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 positive he had backing from Saudi financiers in 2018 to take Tesla Inc personal, as he defended towards claims he defrauded traders by later tweeting about his electrical automobile firm.

At a trial in United States federal courtroom in San Francisco, California on Monday, Musk advised 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 worth, however the Saudi representatives made clear they’d do what it took to make a buyout occur.

“PIF unequivocally wished to take Tesla personal,” 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 individual might be held accountable for crossing a line.

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

Tesla’s inventory worth surged after Musk’s tweets, and later fell because it grew to become clear the buyout wouldn’t occur.

A jury of 9 will resolve whether or not the billionaire artificially inflated Tesla’s share worth 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 Decide Edward Chen ruling final Might that Musk’s publish was untruthful and reckless.

However in Monday’s testimony, Musk stated he believed he may 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 supply to $420 per share from $419 as a result of he had just lately discovered in regards to the greater 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 worth,” he testified. “The $420 worth 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 probably the most democratic approach 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 embody 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 want, as you may get it,” Musk added in a later tweet.

As of early Monday morning, the ballot had practically obtained 10.5 million votes, with customers voting 56.3-43.7 p.c for Musk to go.

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

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

The transfer was the most recent in a sequence of selections 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 several 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 personal plane, together with his personal jet.

Flight monitoring knowledge collected by the US Federal Aviation Administration is public info and shared on-line by personal 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 develop into a lightning rod for debate round free speech, on-line security and the position of social media in democracy.

Musk, a self-described free speech absolutist, has pledged to open up the platform to a higher variety 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 US-based journalists who’ve reported critically in regards to 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 data, about his location.

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

“Criticizing me all day lengthy is completely wonderful, however doxxing my real-time location and endangering my household is just not,” 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 information collected by the US Federal Aviation Administration is public data and routinely shared on-line by non-public web sites equivalent 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.

Ella Irwin, Twitter’s head of Belief & Security, instructed 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 Instances, Washington Publish, CNN and press freedom advocates.

Sally Buzbee, editor-in-chief of the Washington Publish, mentioned 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, mentioned Musk had proven himself to be unsuited to the accountability of working 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 deal with what he views as its liberal bias below the platform’s earlier administration.

Since taking up 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 delays relaunch of Twitter’s beleaguered paid service | Technology

Tesla CEO says he’s suspending restart of the subscription service by two weeks to ensure it’s “rock strong”.

Elon Musk has delayed the relaunch of his paid subscription service for Twitter after the billionaire’s overhaul of the platform’s verification insurance policies led to an explosion in impostor accounts.

The Tesla CEO, who has radically shaken up Twitter since shopping for the platform for $44bn final month, mentioned he would postpone the launch by two weeks to ensure it’s “rock strong”.

“Punting relaunch of Blue Verified to November twenty ninth to ensure that it’s rock strong,” Musk tweeted on Tuesday.

The transfer comes after Musk’s earlier resolution to supply Twitter’s blue checkmark to any consumer for $7.99 a month led to a flood of impersonator accounts, together with faux profiles of former United States President Donald Trump and NBA star LeBron James.

Twitter final week suspended the brand new subscription service and utilized gray “official” badges to profiles of public figures and main firms in an effort to clear up confusion and misinformation on the platform.

Musk tweeted on Tuesday that below the relaunched subscription service, “altering your verified title will trigger lack of checkmark till title is confirmed by Twitter to satisfy Phrases of Service”.

Twitter’s unique verification system supplied a checkmark free of cost to authenticated well-known customers and accounts thought of to be of public curiosity.

Musk criticised the earlier checkmark coverage, launched to stop accounts from impersonating public figures, as a “lords and peasants system”.

The most recent plans for Twitter come after weeks of chaotic upheaval on the social media large, marked by mass layoffs, high-profile resignations and fleeing advertisers.

Massive firms, together with Normal Motors, Audi, Normal Mills and United Airways, have pulled or suspended promoting on Twitter amid issues about the way forward for the platform below Musk.

