International
Elon Musk takes stand in Tesla tweet fraud trial
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.”
“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.
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.
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.
International
U.S. warns China over Taiwan during high-level defense talks in Kuala Lumpur
U.S. Secretary of Defense Pete Hegseth expressed concerns over China’s growing military activity near Taiwan during a meeting on Friday with Chinese Defense Minister Dong Jun in Kuala Lumpur.
“It was a constructive and positive meeting,” Hegseth wrote on X. “I emphasized the importance of maintaining a balance of power in the Indo-Pacific and raised U.S. concerns about China’s actions around Taiwan,” the self-governed island that Beijing claims and does not rule out invading.
The meeting took place on the sidelines of the ASEAN Defense Ministers Meeting-Plus, one day after U.S. President Donald Trump met Chinese President Xi Jinping in Busan, South Korea. According to Trump, Taiwan was not discussed during their talks.
“The United States does not seek conflict and will continue to firmly defend its interests, ensuring it maintains the capability to do so in the region,” Hegseth added in his message.
Friday’s encounter followed a September 9 video call between Hegseth and Dong. Their previously planned meeting at the Shangri-La Dialogue in Singapore was canceled due to Dong’s absence from the event.
Trump’s sit-down with Xi — their first since 2019 — resulted in some trade agreements but avoided addressing the issue of Taiwan, a long-standing source of tension between the world’s two largest powers.
Trump has taken a more ambiguous stance on Taiwan’s future compared with former President Joe Biden, who repeatedly stated that Washington would support Taipei if China launched an invasion. The Republican president has also criticized Taiwan for “stealing” the U.S. semiconductor industry.
International
U.S. considering airstrikes on military sites in Venezuela, reports say
The United States may soon carry out airstrikes on military facilities inside Venezuela as part of an escalating offensive against Nicolás Maduro’s regime, according to reports Friday from the Miami Herald and The Wall Street Journal, citing sources close to the Trump administration.
Airstrikes could take place “within days or even hours,” the Herald reported. The Journal noted that while the option is under serious consideration, President Donald Trump has not yet made a final decision on authorizing strikes on Venezuelan soil.
Potential targets allegedly include military-controlled ports and airports used in drug trafficking operations, such as naval installations and airstrips, officials told the Journal.
The Herald also quoted a source saying that “Maduro’s time is running out”, suggesting that more than one Venezuelan general may be ready to detain and hand him over. However, officials declined to confirm whether the Venezuelan leader would be among the military targets.
Trump has repeatedly vowed to block the flow of illegal drugs into the United States, following nearly two months of airstrikes against vessels in the Pacific and the Caribbean. Those operations have destroyed 15 boats and left 61 people dead and three survivors since September 1.
“We are finally waging a war against the cartels — a war like they’ve never seen before — and we are going to win that battle. We are already winning at sea,” Trump told U.S. troops during a speech in Japan.
The reports on possible airstrikes come on the same day the United Nations accused the U.S. of violating international law with its maritime operations, saying those killed at sea may have been victims of extrajudicial executions.
International
Pope Leo XIV revives Global Compact on Education to confront cultural crisis
Pope Leo XIV announced on Friday that he will revive and update the Global Compact on Education, an initiative launched by the late Pope Francis aimed at deeply transforming global culture through education.
The announcement was made during an audience in St. Peter’s Square, held on the occasion of the Jubilee of the Educational World, which this week gathers more than 20,000 participants from 124 countries in Rome.
During his address, the pontiff — who is of U.S. origin and Peruvian nationality — emphasized the importance of restoring the value of educators and reinforcing the principles that support the pact.
“We must be careful: damaging the social and cultural role of educators means mortgaging our own future,” he warned before thousands in attendance. “A crisis in the transmission of knowledge leads to a crisis of hope.”
The Global Compact on Education, launched by Pope Francis, seeks an integral and long-term cultural transformation. It is structured around five pillars: dignity and human rights; fraternity and cooperation; technology and integral ecology; education for peace and citizenship; and culture and religions. To date, the initiative has been joined by over 553 schools and nearly 410,000 students, according to Catholic Schools data.
Pope Leo XIV also expressed concern over the widespread inner fragility affecting both students and teachers — many of whom feel overwhelmed by bureaucratic burdens.
He additionally addressed the role of artificial intelligence in education, warning that it may worsen emotional isolation among learners: “It can further isolate students who are already isolated, giving them the illusion that they do not need others — or worse, the feeling that they are unworthy of them,” he said.
U.S. warns China over Taiwan during high-level defense talks in Kuala Lumpur
U.S. considering airstrikes on military sites in Venezuela, reports say
Pope Leo XIV revives Global Compact on Education to confront cultural crisis
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