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

Bill Gates to testify before Congress over Epstein connections

Bill Gates is set to testify on June 10 before a congressional committee in United States investigating links connected to the late sex offender Jeffrey Epstein, a source familiar with the matter told AFP on Tuesday.

The Microsoft co-founder is among several high-profile figures named in documents released by the Department of Justice, which detail alleged close associations, questionable financial dealings, and private photographs involving Epstein.

According to a spokesperson cited by Politico, Gates “welcomes” the opportunity to appear before the committee. The representative emphasized that Gates “never attended or participated in any illegal activities with Epstein” and is prepared to answer questions to support the investigation.

The Bill & Melinda Gates Foundation did not immediately respond to AFP’s request for comment.

In late February, Gates told members of his foundation’s board that his association with Epstein was a “huge mistake.” He has consistently denied any involvement in the financier’s criminal activities. Epstein died by suicide in prison in 2019 while awaiting trial on charges of sex trafficking minors.

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“I did nothing illegal. I saw nothing illegal,” Gates said, according to a recording obtained by The Wall Street Journal.

Gates acknowledged that his relationship with Epstein began in 2011, three years after Epstein pleaded guilty to soliciting prostitution from a minor.

A draft email written by Epstein and released by the Department of Justice referenced alleged extramarital relationships involving Gates. The message, which was apparently never sent, claimed that Epstein had helped “Bill” obtain medication related to encounters with Russian women.

Gates admitted to having had two extramarital affairs but denied any involvement with Epstein’s victims.

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International

Former Trump allies call for removal, cite 25th Amendment amid Iran threats

Former allies of U.S. President Donald Trump on Tuesday called for his removal from office, arguing he is unfit to continue in the role following recent threats to “wipe out an entire civilization,” made just hours before the deadline of his ultimatum to Iran.

One of the most prominent voices was former Republican congresswoman Marjorie Taylor Greene, who invoked the 25th Amendment of the U.S. Constitution as a mechanism to remove the president from power.

“25th Amendment! Not a single bomb has fallen on the U.S. We cannot annihilate an entire civilization. This is evil and insanity,” Greene wrote on social media platform X.

Greene, once a leading figure within Trump’s political movement during his first term, broke with the president last November over disagreements on foreign policy and his handling of controversial cases.

Another former supporter, controversial commentator Alex Jones, also raised the possibility of applying the constitutional provision during his show, in a conversation with attorney Robert Barnes.

Barnes explained that invoking the 25th Amendment requires the support of two-thirds of Congress, making it a more complex process than impeachment.

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Section 4 of the amendment, ratified in 1967, establishes that the vice president, together with a majority of the cabinet, can declare the president unable to perform the duties of the office, a decision that must then be confirmed by both chambers of Congress.

The statements come amid rising international tensions and increasing domestic political pressure on the president.

International

Trump pauses strikes on Iran, extends ultimatum by two weeks

The president of the United States, Donald Trump, announced a temporary suspension of attacks against Iran for a period of two weeks, extending the ultimatum he had imposed on Tehran just hours before its deadline.

According to the president, the measure is conditional on Iran allowing the “full, immediate, and secure” reopening of the Strait of Hormuz. Trump stated that the decision would involve a reciprocal ceasefire between both parties.

The announcement was made through a message on his social media platform, where he emphasized that the pause in military actions is intended to create space for de-escalation in the region.

He also noted that the decision followed a conversation with the prime minister of Pakistan, Shehbaz Sharif, who requested a two-week extension of the ultimatum.

The move comes amid heightened global tensions, marked by escalating threats and concerns over the potential impact of the conflict on key international energy trade routes.