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
Federal immigration agents kill man in Minneapolis, sparking protests and outrage
Federal immigration agents shot and killed a 37-year-old Minneapolis man during an operation on Saturday, authorities confirmed, sparking new protests and deepening outrage over federal immigration enforcement in the city.
The victim, identified as Alex Jeffrey Pretti, was a U.S. citizen and intensive care nurse who worked at a Veterans Affairs hospital and was widely respected in his community, according to colleagues and news reports.
Officials said the shooting occurred during a targeted immigration raid in south Minneapolis. The Department of Homeland Security (DHS) described the incident as an act of self-defense by agents who believed the man posed a threat.
However, videos reviewed by multiple outlets and eyewitnesses show Pretti holding a phone and not displaying a weapon before being pepper-sprayed, tackled by agents and then shot multiple times, raising serious questions about the official account.
The killing comes amid a broader federal immigration enforcement operation in the city and follows another controversial shooting in early January in which Renée Good, a 37-year-old U.S. citizen, was fatally shot by an ICE agent, leading to widespread protests and criticism of federal tactics.
International
Delcy Rodríguez seeks political agreements after Maduro’s ouster
Venezuela’s interim president, Delcy Rodríguez, on Saturday called for “reaching agreements” with the opposition to achieve “peace” in the country, which the United States says it now controls following the military operation that removed President Nicolás Maduro from power.
Rodríguez, who previously served as Maduro’s vice president, assumed interim leadership after the leftist leader was captured on January 3 during a military incursion that left nearly 100 people dead.
In her first public statements since taking office, Rodríguez signaled a shift in the strained relationship between Caracas and Washington, while also committing to the release of a “significant number” of political prisoners.
“There can be no political or partisan differences when it comes to the peace of Venezuela,” Rodríguez said during an address in the coastal state of La Guaira, broadcast on state television VTV.
“From our differences, we must speak to one another with respect. From our differences, we must meet and reach agreements,” she added.
The day before, Rodríguez instructed the head of Parliament — her brother Jorge Rodríguez — to convene talks with various political sectors in the country aimed at achieving “concrete and immediate results.”
International
Bogotá and Quito Seek Dialogue After Tariffs and Power Cut Escalate Tensions
Bogotá and Quito will hold an emergency bilateral summit next week amid recent developments that have strained relations between the two countries.
Tensions escalated this week after Ecuadorian President Daniel Noboa unexpectedly announced a 30% tariff on Colombian imports. Colombia responded with a reciprocal measure, imposing the same tariff on around 20 Ecuadorian products and suspending electricity exports to Ecuador.
Aware that electricity imports are critical to easing Ecuador’s recent energy crises, Quito further imposed a 30% tariff on the transportation of Colombian oil through its territory.
However, recent statements from the Ecuadorian government suggest that dialogue between the two sides has intensified in recent hours. Ecuador’s Minister of Foreign Affairs, Gabriela Sommerfeld, confirmed that active conversations are under way.
In Colombia, segments of the business sector have welcomed the prospect of negotiations. The National Business Council (Consejo Gremial Nacional, CGN), for instance, urged both governments to restore commercial relations, warning that the dispute “puts jobs and regional economic stability at risk.”
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