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

FBI Warns of Possible Iranian Drone Attack on U.S. West Coast

The Federal Bureau of Investigation (FBI) has warned police departments in California about a possible Iranian plan to carry out a drone attack against the west coast of the United States, according to a report published Wednesday by ABC News.

The warning was issued through a memorandum sent to agencies participating in a Joint Terrorism Task Force, outlining the possibility of a surprise attack involving unmanned aerial vehicles launched from a vessel off the U.S. coastline.

According to the document, intelligence suggested that in early February 2026 Iran may have considered an attack against unspecified targets in California if the United States carried out airstrikes on Iranian territory.

However, the memo also noted that authorities lack additional details about the timing, method, specific targets, or individuals responsible for the alleged plan.

Reports cited by U.S. media indicate that the alert coincided with the start of a military offensive by the administration of Donald Trump against the Iran, a development that has heightened tensions across the Middle East.

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Law enforcement sources with counterterrorism experience told the Los Angeles Times that the warning is part of a routine precautionary advisory based on information from the U.S. Coast Guard.

The sources emphasized that there is no credible indication of an imminent attack and no evidence that Iran currently has the capability to successfully carry out such an operation.

California is home to the largest Iranian community in the United States. According to the Migration Policy Institute, more than half of Iranian immigrants in the country lived in the state in 2019, including around 140,000 people in Los Angeles County alone.

The city also hosts a neighborhood widely known as “Tehrangeles,” where a large Iranian community began settling in the 1960s and continued to grow following the Iranian Revolution.

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International

Trump Says Iran Is Welcome at 2026 World Cup but Warns of Security Concerns

The President of the United States, Donald Trump, said Thursday that the national football team of Iran is “welcome” to participate in the 2026 World Cup, although he suggested it might be safer for the team not to take part in the tournament.

“The Iranian national soccer team is welcome at the World Cup, but I really don’t think it’s appropriate for them to be there, for their own safety,” Trump wrote on his social media platform Truth Social.

His comments came a day after Iran’s sports minister, Ahman Donyamali, said that there are currently no conditions for the country to participate in the tournament following the killing of Iran’s Supreme Leader, Ali Khamenei, during a military offensive launched on February 28 by Israel and the United States.

“After the corrupt government killed our leader, there are no conditions that allow us to take part in the World Cup,” the Iranian official said. He added that the country has faced two wars in the past eight or nine months, resulting in thousands of civilian deaths, making participation in the tournament unlikely.

On Tuesday, the president of FIFA, Gianni Infantino, met with Trump at the White House.

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Following the meeting, Infantino said that Trump reiterated that Iran’s national team would be allowed to compete in the FIFA World Cup 2026.

“We discussed the current situation in Iran and the fact that the Iranian team has qualified to participate in the FIFA World Cup 2026. During the conversation, President Trump reiterated that the Iranian team is, of course, welcome to compete in the tournament in the United States,” Infantino wrote on Instagram.

International

Iran issues threat to Trump as conflict escalates over Strait of Hormuz

The head of Iran’s Supreme National Security Council, Ali Larijani, threatened U.S. President Donald Trump on Tuesday, warning him to “beware of being eliminated.”

The Republican president had warned on Monday that he would strike Iran “very hard” if the Islamic Republic blocked oil shipments through the Strait of Hormuz, which has effectively been closed since the war began eleven days ago.

“Iran is not afraid of your empty threats. Others more powerful than you tried to destroy the Iranian nation and failed. Beware that you are not eliminated,” Larijani wrote on X.

Earlier, Iran’s Revolutionary Guards — the ideological military force of the Islamic Republic — also said their forces would move to block oil exports from the Gulf.

Meanwhile, Israeli Prime Minister Benjamin Netanyahu said Israel’s military offensive against Iran is far from over.

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“Our aspiration is that the Iranian people free themselves from the yoke of tyranny; ultimately, that depends on them. But there is no doubt that with the measures taken so far we are breaking their bones, and we are not finished yet,” Netanyahu said in a statement.