Elon Musk

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Musk Celebrates Verdict: 'Wisdom of the People Has Prevailed!'

Jurors decide Musk didn't defraud Tesla investors with 2018 posts about EV automaker

(Newser) - A jury on Friday decided Elon Musk didn't defraud investors with his 2018 tweets about electric automaker Tesla in a proposed deal that quickly unraveled and raised questions about whether the billionaire had misled investors. The nine-member jury reached its verdict after less than two hours of deliberation following...

Rules Change for EV Tax Credits
Rules Change for EV Tax Credits
Feb 3, 2023 3:45 PM CST

Rules Change for EV Tax Credits

Automakers lobbied for higher-priced models to be included

(Newser) - The Treasury Department said Friday it is making more electric vehicles—including SUVs made by Tesla, Ford, and General Motors—eligible for tax credits of up to $7,500 under new vehicle classification definitions. The revised standards for EV tax credits follow lobbying by automakers that had pressed the Biden...

Twitter Sued for Not Paying Rent on Its Headquarters

Company's London landlords are also suing

(Newser) - More landlords are taking Twitter to court over unpaid rent, this time at the social media company’s headquarters in San Francisco and its British offices—the latest sign that owner Elon Musk's extreme cost-cutting strategy includes simply not paying the bills. Twitter is facing a lawsuit over allegations...

Musk Testifies in Tesla Tweet Trial
Musk Defends His
'420' Tesla Tweets
Jan 23, 2023 6:25 PM CST

Musk Defends His '420' Tesla Tweets

He says he 'felt funding was secured' due to his ownership of SpaceX stock

(Newser) - Elon Musk returned to federal court Monday in San Francisco, testifying that he believed he had locked up financial backing to take Tesla private during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund—although no specific funding amount or price was discussed. The billionaire Tesla CEO and...

At Twitter's Fire Sale, Bird Statue Sells for Wild Price

Auction has now closed

(Newser) - The most expensive item sold at an auction of Twitter paraphernalia ? A statue of the company's bird logo, which went for around $100,000. The BBC , which has a photo of that and other items, was tracking prices as the auction neared its conclusion; final prices have not...

Arguments Begin in Musk&#39;s Tesla Tweet Trial
Musk's Tesla Tweet
Trial Begins
Jan 18, 2023 5:40 PM CST

Musk's Tesla Tweet Trial Begins

'His lies caused regular people ... to lose millions and millions of dollars,' lawyer says

(Newser) - Elon Musk was depicted Wednesday as either a liar who callously jeopardized the savings of "regular people" or a well-intentioned visionary as attorneys delivered opening statements at a trial focused on a Tesla buyout that never happened. Lawyers on opposing sides drew the starkly different portraits of Musk for...

As Advertisers Flee Twitter, 'Unpalatable Options' for Musk

Reports: 500 big advertisers have ditched since October, revenue is down 40% year over year

(Newser) - In his own words, Elon Musk has been "cutting costs like crazy" since his takeover last year of Twitter, in an effort to fend off an expected negative cash flow for the company of about $3 billion in 2023. Now, multiple outlets are adding details on how dire the...

Engineer Says Tesla Self-Driving Video Was Staged

'The intent of the video was not to accurately portray what was available for customers in 2016'

(Newser) - A 2016 video promoting Tesla's self-driving technology wasn't what it appeared to be, a Tesla engineer testified. In previously unreported testimony, Ashok Elluswamy, director of Autopilot software, said the video was staged and the Tesla Model X involved wasn't really driving itself, reports Reuters . "The intent...

Report: Twitter Abruptly Closes Asia Headquarters

Sources say Singapore office was closed for non-payment of rent

(Newser) - Employees at Twitter's Asia headquarters found out on very short notice Wednesday that they would be working from home, insiders say. Sources tell Bloomberg that workers at the Singapore headquarters were told via email that they had to clean out their desks and be out of the building by...

