.

Initially launched to stop accounts from impersonating public figures, the verify mark has come to be considered as a standing image and, to critics, a mark of liberal elitism.

Below Musk’s deliberate overhaul, customers would now not be required to authenticate their identification, based on the New York Instances.

The modifications will likely be initially launched in the US, Canada, Australia and New Zealand, and present customers could have an interim interval to subscribe or lose their verify mark, the newspaper stated.

In a collection of tweets on Tuesday, Musk described the present verification process for high-profile accounts as “bullsh*t” and a “lords and peasants system”.

“Energy to the individuals! Blue for $8/month,” Musk tweeted.

Musk can be planning to chop as many as half of the San Francisco-based firm’s 7,500 workers, based on studies by Bloomberg and The Verge.

Musk’s takeover of the platform has develop into a lightning rod for the heated debate on free speech, misinformation and on-line hate within the social media age.

Musk, a self-described “free-speech absolutist”, has criticised Twitter’s moderation insurance policies and accused the corporate of favouring left-wing views.

Whereas critics have expressed fears that Musk’s possession of the platform may pave the best way to extra hate speech and misinformation, many conservatives have welcomed the takeover as an antidote to Massive Tech censorship of politically incorrect speech.

Musk, who has forged himself as a political reasonable, has spoken of the necessity for a “widespread digital city sq.” that enables a range of views whereas insisting he doesn’t favour a “free-for-all hellscape”.

Regardless of Musk’s reassurances, massive manufacturers, together with Basic Motors, Basic Mills and Audi have paused their promoting on the platform as they search readability on its course beneath its new proprietor.

Twitter generates greater than 90 p.c of its income from promoting, which raked in $4.5bn final 12 months. Musk has stated he desires to reduce the corporate’s reliance on advertisers.

What will Elon Musk do with Twitter? | TV Shows

Video Length 24 minutes 50 seconds

From: Inside Story

The world’s richest man has taken cost of one of many largest social media platforms.

After months of uncertainty and a protracted authorized battle, the world’s wealthiest individual has taken cost of one of the vital influential social media platforms.

However it isn’t but clear what Elon Musk intends to do with Twitter.

There has already been a staffing shake-up, with Musk firing a minimum of 4 prime executives.

And there are speculations that he may reinstate banned Twitter accounts.

Many right-wing political figures see his takeover as a win without cost speech, whereas others are involved it might give rise to extra hate speech on Twitter.

So, what’s subsequent for Twitter?

Presenter: Sami Zeidan


Suzanne Nossel – CEO of PEN America, a number one human rights organisation, and creator of Dare to Communicate: Defending Free Speech for All

Matt Navarra – Social media marketing consultant and former digital communications adviser to the UK authorities

Bradley Tusk – Co-founder at Tusk Enterprise Companions and adjunct professor at Columbia Enterprise Faculty

Elon Musk takes over Twitter in $44bn deal | Technology News

Tesla CEO’s buy caps a six-month saga over the way forward for the social media big.

Elon Musk has formally taken management of Twitter after finalising a $44bn deal to purchase the social media community.

In certainly one of his first choices on the helm of the social media big, Musk fired three prime executives together with CEO Parag Agrawal, the Washington Put up reported on Thursday, native time, citing three nameless sources.

Chief Monetary Officer Ned Segal and Vijaya Gadde, the highest govt for authorized coverage, belief and security, had been additionally let go, the newspaper reported.

The Tesla CEO’s buy caps a six-month saga that noticed Twitter initially resist Musk’s buy supply after which sue the billionaire after he signalled he would stroll away from the deal as a result of considerations about spam accounts.

Musk’s curiosity within the platform has turn out to be a lightning rod for the talk round free speech within the digital age, with critics expressing fears his management of the platform might imply open slather for hate speech and misinformation.

Musk, who describes himself as a “free speech absolutist”, has criticised Twitter’s moderation insurance policies and objected to censorship that goes past the necessities of the legislation.

In a prolonged message posted on Twitter earlier than the acquisition deadline on Friday, Musk, who earlier modified his Twitter bio to “Chief Twit,” denied any intention to show Twitter right into a “free-for-all hellscape”.

“The explanation I acquired Twitter is as a result of you will need to the way forward for civilization to have a standard digital city sq., the place a variety of beliefs may be debated in a wholesome method, with out resorting to violence,” he mentioned.

Musk praised by Chinese diplomat over controversial Taiwan plan | Technology News

Taiwanese diplomat says democracy ‘not on the market’ after Tesla CEO suggests handing some management of island to Beijing.

China’s ambassador to america thanked Elon Musk for proposing a particular administration zone for Taiwan, whereas Taiwan’s de facto ambassador to Washington reprimanded the billionaire saying its “freedom and democracy will not be on the market”.

“Taiwan sells many merchandise, however our freedom and democracy will not be on the market,” Hsiao Bi-khim, Taiwan’s de facto ambassador to Washington, tweeted on Saturday. “Any lasting proposal for our future have to be decided peacefully, free from coercion, and respectful of the democratic needs of the individuals of Taiwan.”

Days after floating a potential deal to finish the warfare between Russia and Ukraine that drew condemnation in Ukraine, Musk urged tensions between China and Taiwan might be resolved by handing over some management of Taiwan to Beijing.

“My advice . . . could be to determine a particular administrative zone for Taiwan that’s fairly palatable, most likely gained’t make everybody blissful,” Musk instructed the Monetary Occasions in an interview revealed on Friday.

Musk was responding to a query about China, the place his Tesla electrical automotive firm operates a big manufacturing facility.

Beijing, which claims Taiwan as certainly one of its provinces, has lengthy promised to deliver Taiwan underneath its management and has not dominated out the usage of pressure to take action. Democratically-ruled Taiwan’s authorities strongly objects to China’s sovereignty claims and says solely the island’s 23 million individuals can resolve its future.

In tweets posted on Saturday, the Chinese language ambassador wrote: “I wish to thank @elonmusk for his name for peace throughout the Taiwan Strait and his thought about establishing a particular administrative zone for Taiwan.”

“Truly, Peaceable reunification and One Nation, Two Techniques are our primary rules for resolving the Taiwan query … and the perfect method to realizing nationwide reunification,” he added.

“Offered that China’s sovereignty, safety and improvement pursuits are assured, after reunification Taiwan will get pleasure from a excessive diploma of autonomy as a particular administrative area, and an unlimited area for improvement,” the ambassador wrote.

China has supplied Taiwan a “one nation, two methods” mannequin of autonomy much like what Hong Kong has, however that has been rejected by all mainstream political events in Taiwan and has little or no public assist, particularly after Beijing imposed a troublesome Nationwide Safety Legislation in Hong Kong in 2020.