Elon Musk under federal investigation over $44bn Twitter deal – filing
Court filing made public by social media company does not state what is being investigated, nor which federal authorities are involved
Guardian Staff and agencies
Fri 14 Oct 2022 04.40 BST
Elon Musk is under a federal investigation related to his $44bn takeover of Twitter, the social media company has said in a court filing made public on Thursday.
While the filing said he was under investigation, it did not say what the focus was, or which federal authorities were investigating.
Twitter, which sued Musk in July to force him to close the deal, said attorneys for the Tesla CEO had claimed “investigative privilege” when refusing to hand over documents it had sought.
In late September, Musk’s attorneys provided a “privilege log” identifying documents to be withheld. The log referenced drafts of a 13 May email to the US Securities and Exchange Commission (SEC) and a slide presentation to the Federal Trade Commission (FTC), Twitter said.
“This game of ‘hide the ball’ must end,” the company said in the court filing.
The SEC has previously questioned Musk’s comments about the Twitter acquisition. In April, the SEC asked Musk whether the disclosure of his 9% Twitter stake was late and why it indicated that he intended to be a passive shareholder. Musk later refiled the disclosure to indicate he was an active investor.
In June, the SEC asked Musk in a letter whether he should have amended his public filing to reflect his intention to suspend or abandon the deal.
The SEC and FTC did not immediately respond to requests for comment.
Alex Spiro, an attorney for Musk, told Reuters that Twitter’s court filing was a “misdirection … It is Twitter’s executives that are under federal investigation.”
https://www.theguardian.com/technology/ ... eover-deal
TESLA and Elon Musk - anything not elsewhere
- RTH10260
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We all know how much I love Elon....
Introducing the all-new Tesla Model Q: Join the conspiracy
Introducing the all-new Tesla Model Q: Join the conspiracy
Introducing the all-new Tesla Model Q.
Do your own research! You’ll find that the Tesla Model Q can go from zero to 60 faster than a Tucker Carlson monologue. With acceleration that powerful, you can be absolutely sure that Jews will not replace you — in the fast lane or anywhere else.
Following the White Rabbit has never been easier with the Model Q’s autopilot, featuring cameras, radar and sonar sensors that give you 360 degrees of visibility into all the black hats who are out to get you. And the Q’s optional ankle-bracelet jammer will have your parole officer thinking you never left home.
The Model Q gives you more reason than ever to trust the plan! Our engineers, working from a former Ukrainian bioweapons lab once run by Hunter Biden, have prepared for every contingency. The Model Q’s industry-leading cargo space in front and rear gives you the freedom to lay in enough firepower, dried food and red pills to last 10 days — or 10 months. Either way, you’re sure to enjoy the show in your very own Model Q, available now in all white.
The all-new Tesla Model Q: Nothing can stop what’s coming.
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TESLA and Elon Musk - anything not elsewhere
It's a civil investigation, with potential penalties unlikely to exceed six figures. Billionaires like Musk don't have to obey most laws.
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James Bond's hi-tech guy Q will be envious about the engineering advancements over the last five decades or soGregg wrote: ↑Fri Oct 14, 2022 8:04 pm We all know how much I love Elon....
Introducing the all-new Tesla Model Q: Join the conspiracy
- pipistrelle
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More concerned about his insertion of his idiotic, arrogant, private citizen self into the Ukraine-Russia-U.S. situation.
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Listen, I'm not a Tesla expert, but based on my neighborhood at least, I think it's safe to say that Sington has no idea what he is talking about. I'd be interested to gather some Tesla owner by state data though.
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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A non-scientific, purely empirical and memory based response:
I've traveled throughout much of these United States from California to 38 states in the past eight years.
Texas, Oklahoma, Arizona, Idaho, Missouri, both Carolinas, and Ohio (for starters) have lots of Teslas on the road. It is difficult to determine if an owner is liberal or conservative by looking at him or her. I know of four people here in town who are ultra-conservative, and they all have Teslas.
To my way of thinking, the determining factor is income and net worth. They typically are not cheap--even used Teslas are pricier than used Camrys. But if your lifestyle supports a $75,000+ car, driving electric has no equal. Income and net worth do not determine political views and ideals or vice-versa.
My broker lives in Eugene, Oregon. He just purchased the Mustang Mach-E. He loves his car. He and his wife vie to see who can leave first in the mornings and commandeer the Mach-E. So, it is not "Tesla." It is the completely different driving and ownership experience with an electric car.