Landlord: Twitter Owes $136K in Rent
Latest Suit Against
Twitter Seeks $400K
UPDATED
Jan 11, 2023 9:55 AM CST

Latest Suit Against Twitter Seeks $400K

Canary Marketing said its invoices haven't been paid since the takeover

(Newser) - Add this to the tally of recent Twitter woes: another lawsuit over alleged nonpayment of services. This one was filed Friday by marketing firm Canary Marketing, which SF Gate reports "designs merchandise for major brands, including LaCroix, Gatorade, Slack, and KFC." It has counted Twitter among those clients...

Musk: No Way I Can Get Fair Trial in San Francisco

Lawyers want Tesla trial moved to Texas, citing negative news coverage about Twitter

(Newser) - Elon Musk has urged a federal judge to shift a trial in a Tesla shareholder lawsuit out of San Francisco because he says negative local media coverage has biased potential jurors against him. Instead, in a filing submitted late Friday—less than two weeks before the trial was set to...

Elon Musk Has Now Lost the Most Money in History

Bloomberg reports he has become the first person to lose $200B

(Newser) - A little over a year ago, Elon Musk was sitting on the astronomical sum of about $340 billion in net worth, making him the richest human on the planet by a wide margin. Today, Bloomberg reports that Musk has became the first person in history to lose $200 billion. The...

Report: Things Are Getting Messy at Twitter HQ

Quite literally

(Newser) - Elon Musk has been "cutting costs like crazy," as he put it, at Twitter in a bid to reverse what he says is a projected negative cash flow of roughly $3 billion next year. The New York Times speaks with largely unnamed sources who detail the shape those...

As Tesla Stock Tanks, Musk Has a Message for Staff

CEO assures employees that, one day, 'Tesla will be the most valuable company on Earth!'

(Newser) - Short sellers are celebrating Tesla's plummeting stock prices , but investors aren't happy, and they're now begging CEO Elon Musk—who's sold off billions of dollars worth of his shares to help fund his newest company, Twitter—to stop dumping his stock. Tesla employees are also likely...

Twitter CEO's Other Company Is Not Doing Very Well

Elon Musk blames inflation

(Newser) - Barring any profoundly unexpected news in the coming days, Tesla stock has achieved its worst-ever annual stock performance, losing roughly 70% of its value since its November 2021 peak, per the Wall Street Journal . It's not all CEO Elon Musk's fault, per se, as there are a host...

Musk: I'll Keep Tesla Stock for 18 Months

Stock's value has plunged since Twitter purchase

(Newser) - CEO Elon Musk says he won't sell any more shares in Tesla for 18 months or more, likely an attempt to comfort shareholders of the electric vehicle company who have watched the stock lose nearly half of its value since Musk's purchase of Twitter. "I'm not...

Tesla's Big New Discount Raises Concerns

US buyers can get $7.5K off, which may be a sign of weakening demand

(Newser) - In assessing Elon Musk's business strategy at Tesla, the Wall Street Journal observes that Musk "has frequently boasted how Tesla stands apart from traditional car companies by not relying on the kind of marketing tools, such as advertisements or discounting, to goose demand." Consider demand goosed, in...

This Has Been a Stellar Year for Tesla Short Sellers

They've made around $15B betting against stock, analytics firm

(Newser) - Betting against Tesla was a ruinously bad move in 2020 and 2021, but a winner in 2022, traders say. The company's stock started 2020 trading at around $30 and it hit a peak of more than $400 in November 2021. But it sank to a two-year low of $137....

Musk Calls Him a 'Crazy Stalker.' Cops Call Him a 'Victim'

Police say member of Musk's security team is accused of hitting the man with his car

(Newser) - In explaining his decision to ban the Twitter account that publishes the location of his private plane, Elon Musk claimed it had shared the " real-time, exact location " of his 2-year-old son before a " crazy stalker " confronted a vehicle carrying the boy on Dec. 13. But police...

After Period of Silence, Elon Musk Is Tweeting Again
Elon Musk Says He'll
Resign as Twitter CEO
UPDATED
Dec 20, 2022 8:38 PM CST

Elon Musk Says He'll Resign as Twitter CEO

He says it'll happen 'as soon as I find someone foolish enough to take the job'

(Newser) - After a period of uncertainty, Elon Musk has confirmed that he plans to abide by the results of a poll that asked whether he should step down as Twitter CEO, which ended with 57.5% in favor of resignation. "I will resign as CEO as soon as I find...

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