International

Elon Musk takes stand in Tesla tweet fraud trial

Photo: Reuters

January 23 | By AFP | Glenn Chapman |

Tesla CEO Elon Musk took the stand in a California fraud trial on Friday, accused of lying in tweets about taking the auto company private, punishing investors.

Musk was called to testify by lawyers for angry investors who accuse him of costing them millions of dollars in 2018 with untrue tweets about having funding secured to buy out shareholders at $420 a share.

The multi-billionaire’s tweets sent the Tesla share price on a rollercoaster ride and Musk was sued by shareholders who say the tycoon acted recklessly in an effort to squeeze investors who had bet against the company.

Musk, who bought Twitter itself in October, downplayed the power of his tweets noting under questioning that he once posted that he thought Tesla share price was too high, and “it went higher, which is counter-intuitive.”

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“What I’m trying to say is that the causal relationship is clearly not there simply because of a tweet,” Musk said in a testimony that lasted only thirty minutes and was to be continued on Monday.

The hearing on Friday began with Harvard law and business professor Guhan Subramanian, who was called as an expert witness by the plaintiffs.

He called Musk’s tweeted proposal to take Tesla private as “illusory” and “just wrong” in how it deviated wildly from the way such mega-deals usually take place.

“All I can say is this is just wrong; as a matter of deal process… this isn’t correct,” Subramanian said while being questioned by a defense lawyer about Musk’s tweets.

‘Reckless’ words

Testimonies in the trial opened Wednesday with a lawyer for the upset investors telling jurors Musk lied about having funding in place.

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Nicholas Porritt, who represents lead plaintiff Glen Littleton and other Tesla investors, said the tweets cost “regular people” to lose “millions and millions of dollars.”

Called as the first witness, 71-year-old Littleton told jurors he was heavily invested in Tesla in 2018 in a way that banked on the share price climbing to $500 or more.

Littleton testified that he was “pretty shocked” by Musk’s tweet about taking the company private at $420 a share because it threatened almost all the money he had invested in Tesla.

“It was going to pretty much wipe me out,” Littleton said.

Littleton told jurors he scrambled to save what he could of his investments, getting out of most of his positions at a huge loss.

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Musk is expected to continue testifying at trial on Monday, when his lawyers will get a chance to refute the accusation that he was being deceitful.

The case revolves around a pair of tweets in which Musk said “funding secured” for a project to buy out the publicly traded electric automaker, then in a second tweet added that “investor support is confirmed.”

Porritt told jurors that Musk had selected the $420 share price in the tweet “as a joke” and that the funding to take Tesla private was never locked in, nor credibly pursued.

In his own opening remarks, Musk attorney Alex Spiro said that even though the tweets may have been a “reckless choice of words”, they were “not fraud, not even close.”

The fraud trial is expected to last three weeks.

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International

German president warns Iran war could spread and disrupt Strait of Hormuz

The president of Germany, Frank-Walter Steinmeier, warned Monday that the war involving Iran could expand and further disrupt shipping through the strategic Strait of Hormuz. He urged a swift end to hostilities between Iran, United States and Israel.

Speaking in Panama City during a joint appearance with Panamanian President José Raúl Mulino, Steinmeier said available information suggests Iran has significant capacity to disrupt maritime traffic through the key oil route.

“Iran has considerable potential to interfere with shipping through the Strait of Hormuz,” Steinmeier said through an interpreter. “We should therefore reach an end to the hostilities as soon as possible and call on all parties involved to make that happen.”

The remarks came during Steinmeier’s visit to Panama, the first by a German president to the Central American nation.

The German leader described the possibility of the conflict spreading as “very dangerous,” saying recent developments indicate that such a scenario cannot be ruled out.

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Over the weekend, U.S. President Donald Trump urged allied nations to help ensure safe passage for ships through the Strait of Hormuz after Iran moved to block the waterway in response to U.S. strikes. However, several allies—particularly in Europe—have shown little support for the proposal.

“Some are very enthusiastic, others are not, and some are countries we have helped for many years,” Trump told reporters at the White House. “We have protected them from terrible external threats, and they’re not that enthusiastic. And the level of enthusiasm is important to me.”

Meanwhile, Kaja Kallas, the European Union’s top diplomat, said the Strait of Hormuz falls “outside NATO’s scope” and stressed that “the war involving Iran is not Europe’s war.”

International

Mexico security chief meets DEA director in Washington to boost anti-drug cooperation

Mexico’s Secretary of Security and Citizen Protection, Omar García Harfuch, met in Washington with the head of the U.S. Drug Enforcement Administration, Terrance Cole, to discuss cooperation in the fight against drug trafficking and illegal arms flows.

The Mexican official said Monday on social media that he attended the meeting in representation of the Mexican government’s Security Cabinet.

“In Washington, D.C., I represented the Security Cabinet to hold talks with DEA Director Terrance Cole on the importance of strengthening bilateral cooperation to combat drug trafficking, curb the flow of weapons into our country, and reduce violence in Mexico through significant arrests,” García Harfuch wrote.

He added that, following instructions from Mexican President Claudia Sheinbaum, the government will continue strengthening international cooperation on security matters.

For his part, Cole said the meeting focused on cross-border collaboration to tackle drug trafficking and to build safer communities on both sides of the border.

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The meeting comes as Mexico and the United States begin a new round of dialogue on economic and security issues.

Earlier Monday, President Claudia Sheinbaum said she will look for the “best moment” to meet with U.S. President Donald Trump, adding that maintaining a good relationship with Washington is a priority for her administration.

International

Venezuela’s foreign minister accuses UN rights chief of “immoral bias”

Venezuelan Foreign Minister Yván Gil criticized the United Nations High Commissioner for Human Rights, Volker Türk, accusing him of having an “immoral bias” and acting as an “echo chamber for falsehoods” regarding the situation in Venezuela.

Gil’s remarks came after Türk stated that his office had not received an official list from Venezuelan authorities detailing the release of political prisoners, nor authorization to carry out visits related to the issue.

“The UN High Commissioner for Human Rights insists on a narrative biased against our country, repeating unfounded accusations while deliberately omitting the impact of unilateral coercive measures on the rights of the Venezuelan people,” Gil said in a message posted on his Telegram channel.

Without directly addressing the question of prisoner releases, the Venezuelan foreign minister also accused Türk of aligning with what he described as the “agenda of extremism in Venezuela.”

Gil added that, despite serious human rights violations occurring in other parts of the world, the UN official has chosen to maintain what he described as an “immoral bias” against Venezuela.

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The criticism is part of a broader dispute between the Venezuelan government and the UN human rights office over reports and investigations concerning the human rights situation in the country.