A nine-person jury selected on Tuesday to hear whether Tesla’s CEO Elon Musk defrauded investors by claiming in 2018 tweets that he had secured financing to take the electric automaker private. In the case of Tesla, Musk’s tweets fueled a stock price rally that abruptly ended a week later when it became clear that Musk did not have the funding for a buyout after all. Investors then sued him, claiming that if he hadn’t dangled the prospect of buying the company for $420 per share, Tesla shares would not have swung so dramatically in value. Despite making significant changes at Twitter, Musk remains CEO of Tesla and derives the majority of his wealth and fame from the company.
Musk claimed in a tweet on July 7, 2018, that he had lined up financing to pay for a $72 billion buyout of Tesla, which he then amplified with a follow-up statement that made a deal appear imminent.
But the buyout never happened, and Musk will now have to explain his actions in a federal court in San Francisco under oath. The class-action lawsuit was filed in August 2018 on behalf of investors who owned Tesla stock for a 10-day period. The outcome of the trial could hinge on the jury’s interpretation of Musk’s motivation for the tweets, which U.S. District Judge Edward Chen has already decided were false.
On Friday, the judge rejected Musk’s request to transfer the trial to a federal court in Texas, where Tesla moved its headquarters in 2021. Musk claimed that negative coverage of his Twitter purchase poisoned the jury pool in San Francisco, Bay Area.
The difficulty of finding jurors who do not have strong feelings about Musk became clear during Tuesday’s laborious selection process.
The judge at one point raised a red flag for several potential jurors who had shown serious misgivings or enthusiasm for Musk in pre-trial questionnaires. To lessen the possibility of swaying the verdicts of the other jurors in the courtroom, seven jurors were questioned privately and separately from the other members of the jury pool.
After Musk abandoned the idea of a Tesla takeover, the company overcame a production problem, resulting in a rapid increase in car sales that caused its stock to skyrocket, making Musk the world’s richest person until he bought Twitter. Musk fell from first place on the wealth list following a stock market backlash over his handling of Twitter.
Given that the witness list includes some of Tesla’s current and former top executives and board members, including luminaries such as Oracle co-founder Larry Ellison and James Murdoch, the son of media mogul Rupert Murdoch, the trial is likely to provide insights into Musk’s management style.
The drama could shed light on Musk’s relationship with his brother, Kimbal, who is also named as a potential witness.
Subway, the world’s largest sandwich chain, is set to embark on a massive expansion plan in China, opening nearly 4,000 new stores in the country. This move will significantly increase Subway’s footprint in China, expanding it by more than seven times its current size.
The Michelin Guide, which began as a humble travel companion for motorists, has evolved into an iconic gastronomic authority. It continues to provide valuable recommendations and celebrate culinary excellence worldwide. The guide’s rigorous assessment criteria, dedicated inspectors, and unwavering commitment to quality and reliability have solidified its status as an indispensable resource for food enthusiasts and travelers alike. Let’s delve into the fascinating story behind the guide’s inception and explore the meticulous process that determines the coveted Michelin stars.
The culinary scene in Vietnam has reached new heights with the unveiling of the inaugural MICHELIN Guide Hanoi & Ho Chi Minh City. A total of 103 exceptional restaurants have been recognized for their outstanding cuisine, including four coveted MICHELIN Stars.
Microsoft has agreed to pay $20 million to settle charges brought against it by the U.S. Federal Trade Commission (FTC) for violating children’s privacy rights. The FTC accused the tech giant of illegally collecting personal information from children without parental consent through its Xbox gaming system.
Grab, the Singapore-based technology company, has come under scrutiny in Vietnam due to its financial practices. Recent revelations regarding substantial losses, unpaid taxes, and questionable financial transactions have raised concerns about Grab Vietnam’s operations and their impact on the Vietnamese economy.
According to Lonely Planet, Vietnam The Reunification Express is the most spectacular train journey in the world. Check out the link below to discover the whole list of Lonely Planet’s top rail excursions from around the world which gives you a unique perspective on various destinations.
By Rotation, a U.K.-based clothing rental app, is on a mission to combat the harmful effects of fast fashion by promoting peer-to-peer clothing rental as a mainstream practice in the United States. The startup recently expanded its services to the U.S. market and aims to establish a strong presence in New York City before expanding to other major cities next year.
In a turn of events for the crypto market, Bitcoin experienced a decline on Wednesday, marking its first down month of the year. The optimism that had fueled a rally surrounding the debt ceiling began to fizzle, causing the leading cryptocurrency to lose 2.77% and trade at $27,057.81, according to Coin Metrics. Ether, the second-largest cryptocurrency by market capitalization, also slipped 2.2% to $1,865.82.
The renowned chipmaker Nvidia has reached a significant milestone in its history by achieving a market capitalization of $1 trillion. This accomplishment places Nvidia in an elite group of companies on Wall Street, becoming only the ninth globally and the sixth currently holding such a distinction.
Codeword, a leading tech-marketing agency, has made history by hiring the world’s first AI interns. Aiden and Aiko, the AI interns, have been brought on board for a three-month trial internship, where they will work alongside Codeword’s team of 106 people. Aiko will be part of the design team, while Aiden will work with the editorial team.
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Cultural differences between the East and the West
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Vietnam received recognition in the 29th World Travel Awards in numerous categories
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Vietnamese dishes that fascinate foreigners
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First NFT vending machine in the world is now operational in New York
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The LEGO Group today began construction on a new $1 billion factory in Binh Duong, Vietnam
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