I've traveled throughout much of these United States from California to 38 states in the past eight years.
Texas, Oklahoma, Arizona, Idaho, Missouri, both Carolinas, and Ohio (for starters) have lots of Teslas on the road. It is difficult to determine if an owner is liberal or conservative by looking at him or her. I know of four people here in town who are ultra-conservative, and they all have Teslas.
To my way of thinking, the determining factor is income and net worth. They typically are not cheap--even used Teslas are pricier than used Camrys. But if your lifestyle supports a $75,000+ car, driving electric has no equal. Income and net worth do not determine political views and ideals or vice-versa.
My broker lives in Eugene, Oregon. He just purchased the Mustang Mach-E. He loves his car. He and his wife vie to see who can leave first in the mornings and commandeer the Mach-E. So, it is not "Tesla." It is the completely different driving and ownership experience with an electric car.
"Some cause happiness wherever they go; others whenever they go." O. Wilde
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I see a lot of Teslas around here, SW Florida and we're very red.
I'd also like to point out it's not just Democrats putting up solar panels, which is why DeSantis backed out of his "fuck the referendum, let's steal everyone's solar energy and give it to the power companies anyway." bill, ultimately vetoing it.
I'd also like to point out it's not just Democrats putting up solar panels, which is why DeSantis backed out of his "fuck the referendum, let's steal everyone's solar energy and give it to the power companies anyway." bill, ultimately vetoing it.
x5
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“If everyone fought for their own convictions there would be no war.” ― Leo Tolstoy, War and Peace
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“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
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Elon Musk sells Tesla shares worth $4bn
Musk said he was done selling Tesla stock back in August, before Twitter’s legal action sealed the deal for the $44bn takeover
Josh Taylor
Wed 9 Nov 2022 03.48 GMT
Tesla CEO Elon Musk has sold 19.5 million of his shares in the electric car company, according to filings published by the US Securities and Exchange Commission on Tuesday, in a transaction worth $3.95bn.
The move comes in the wake of his purchase of Twitter for $44bn.
Musk has sold nearly $20bn-worth of his stock in Tesla since he initially invested in the social media company in April. In August, before Twitter’s legal action eventually sealed the deal for the takeover, Musk claimed that he was done selling stock.
“In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock,” he tweeted.
Musk, who is the world’s richest man, now holds around 135 million Tesla shares.
The sale came just weeks after Tesla reported $3.3bn in profit and $21.45bn in revenue for the third quarter – falling short of Wall Street expectations – which caused a 4% drop on the day. Tesla’s value has dropped about 46% this year, but Musk’s net-worth remains just under $200bn.
Musk admitted at the time of the results that he was “obviously overpaying for Twitter right now”.
Musk had committed to financing the takeover himself, but went on to receive support in the form of $7bn from investors including Larry Ellison, founder of the Oracle software group, and the cryptocurrency platform Binance. A consortium of banks also loaned $13bn to finance the deal.
https://www.theguardian.com/technology/ ... -worth-4bn
- MN-Skeptic
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At this moment, Tesla stock is trading at $187.37.
Its 52-week high was $402.67.
So Tesla stock is down 53.5% from its 52-week high.
(I hold too much stock in my former employer, a 108-year old Midwest manufacturing company. It hit a 52-week high today. )
Its 52-week high was $402.67.
So Tesla stock is down 53.5% from its 52-week high.
(I hold too much stock in my former employer, a 108-year old Midwest manufacturing company. It hit a 52-week high today. )
Tim Walz’ Golden Rule: Mind your own damn business!
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My brother loves his Mach E. Last year I had COVID when he was here so I didn’t get a ride. This year, if he drives down, I will.
The first ride in a Tesla is kinda wild. The cabin is so broad and open and the display of the road you left behind takes some getting used to.
Thé zippiness is fine.
The first ride in a Tesla is kinda wild. The cabin is so broad and open and the display of the road you left behind takes some getting used to.
Thé zippiness is fine.
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TESLA and Elon Musk - anything not elsewhere
I saw a meme today about Elon.
It said, best I can remember... "Watching Elmo managing Twitter. Now imagine you're on Mars and he controls your air supply"
It said, best I can remember... "Watching Elmo managing Twitter. Now imagine you're on Mars and he controls your air supply"
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In news that should surprise no one at all, the newly verified Rudy Giuliani blue checkmark account might not actually be Rudy...