Talking at a G20 enterprise discussion board on Monday, Musk mentioned he has had “an excessive amount of work on my plate” since taking on Twitter and he doubted that most individuals would wish to be him.

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, in line with media stories, 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 get hold of or maintain the verify mark from Monday, The New York Occasions 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 net lack of $270m within the second quarter of this yr.

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

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

Below Musk’s deliberate overhaul, customers would not be required to authenticate their id, in line with the New York Occasions.

The modifications shall be initially launched in the US, Canada, Australia and New Zealand, and current customers may have an interim interval to subscribe or lose their verify mark, the newspaper mentioned.

In a sequence 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 staff, in line with stories by Bloomberg and The Verge.

Musk’s takeover of the platform has turn out to be 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 might pave the way in which 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 average, 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, huge manufacturers, together with Normal Motors, Normal Mills and Audi have paused their promoting on the platform as they search readability on its path underneath its new proprietor.

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

Elon Musk fires Twitter board, making himself sole director | Business and Economy

Tesla CEO turns into sole director of social media big after finalising $44bn takeover.

Elon Musk has fired Twitter’s board of administrators, giving himself unfettered management over the social media big, in keeping with an organization submitting.

Musk turned “sole director” of Twitter after finalising his $44bn takeover of the corporate final week, in keeping with paperwork filed with the US Securities and Alternate Fee (SEC) on Monday.

The Tesla CEO tweeted afterward Monday that the association can be “short-term” with out elaborating.

Musk, who additionally runs spaceflight firm SpaceX and neurotechnology startup Neuralink, started his tenure on the firm on Thursday by firing high management, together with Chief Government Parag Agrawal and Chief Monetary Officer Ned Segal.

Musk has additionally supplied to purchase again all of Twitter’s excellent bonds, in keeping with the SEC submitting.

Musk, the world’s richest individual, accomplished the acquisition of the corporate via a mixture of his personal wealth, funding funds and financial institution loans.

A separate SEC submitting confirmed that Saudi Prince Alwaleed bin Talal had develop into Twitter’s second-largest shareholder.

Chris Murphy, a Democratic senator for Connecticut, mentioned he would ask the Committee on International Funding to look at the nationwide safety implications of Saudi Arabia’s funding within the platform.

Musk’s takeover of the influential social media community has ignited an intense debate concerning the stability between free speech and defending weak teams from on-line hurt.

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

Though Musk has but to element his actual plans for the platform, he’s extensively anticipated to ease moderation guidelines and minimize a good portion of the corporate’s workforce.

Whereas acknowledging Twitter can’t be a “free-for-all hellscape”, Musk has harassed the necessity for a “frequent digital city sq.” the place a variety of views could be expressed and debated.

Musk, who has conveyed discomfort with Twitter’s reliance on adverstising, has additionally signalled an curiosity in requiring customers to pay for the blue examine mark used to confirm distinguished accounts and providing totally different variations of the platform primarily based on a film-like score system.

What will Elon Musk do with Twitter? | TV Shows

Video Period 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 an extended authorized battle, the world’s wealthiest particular person has taken cost of some of the 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 high executives.

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

Many right-wing political figures see his takeover as a win for free speech, whereas others are involved it could give rise to extra hate speech on Twitter.

So, what’s subsequent for Twitter?

Presenter: Sami Zeidan

Friends:

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

Matt Navarra – Social media advisor 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 large.

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 large, Musk, the world’s richest man, fired three prime executives together with CEO Parag Agrawal, the Washington Submit reported on Thursday, native time, citing three nameless sources.

Chief Monetary Officer Ned Segal and Vijaya Gadde, the highest government for authorized coverage, belief and security, had been additionally let go, the newspaper reported. Sean Edgett, Twitter’s common counsel, was additionally fired, the newspaper stated, citing one of many unnamed sources.

The Tesla CEO’s buy caps a six-month saga that noticed Twitter initially resist Musk’s buy provide after which sue the billionaire after he signalled he would nix the deal over issues about spam accounts and whistleblower claims about lax cybersecurity practices.

