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

Death toll from southern Spain train crash rises to 40

The death toll from the train accident that occurred on Sunday in southern Spain has risen to 40, according to investigative sources cited by EFE on Monday afternoon.

Since early Monday, search operations have focused on the damaged carriages of a Renfe train bound for Huelva, which collided with the last derailed cars of an Iryo train traveling from Málaga to Madrid after it left the tracks.

The crash has also left more than 150 people injured. Of these, 41 remain hospitalized, including 12 in intensive care units at hospitals across the Andalusia region.

More than 220 Civil Guard officers are working at the site, searching the railway line and surrounding areas for key evidence to help identify victims and determine the causes of the accident.

The tragedy has revived memories of the deadliest railway disasters in Europe in recent decades. In Spain, the most severe occurred on July 24, 2013, when an Alvia train derailed near Santiago de Compostela, killing 80 people and injuring 130 others.

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At the European level, the worst rail disaster took place on June 3, 1998, in Eschede, northern Germany, when a high-speed train struck a bridge pillar at 200 kilometers per hour, resulting in 98 deaths and 120 injuries.

International

Spain’s Prime Minister pledges transparency after train crash kills at least 39

Spanish Prime Minister Pedro Sánchez pledged on Monday to ensure “absolute transparency” regarding the causes of a train crash that killed at least 39 people on Sunday in southern Spain, warning that the death toll could still rise.

The fatal accident occurred in the Andalusia region, where the number of confirmed deaths reached 39 by Monday morning, according to a spokesperson for the Ministry of the Interior.

Authorities were preparing to deploy heavy machinery to lift several derailed train cars. “We are waiting for cranes to be installed this morning to lift cars one, two and three of the Alvia train, which suffered the most damage,” said Andalusian regional president Juanma Moreno Bonilla on regional television. “It is likely that once they are lifted, we may find more victims,” he added.

The disaster also left more than 120 people injured. As of Monday afternoon, 43 victims remained hospitalized, including 12 in intensive care, according to emergency services.

International

Over 160 christian worshippers kidnapped in Kaduna Church attacks

More than 160 Christian worshippers were abducted on Sunday during coordinated attacks carried out by armed gangs on two churches in a remote village in Kaduna State, northern Nigeria, according to a cleric and a United Nations report accessed by AFP on Monday.

Nigeria, Africa’s most populous nation, has witnessed a renewed surge in mass kidnappings since November, prompting the United States government to carry out military strikes on Christmas Day in the northwestern state of Sokoto.

U.S. President Donald Trump accused Nigerian armed groups of targeting Christians, describing the violence as a form of “genocide” against the religious community.

According to Reverend Joseph Hayab, president of the Christian Association of Nigeria in the north, the attackers arrived in large numbers, blocked access to the churches, and forced worshippers to flee into nearby forests.

“The attackers came in large numbers, sealed off the entrances to the churches, and drove the faithful into the bush,” Hayab told AFP.