International
Elon Musk takes stand in Tesla tweet fraud trial
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.”
“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.
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.
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.
International
“Promises delivered”: Milei celebrates milestone and pushes ahead with structural reforms
Argentine President Javier Milei marked the second anniversary of his victory in the November 19, 2023 presidential election on Wednesday, declaring that he has fulfilled “every campaign promise” even before reaching the halfway point of his term.
In a message posted on his official X account, Milei stated that his administration set out from day one to implement its political program without concessions. “We have dedicated ourselves to fulfilling every campaign promise, to the point that they were completed in less than two years, despite the entire status quo’s obstruction machine,” the president wrote.
Milei won the runoff election with 55.65% of the vote, defeating then–Economy Minister Sergio Massa, who received 44.35%. He officially took office on December 10, 2023, describing himself as the “first libertarian liberal president in the history of humanity.”
The head of state also highlighted the performance of his party, La Libertad Avanza (LLA), in the October 26 legislative elections, where it secured more than 40% of the votes. This result, he said, gives him the momentum to advance toward a new phase of “structural reforms.”
“We renew our commitment to all Argentines to implement all second-generation reforms so that, once and for all, we enter the path that will make Argentina great again,” Milei wrote, reaffirming his push for a deep transformation of the country’s economic model.
During his presidential campaign, Milei pledged to drastically shrink the size of the state, carry out sweeping labor and tax reforms, and radically overhaul economic policy through a “fiscal shock” plan aimed at controlling inflation and achieving a budget surplus.
International
Haitian authorities mobilize nationwide as gangs threaten confrontation with police
Haiti’s National Police (PNH) declared a state of maximum alert after the leader of the Viv Ansanm armed coalition, Jimmy Chérizier — known as “Barbecue” — urged the population to stay indoors amid the prospect of clashes with security forces carrying out an offensive against gang groups.
The threats came days after the PNH, the Haitian Armed Forces (FAD’H), and the Gang Suppression Force (GSF) launched a large-scale operation against the 400 Mawozo gang, which for years has controlled and kidnapped residents in Tabarre and Croix-des-Bouquets, north of the capital.
The police announced the suspension of all vacations and leave for officers “in order to mobilize all police personnel, with the goal of ensuring optimal security for the population and responding to any eventuality.” Authorities reported that operations will continue specifically in Croix-des-Bouquets, territory controlled by 400 Mawozo under the command of Lanmò Sanjou.
In recent days, security forces located and raided several hideouts used by criminal groups, managing to kill or force the retreat of gang members from strategic areas. Police Director General Vladimir Paraison visited the barracks of the units involved in the operations to express his “appreciation for the courage and commitment of the police in their relentless battles to restore order and uphold the law.”
Chérizier — for whom the United States has offered a $5 million reward — urged citizens on Sunday to remain in their homes so the gangs could confront police forces and “avoid becoming victims.”
“The time has come, Haitian people, to unite to liberate this country,” he declared in a message shared on social media.
International
U.S. House poised to approve bill requiring declassification of Epstein files
A group of lawmakers in the U.S. House of Representatives said on Tuesday that a bill requiring the Department of Justice to declassify documents related to the case of billionaire Jeffrey Epstein is expected to pass with “overwhelming” support.
Democratic Representative Ro Khanna, the sponsor of the proposal, urged the Senate not to allow delays or amendments. “I expect it to pass by an overwhelming majority in the House. I don’t want politicians playing games with this. They need to pass it in the Senate without changes,” he said from Capitol Hill, joined by Republicans Thomas Massie, Marjorie Taylor Greene, and several Epstein victims.
The vote is scheduled for Tuesday at 2:00 p.m. local time, after 218 lawmakers from both parties forced House Speaker Mike Johnson to bring the measure to the floor.
U.S. President Donald Trump, who has been criticized by Democrats for his past friendship with Epstein, stated that he would sign the bill if it passes both chambers of Congress. His support came after a shift in his position, following his name appearing in leaked documents.
Representative Marjorie Taylor Greene, a frequent ally of the president, publicly confronted Trump in recent days over the issue. Standing alongside several Epstein victims, she defended her backing of the bill despite Trump calling her a “traitor.” “These women have fought the most horrible battle that no woman should ever have to fight (…) even against the president of the United States,” she said.
Taylor Greene added that the “real test” will be whether the Department of Justice complies with releasing the documents once the bill is enacted. “Or everything will remain sealed under the pretext of ongoing investigations,” she warned.
Haley Robson, one of the victims, also spoke during the press event. “I’m traumatized, I’m not stupid,” she said firmly, arguing that attempts by certain sectors to delay the process have caused tremendous emotional harm. “This is not political. This is America. This is the land of freedom,” she stated.
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