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

Sinaloa Governor Returns to Office Amid Political Backlash and Cartel Allegations

Sinaloa Governor Rubén Rocha Moya returned to office on Friday after taking more than three months of leave while facing an investigation into allegations by the U.S. government that he has ties to the Sinaloa Cartel. Rocha has denied the accusations.

His return has drawn criticism from Mexico’s federal government and the ruling Morena party, which have accused the governor of putting personal interests ahead of the public good.

Although she did not mention Rocha by name, Mexican President Claudia Sheinbaum addressed the situation Saturday in a post on X, warning about the dangers of placing personal ambitions above the interests of the country.

“Power without principles becomes arrogance,” Sheinbaum wrote.

The president stressed that no personal interest should take precedence over the interests of the Mexican people and the nation, particularly when the objective is not public well-being but the pursuit of power for its own sake.

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“Mexico deserves public servants who understand that positions are temporary, but responsibility before the nation is eternal,” Sheinbaum said.

She added that public officials should prioritize the dignity, future and hopes of the Mexican people over individual names, political groups or personal interests.

Later Saturday, while attending the inauguration of new agricultural services facilities in Mexico City, Sheinbaum told reporters that she learned of Rocha’s return through the governor’s social media post.
The president said she would provide further comments on the matter during her daily press conference on Monday.

International

Pilot killed and two Pennsylvania state troopers injured in mid-air collision

A pilot was killed and two Pennsylvania state police officers were injured when a Cessna 150 airplane collided with the helicopter they were traveling in during a routine training exercise at a regional airport in the state.

Pennsylvania Governor Josh Shapiro identified the officers as Corporal Bryce Corman and Trooper Jason Mills, members of the Pennsylvania State Police aviation unit. Both are expected to recover from their injuries, according to ABC.

The county coroner’s office identified the pilot as 57-year-old Paul Sokoloski.

George Bivens, acting commissioner of the Pennsylvania State Police, said the collision occurred at around 6:50 p.m. Wednesday. The helicopter was flying several feet above a grassy area near a runway at Carlisle Regional Airport when the small plane approached from behind.

According to investigators, the Cessna suddenly veered to the right moments before the collision, striking the helicopter’s tail rotor before also hitting its main rotor.

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The airplane crashed a short distance away and broke into several pieces, while the helicopter lost its tail and other components before crashing on its side.

Police said Corporal Corman opened a window and helped Trooper Mills escape from the helicopter because they feared the aircraft could catch fire.

The Federal Aviation Administration and the National Transportation Safety Board are investigating the circumstances surrounding the crash.

International

Argentina’s Milei Links Low Birth Rates to Abortion and Feminism

Argentine President Javier Milei on Thursday blamed feminism and the legalization of abortion for the country’s declining birth rate, arguing that the demographic trend is creating economic and pension-system challenges.

“We are paying a very high price for the madness of the green scarves,” Milei said during a speech at the Council of the Americas in Buenos Aires, referring to the symbol associated with the feminist movement and the campaign for legal abortion in Argentina.

According to Milei, Argentina is failing to reach the population growth and birth rates needed to maintain demographic replacement.

He also linked the decline in births to future challenges for the country’s pension system and workforce.

“That passion for killing children in the mother’s womb is costing us in terms of growth and pensions. It is also costing us in terms of human capital,” the president said.

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Milei has consistently opposed abortion, which has been legal in Argentina since 2020. The law was considered a major victory for the feminist movement across Latin America at the time of its approval.

In February 2024, lawmakers from Milei’s La Libertad Avanza (LLA) party introduced a bill seeking to repeal voluntary abortion legislation.

Under Argentina’s current law, abortion is legal, safe and free of charge up to the 14th week of pregnancy. After that period, it is permitted when the pregnancy poses a risk to the woman’s life or health, or when it resulted from rape.

Milei has repeatedly criticized abortion

The Argentine president has also criticized abortion and feminism in international forums. During his speech at the World Economic Forum in Davos in January 2024, he attacked the feminist movement and denounced what he described as the “bloody agenda of abortion.”

His latest comments come amid growing concerns over Argentina’s demographic outlook and the potential long-term effects of declining birth rates on economic growth, the labor force and social security.