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

Nine People Killed in Two Armed Attacks in Manabí, Ecuador

At least nine people were killed Monday in two nearly simultaneous armed attacks in the province of Manabí, located on Ecuador’s Pacific coast, one of the areas hardest hit by violence in the country, according to the National Police.

The first attack left seven people dead and took place in Camarones, a rural area of the Jama canton. The second occurred in the sector known as La Y, in the seaside town of Canoa, part of the San Vicente canton, where two people were killed.

According to preliminary reports, both incidents occurred early Monday morning when armed men intercepted the victims. Authorities said the motives behind the attacks remain under investigation.

The assault in Camarones happened around 1:15 a.m. local time, when a group of armed individuals stormed a ranch in the area. The victims have not yet been officially identified.

About 15 minutes later, in Canoa, two men traveling in a motorized taxi were intercepted by armed suspects riding motorcycles and shot. One of the victims was identified as a 28-year-old passenger, while the identity of the driver has not yet been confirmed.

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The attacks occurred just days after another multiple homicide on February 12 at a ranch in San Juan de las Cucarachas, a rural area of the Santa Ana canton in Manabí, which left six people dead.

Manabí has been experiencing escalating insecurity linked to disputes among organized crime groups, including drug trafficking networks and territorial control conflicts. In response, the government has maintained a state of emergency in the province since August to address the surge in violence attributed to these criminal organizations.

International

Over 40 Million Affected by Major Snowstorm in Northeastern U.S.

More than 40 million people across the northeastern United States are facing a new major snowstorm this Monday, including residents of New York City, where local authorities have shut down roads to traffic.

The storm triggered widespread flight cancellations early in the morning and caused power outages affecting thousands of homes and businesses throughout the region.

New York City Mayor Zohran Mamdani banned non-essential vehicle travel at least until noon and ordered the closure of public schools as a precautionary measure. Authorities in neighboring states, including New Jersey and Rhode Island, imposed similar restrictions to ensure public safety.

This marks the second major winter storm to hit the East Coast in less than a month, leading to growing frustration among residents.

“I’m fed up. I don’t want to see another snowflake,” said Vincent Greer, a resident of Wildwood, New Jersey, as he shoveled accumulated snow from in front of his building.

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Officials continue to urge residents to remain indoors, avoid unnecessary travel, and monitor local advisories as crews work to clear roads and restore power.

International

Ninth Victim Recovered After Deadliest U.S. Avalanche in Decades

Rescue teams in California on Saturday recovered the body of the ninth and final victim of a deadly avalanche in the Sierra Nevada mountains, according to the local sheriff’s office.

The avalanche struck a group of 11 skiers and four guides on Tuesday as they were returning from a three-day backcountry trip near Castle Peak, a 2,777-meter (9,111-foot) mountain and popular tourist destination on the U.S. West Coast.

Six people were rescued alive on Tuesday. Authorities said the incident marks the deadliest avalanche in the United States since 1981.

“All nine individuals who lost their lives in the February 17 Castle Peak avalanche have been safely recovered from the mountain,” the Nevada County Sheriff’s Office said in a statement.

“There are no words that can truly capture the magnitude of this loss, and our hearts grieve alongside the families affected by this catastrophic event,” Sheriff Shannan Moon said.

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Officials had warned on Thursday that search operations would likely continue through the weekend due to severe weather conditions in the area.

Survivors were able to call for help shortly after the avalanche occurred. However, near-zero visibility and the risk of additional snow slides prevented rescue teams from reaching them for several hours.