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Supreme Commander, Imperial Illuminati Air Force
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Landmark trial involving Tesla autopilot weighs if ‘man or machine’ at fault
Tesla’s autopilot faces criticism it contributes to accidents and deaths – but has technology advanced faster than legal standards?
Dani Anguiano in Los Angeles and agencies
Mon 14 Nov 2022 11.00 GMT
Tesla will play a major role in a manslaughter trial this week over a fatal crash caused by a vehicle operating on autopilot, in what could be a defining case for the self-driving car industry.
At the trial’s heart is the question of who is legally responsible for a vehicle that can drive – or partially drive – itself.
Kevin George Aziz Riad is on trial for his role in a 2019 crash. Police say Riad exited a freeway in southern California in a Tesla Model S, ran a red light and crashed into a Honda Civic, killing Gilberto Lopez and Maria Guadalupe Nieves-Lopez. Tesla’s autopilot system, which can control speed, braking and steering, was engaged at the time of the crash that killed the couple, who were on their first date.
Tesla does not face charges in the case, but trial could shape public perceptions of the company and act as a test case for whether the technology has advanced faster than legal standards, experts say.
“Who’s at fault, man or machine?” Edward Walters, an adjunct professor at the Georgetown University law school who specializes in the law governing self-driving cars. “The state will have a hard time proving the guilt of the human driver because some parts of the task are being handled by Tesla.”
Riad’s lawyer has said that his client should not have been charged with a crime while prosecutors have argued Riad’s speeding and failure to brake were reckless.
https://www.theguardian.com/technology/ ... -v-machine
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Musk testifies he will ‘reduce’ time at Twitter and eventually hand over reins
The Tesla CEO was in a Delaware court to defend a 2018 $56bn pay package that helped him become world’s richest man
Dominic Rushe and agencies
Wed 16 Nov 2022 17.54 GMT
Elon Musk told a court on Wednesday that he expects to reduce his time at Twitter and eventually find someone else to run the social media company.
“There’s an initial burst of activity needed post-acquisition to reorganize the company,” Musk said in his testimony. “But then I expect to reduce my time at Twitter.”
Musk made the remarks while testifying in a Delaware court to defend a $56bn pay package Tesla awarded him in 2018 that helped make him the world’s richest man.
Tesla shareholder and heavy metal drummer Richard Tornetta has sued Musk and the board claiming Musk used his dominance over Tesla’s board to dictate terms of the package, which did not require him to work at Tesla full-time and came as he was running several other companies.
Musk said the electric car maker was in “crisis” in 2017 and he gave it his full attention. “I was entirely focused on the execution of the company,” Musk said.
Musk’s testimony before chancellor Kathaleen McCormick comes as he is struggling to oversee a chaotic overhaul of Twitter, the social media platform he was forced to buy for $44bn in a separate legal battle before the same judge after trying to back out of that deal.
Earlier this month Musk announced he was cutting half of Twitter’s staff after a “massive” drop in revenue. He told the remaining staff they have until Thursday to decide whether they will leave or confirm they will work “long hours at high intensity” as part of “the new Twitter”.
Musk described how the automaker was struggling to survive in 2017, when the pay package was developed.
He also said he not would accept a pay plan that required him to punch a clock or commit certain hours to Tesla. “I pretty much work all the time,” he said. “I don’t know what a punch clock would achieve.”
Investors are growing concerned about Musk’s focus on Twitter. On the stand, the billionaire said he focuses his attention where it is needed most.
https://www.theguardian.com/technology/ ... e-handover
- pipistrelle
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Well, he’s executing Twitter.“I was entirely focused on the execution of the company,” Musk said.
- Gregg
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I personally think shareholders are better served if he can be made to go somewhere else.
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He'll eventually put someone else in charge so he can blame them?
x5
- Gregg
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I give it about 50/50 chance of making it through the weekend's first World Cup games without a spectacular fail.
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That system is on bubblegum and a prayer. imo. And there isn't going to be the people they need to pick up the pieces and cobble something back together.
Or they get lucky.
“Remember, democracy never lasts long. It soon wastes, exhausts, and murders itself. There never was a democracy yet that did not commit suicide.” —John Adams
- RTH10260
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Will the New York Post have another Humpty Dumpty story on its first page?