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.
Self-driving air taxis have long been a tantalizing vision of the future, and now, they’re one step closer to becoming a reality in China. Guangzhou-based Ehang, a leading player in the electric vertical take-off and landing (eVTOL) industry, recently achieved a major milestone.
Adobe, the software giant renowned for its creative solutions, has once again pushed the boundaries of innovation with a slew of updates designed to revolutionize the world of digital creativity. Adobe MAX 2023 saw the unveiling of remarkable enhancements, all underpinned by the formidable power of artificial intelligence (AI). In this article, we will delve into the highlights of Adobe’s recent updates, as outlined in their official announcement.
In the world of tech giants, strategic partnerships and negotiations often determine the trajectory of entire industries. A recent revelation in the ongoing US government’s antitrust lawsuit against Google has shed light on some of Apple’s past decisions that could have had a significant impact on the search engine landscape.
TikTok, the wildly popular short-form video platform, is making waves in the digital advertising world with its latest move. Reports from multiple sources have surfaced, pointing to the confirmation of TikTok testing an ad-free subscription service.
TikTok, the wildly popular social media platform, has faced its fair share of challenges in recent years, particularly regarding its ownership and ties to China. However, its ambitions in Southeast Asia are now facing a significant hurdle as Indonesia, its largest market in the region, has imposed a ban on shopping transactions on social media apps.
Google’s Bard AI chatbot is getting a major upgrade, and it’s all about making your life easier. In a recent announcement, Google revealed a series of exciting enhancements to Bard, aiming to provide users with a more powerful and versatile tool for various tasks.
In a bold move to navigate the ever-evolving landscape of e-commerce and cloud computing, Alibaba Group is embarking on its most ambitious restructuring to date under the leadership of its new CEO, Eddie Wu. As the company faces challenges in a slowing Chinese economy and stiff competition, Wu is determined to revitalize Alibaba’s strategy by placing a strong emphasis on artificial intelligence (AI) and promoting younger talents to senior management positions.
TikTok, the wildly popular short-form video app, has been hit with a massive €345 million ($368 million) fine by the Irish Data Protection Commission (DPC) for failing to adequately protect children’s privacy on its platform.
China’s economy is displaying hopeful signs of recovery in August, but the real estate sector continues to struggle, posing challenges for the nation’s economic stability.
Arm, the renowned British chip designer under the SoftBank umbrella, is gearing up for a high-stakes $5 billion initial public offering (IPO). While excitement surrounds this significant move, investors are growing increasingly wary of Arm’s business ties to China, particularly amidst escalating tensions between the United States and Beijing over chip technology. Let’s dive into the complexities of Arm’s China dealings and the challenges it faces.
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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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