Musk’s curiosity within the platform has turn into a lightning rod for the talk round free speech within the digital age. Critics have expressed issues that Musk’s reign may imply open slather for hate speech and misinformation, whereas many conservatives have heralded the takeover as a corrective to Huge Tech censorship of politically incorrect views.

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 regulation. In Could, Musk stated he would reinstate former United States President Donald Trump’s Twitter account, which was eliminated for allegedly inciting violence within the wake of the January 6 riots on the US Capitol.

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 typical digital city sq., the place a variety of beliefs may be debated in a wholesome method, with out resorting to violence,” he stated.

Musk says SpaceX cannot fund Ukraine’s Starlink ‘indefinitely’ | Russia-Ukraine war News

The assertion by the billionaire comes after the Ukrainian ambassador attacked him over his proposed ‘peace plan’.

Billionaire Elon Musk has mentioned his house exploration firm SpaceX can not “indefinitely” fund the Starlink web service in war-hit Ukraine, days after a proposal to finish the battle that included the nation ceding some territory to Russia known as his assist into query.

“SpaceX will not be asking to recoup previous bills, but in addition can not fund the present system indefinitely *and* ship a number of thousand extra terminals which have information utilization as much as 100X larger than typical households. That is unreasonable,” Musk mentioned on Twitter.

Musk activated Starlink, a satellite tv for pc web service operated by SpaceX, in late February after Ukraine’s web companies have been disrupted resulting from Russia’s invasion. Its web terminals have been essential in retaining the Ukrainian navy on-line.

Musk mentioned Starlink was spending practically $20m a month – which he known as a “burn” – for sustaining satellite tv for pc companies in Ukraine. He not too long ago mentioned SpaceX had spent about $80m to allow and assist Starlink in Ukraine.

CNN reported on Thursday that SpaceX had despatched a letter to the Pentagon final month saying it could should cease funding the service except the US navy helped with tens of hundreds of thousands of {dollars} a month.

One in every of Musk’s tweets instructed the transfer may be a response to harsh criticism following his proposed “peace” plan.

Whereas Ukraine has lengthy maintained it is going to by no means conform to cede land taken by drive, Musk instructed that it completely cede the Crimea area to Russia, that new referendums be held below United Nations auspices to find out the destiny of Russian-controlled territory, and that Ukraine conform to neutrality.

Ukraine’s President Volodymyr Zelenskyy was amongst those that criticised Musk’s proposal.

Ukraine’s outgoing ambassador to Germany, Andrij Melnyk, additionally condemned it in blunt phrases. “F*** off is my very diplomatic reply to you @elonmusk,” he mentioned on Twitter.

Responding to a submit referring to the destiny of the Starlink service and the ambassador’s comment, Musk mentioned: “We’re simply following his advice.”

The disruption of the service might have dire penalties for Ukraine. Vice Prime Minister Mykhailo Fedorov mentioned this week Starlink companies helped restore power and communications infrastructure in vital areas after greater than 100 Russian cruise missile assaults.

Encrypted satellite tv for pc messages have been used for navy communications after the native cell phone community was severed throughout heavy shelling.

Musk was given the greenlight by the US authorities to activate the satellite tv for pc web service Starlink to assist Iranians protesting towards the dying of a lady in police custody.

The transfer follows lethal protests throughout Iran following the dying of Mahsa Amini, a 22-year-old who died after being detained by “morality police” over the best way she was sporting her headband.

 

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 the US 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 should not on the market”.

“Taiwan sells many merchandise, however our freedom and democracy should not 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 doable deal to finish the conflict between Russia and Ukraine that drew condemnation in Ukraine, Musk prompt tensions between China and Taiwan might be resolved by handing over some management of Taiwan to Beijing.

“My suggestion . . . can be to determine a particular administrative zone for Taiwan that’s moderately palatable, most likely received’t make everybody comfortable,” Musk informed the Monetary Instances 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 carry Taiwan beneath its management and has not dominated out the usage of power 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 determine 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 concept 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 very best method to realizing nationwide reunification,” he added.

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

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