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 says trust in U.S. leadership is ‘lost’ amid global tensions

German President Frank-Walter Steinmeier said on Tuesday that trust between the United States and its Western allies has been “lost,” warning that the damage could persist beyond the presidency of Donald Trump.

“The rupture is very deep, and the loss of trust in U.S. great power policy is significant—not only among its allies, but also, as I observe, globally,” Steinmeier said during a speech in Berlin marking the 75th anniversary of Germany’s Foreign Ministry.

Referring to the future of transatlantic relations, he stated that “there is no return to the situation before January 20, 2025,” the date marking the start of Trump’s second term in the White House.

“Even a future U.S. administration will no longer be able to resume the role of a benevolent hegemon guaranteeing a liberal international order,” added Steinmeier, who previously served as Germany’s foreign minister.

He also criticized the war against Iran, describing it as “contrary to international law” and calling it “a political mistake with serious consequences.”

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“This war is avoidable and unnecessary,” he said.

Although the German presidency is largely ceremonial, Steinmeier’s remarks reflect a broader concern within Germany, aligning with the government’s cautious stance while going further in tone.

International

Trump claims talks with Iran as G7 meets to address global tensions

U.S. President Donald Trump said that the United States has held talks with Iran—a claim denied by Tehran—and has temporarily paused his threat to target the country’s electrical infrastructure.

In his first overseas trip since the United States and Israel launched their offensive on February 28, U.S. Secretary of State Marco Rubio is expected to address key global issues, including the situation in the Middle East, according to State Department spokesperson Tommy Pigott.

Foreign ministers from the Group of Seven will meet in Cernay-la-Ville, close to Versailles, on the outskirts of Paris.

During the meeting, Rubio will hold discussions with his counterparts on “the war between Russia and Ukraine, the situation in the Middle East, and threats to global peace and stability,” Pigott said.

France currently holds the presidency of the G7, whose members also include the United Kingdom, Canada, Germany, Italy, and Japan.

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Although all G7 nations are close allies of the United States, none has offered explicit support for Washington’s military actions against Iran, a stance that has reportedly frustrated Trump.

Last Saturday, G7 foreign ministers called for an “immediate and unconditional end” to Iranian attacks against U.S. allies in the Middle East.

International

Pentagon to deploy 3,000 troops to Persian Gulf as Middle East tensions escalate

The Pentagon is planning to deploy nearly 3,000 troops from the 82nd Airborne Division to the Persian Gulf, according to two senior officials cited Tuesday by Spanish newspaper El País.

Meanwhile, Hezbollah warned it would confront any attempt at occupation following Israel’s announcement that its military will take control of southern Lebanon up to the Litani River, located about 30 kilometers from the border.

In recent hours, the Israel Defense Forces carried out airstrikes on Beirut, while Iran and Hezbollah responded with attacks on Israel, leaving at least six people with minor injuries in Tel Aviv.

The escalation comes as global markets react to renewed instability. The price of oil rose again above $100 per barrel after a brief decline the previous day, following an announcement by U.S. President Donald Trump of a five-day truce on attacks targeting Iran’s energy infrastructure.

Despite the announcement, Iranian authorities reported that two projectiles struck a gas pipeline in Khorramshahr and administrative buildings at a gas facility in Isfahan early Tuesday.