Category Archives: Elon Musk

1. Elon Musk says remaining Twitter employees will receive very significant stock awards on March 24th  The Verge
2. "They Forced Me To Buy It": Musk's Post On Twitter Deal Sparks Meme Fest  NDTV
3. More Twitter Staffers Axed Over Weekend; Elon Musk Tweets, Hope You Have A Good Sunday. First Day Of The Rest Of Your Life  Deadline

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Elon Musk says remaining Twitter employees will receive very significant stock awards on March 24th - The Verge

Why Elon Musk has unblocked everyone on Twitter and recommended others to do the same?  Republic World

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Why Elon Musk has unblocked everyone on Twitter and recommended others to do the same? - Republic World

A jury has found Elon Musk not guilty in the case of his tweet about taking Tesla private at $420 a share.

Five years later, this single tweet is still haunting the Tesla CEO.

For those who dont remember the situation, back in 2018, Musk briefly considered trying to bring Tesla private and disclosed his intentions to investors through a simple tweet.

The Security and Exchange Commission (SEC) ruled that Musk exaggerated and misled shareholders when saying that the funding was secured in the tweet:

Musk went on a campaign against the SEC, calling them names and claiming that they were working for people shorting the electric automaker. But ultimately, Tesla and Musk ended up reaching a settlement with the SEC.

As part of the settlement, Musk agreed to step down from the role of chairman of the board, and Tesla and Musk had to each pay $20 million in fines.

The CEO presumably didnt want Tesla to have to pay for his issue with the SEC. While he couldnt directly pay for Teslas part of the fine, he decided tobuy $20 million worth of shares from Tesla. That way, he sort of indirectly ended up paying for Teslas fine though he also ended up with ~71,000 additional Tesla shares in the process.

As we previously reported,Musk ended up actually making money from the settlementdue to Teslas stock price surging.

Another part of the settlement was that Musk and Tesla had to agree for the former to have his tweets reviewed by the latters legal department if they are material to the company.

Musk has consistently denied any wrongdoings and claimed he settled with the SEC under pressure from Tesla investors.

Separately, Tesla investors have sued Musk personally over the tweet, claiming that they were defrauded of millions of dollars as Musk exaggerated the claim that funding was secured.

The case was ongoing for years, but it was finally heard by a jury in northern Californialast week.

Today, the jury released its verdict finding Musk not liable for the investors losses.

Musk commented on the verdict:

Thank goodness, the wisdom of the people has prevailed! I am deeply appreciative of the jurys unanimous finding of innocence in the Tesla 420 take-private case.

Thats probably the end of this saga though Musk is still fighting some of the aspects of his settlement with the SEC, primarily the need to review his tweets that are material to Teslas stock.

Thats probably the right thing.

As we previously reported, all the evidence pointed to Musk being a bit too excited and jumping the gun with the tweet.

For him to be found liable, they would have to prove that he was intentionally planning to defraud investors, and thats a tall task.

He certainly should be more cautious about tweeting things like that when no deal has been signed, but I dont think its fraud.

However, youd hope that he would have become more cautious about his tweeting after this entire saga, but we havent seen much evidence of that either.

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Elon Musk found not guilty in the Tesla 420 take-private case

1. Elon Musk Wants to Charge Businesses on Twitter $1,000 per Month to Retain Verified Check-Marks  Variety
2. Advisory Firm Sues Elon Musks Twitter, Saying It Hasnt Been Paid  The New York Times
3. Elon Musk wants more money: charges corporations $1K per month to keep their Twitter gold checkmark  Marca English

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Elon Musk Wants to Charge Businesses on Twitter $1,000 per Month to Retain Verified Check-Marks - Variety

1. Elon Musk wins lawsuit over 'funding secured' tweet  CNN
2. For Elon Musk, Two Cases About His Tweets, and Two Victories  The Wall Street Journal
3. Jury Rules for Elon Musk and Tesla in Investor Lawsuit Over Tweets  The New York Times

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Elon Musk wins lawsuit over 'funding secured' tweet - CNN

The White House just said it agrees with Elon Musks point about Apples secret 30% tax on everything. And dont forget Google  Fortune

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The White House just said it agrees with Elon Musks point about Apples secret 30% tax on everything. And dont forget Google - Fortune

For Elon Musk, two cases about his tweets, and two victories | Mint  Mint

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For Elon Musk, two cases about his tweets, and two victories | Mint - Mint

Twitter CEO Elon Musk has become the first human being in history to lose a mammoth $200 billion in net worth, Bloomberg reported.

It wasnt too long ago that Musk became the second individual ever to amass a personal fortune of more than $200 billion. That happened in January 2021, just months after Amazon founder Jeff Bezos accomplished the same feat.

Much of Musks lost billions have been swallowed up by the plummeting value of his shares in Tesla, the electric vehicle company of which he is CEO. That value has dropped 65% this year, and dove 11% last Tuesday alone, as Bloomberg noted Friday.

Musks fortune to date peaked in November 2021 at $340 billion, according to Bloombergs Billionaires Index. Hes now worth a not-too-shabby $137 billion, per Bloomberg, but thats still a steep dive from 2021.

Musk was the worlds richest person until earlier this month, when he was surpassed by European fashion magnate Bernard Arnault, the powerhouse behind LVMH.

Musks challenges include huge controversies over his hands-on management of a struggling Twitter, for which he paid $44 billion. The self-described free speech absolutist has repeatedly come under fire for arbitrarily booting journalists over actions he disapproves of, while allowing previously banned neo-Nazis back on the social media platform.

The billionaire has described the financially challenged Twitter as basically ... a plane that is headed toward the ground at high speed with the engines on fire and the controls dont work.

The company is apparently so strapped for cash that Musk recently shut down the servers supporting a Twitter data center in Sacramento. He has also fired janitors at Twitters San Francisco headquarters, reportedly forcing some staffers to bring in their own toilet paper.

Tesla investors fear Musks over-involvement in Twitter is distracting him from responding to serious issues at Tesla amid mounting competition.

In a dramatic move, Tesla has been offering American consumers a $7,500 discount on certain car models before the end of the year. The company is also reportedly reducing production at its Shanghai plant.

The worlds billionaires collectively lost nearly $2 trillion in 2022, Forbes reported earlier this month. American billionaires lost a combined $660 billion, more than in any other country, Forbes noted, and Musk lost the most of all.

(The loss occurred, however, after the worlds billionaires added $5 trillion to their collective wealth between March 2020 and November 2021.)

Forbes attributed the losses in America to a dive in tech stock value, rising interest rates, inflation and a weakening economy.

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Elon Musk Becomes First Person In History To Lose $200 Billion: Report ...

1. Tom Zhu: Elon Musk's right-hand man at Tesla  CNN
2. Tesla stock drubbed: Elon Musk looking to stabilize EV maker  Axios
3. Tesla makes China boss Tom Zhu its highest-profile executive after Elon Musk  CNBC

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Tom Zhu: Elon Musk's right-hand man at Tesla - CNN

1. Teslas ugly Q4 deliveries miss is the first hard proof that Elon Musk has a growing demand problem  Fortune
2. The best thing Elon Musk can do is be more focused on Tesla: Analyst  Yahoo Finance
3. Tesla's Troubles Go Beyond Elon Musk: What You Need to Know  The Motley Fool

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Teslas ugly Q4 deliveries miss is the first hard proof that Elon Musk has a growing demand problem - Fortune