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Elon Musk Testifies In 2nd Day Of Tesla Tweet Trial

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SAN FRANCISCO – Elon Musk returned to federal court in San Francisco on Monday, testifying that during 2018 meetings with representatives from Saudi Arabia’s Public Investment Fund, he believed he had secured financial backing to take Tesla private — though no specific funding amount or price was discussed.

Tesla CEO Elon Musk is facing a class action lawsuit filed by Tesla investors who claim he misled them with a tweet claiming funding was secured to take his electric car company private — for $420 per share.

The tweet resulted in a $40 million settlement with securities regulators after the deal fell through.

The trial hinges on whether Musk’s Aug. 7, 2018, tweets harmed Tesla shareholders during the 10 days preceding Musk’s admission that the buyout he had envisioned would not take place.

musk

Musk Not At His Peak For Trial

In a soft, halting tone, Musk said Monday that he “had trouble sleeping last night, and unfortunately, I am not at my best.” He said jurors should know that he “felt that funding was secured” because of his ownership of “SpaceX stock alone.”

“I didn’t want to sell Tesla stock to buy Twitter, but I did sell Tesla stock,” he said of the stock sale to compensate for the lack of funding from other sources for his $44 billion deal to take Twitter private. Musk sold nearly $23 billion in shares of his car company between April when he began building a position on Twitter and December.

“My SpaceX shares alone would have ensured funding,” Musk said of the 2018 tweets.

Even before Musk took the stand on Friday, U.S. District Judge declared that jurors could consider those two tweets false, leaving them to decide whether Musk purposefully misled investors and whether his statements caused them to lose money.

Musk previously claimed that he entered into the SEC settlement under duress and thought he had secured financial backing for a Tesla buyout during meetings with representatives from Saudi Arabia’s Public Investment Fund.

musk

Musk Stepped Down As Tesla’s Chairman

Musk stated in the first of the 2018 tweets that “funding secured” for a $72 billion — or $420 per share — buyout of Tesla was still dealing with production issues and was worth far less than it is now. Musk responded a few hours later with another tweet implying that a deal was imminent.

A lawyer for Tesla shareholders, Nicholas Porritt, asked Musk if he “went with 420 because it was a joke your girlfriend enjoys.” Musk responded that he believes there is “some karma” surrounding the number 420, a slang reference to marijuana, but he doesn’t know “whether it’s good karma or bad karma at this point.”

He later stated that the figure was a “coincidence” and represented a 20% premium over Tesla’s share price at the time.

As part of the Securities and Exchange Commission settlement, Musk stepped down as Tesla’s chairman while remaining CEO after it became clear that the funds to take Tesla private were unavailable.

SOURCE – (AP)

 

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Sony To Lay Off 900 At PlayStation As Tough Times For The Video Games Industry Persist

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Sony said on Tuesday that it will lose 900 jobs, or 8% of PlayStation’s global workforce.

According to a PlayStation news statement, Sony Interactive Entertainment’s layoffs will affect all regions, with its in-house London studio, which is responsible for the competitive singing video game “Singstar,” closing entirely.

“These are incredibly talented people who have contributed to our success, and we are very grateful,” said Jim Ryan, president and CEO of Sony Interactive Entertainment. “However, the industry has changed immensely, and we need to future ready ourselves to set the business up for what lies ahead.”

sony

Sony To Lay Off 900 At PlayStation As Tough Times For The Video Games Industry Persist

According to Bloomberg, the personnel cut comes after the business lowered its sales expectations for the year and Naomi Matsuouka, Sony’s senior vice president, stated that the PlayStation 5 console was nearing the end of its lifecycle.

Ryan stated in September that he would resign as president of Sony Group Corporation in March. Hiroki Totoki, the COO and CFO, will serve as interim CEO.

sony

Sony To Lay Off 900 At PlayStation As Tough Times For The Video Games Industry Persist

The incoming CEO will face an entire tech sector in turmoil, with industry giants laying off 5,500 staff in the first two weeks of 2024 alone.

Specifically, the video gaming industry has seen employment losses from 2023 into this year, with Epic Games slashing 830 workers last September and Tencent’s Riot Games laying off 11% of its workforce in January.

sony

Sony To Lay Off 900 At PlayStation As Tough Times For The Video Games Industry Persist

In his email to employees, Ryan echoed the leadership of those other game firms, saying, “We had to step back, look at our business holistically, and move forward focusing on the company’s long-term sustainability and delivering the best experiences possible for our community.”

Sony Group Corporation’s (SONY) stock declined less than 1% after the announcement on Tuesday.

SOURCE – (CNN)

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Sideways Moon Landing Cuts Mission Short, Private US Lunar Lander Will Stop Working Tuesday

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CAPE CANAVERAL, Florida – A private US lunar lander’s mission was cut short after landing sideways near the moon’s south pole. It is likely to stop operational on Tuesday.

Intuitive Machines, the Houston-based firm that developed and flew the spacecraft, announced Monday that it will continue to collect data until the solar panels no longer receive sunlight. Officials estimate this to happen early Tuesday, based on the Earth’s and moon’s positions. That falls two to three days short of the week that NASA and other clients had anticipated.

The lander, dubbed Odysseus, is the first U.S. spacecraft to land on the moon in over 50 years, carrying experiments for NASA, the primary sponsor. However, it arrived too quickly last Thursday, and the foot of one of its six legs caught on the surface, forcing it to tip over, according to company authorities.

According to photographs taken by NASA’s lunar reconnaissance orbiter, Odysseus landed within a mile (1.5 kilometres) of its planned target at the Malapert A crater, roughly 185 miles (300 kilometres) from the moon’s south pole.

The LRO shots from 56 miles (90 km) above show the lander on the surface, but it is hardly visible in the blurry images. Embry-Riddle Aeronautical University’s camera-ejecting experiment, which was supposed to record photographs of the lander as they both dropped, was called off shortly before touchdown due to a last-minute navigation difficulty.

moon

Sideways Moon Landing Cuts Mission Short, Private US Lunar Lander Will Stop Working Tuesday

According to NASA, the lander landed in a small, deteriorated crater with a 12-degree slope. That is the closest a spacecraft has ever gotten near the south pole, which is important due to probably frozen water in the permanently shadowed craters.

NASA, which intends to land astronauts in this region in the coming years, paid Intuitive Machines $118 million to bring six experiments to the surface. Other customers had things on board.

moon

Sideways Moon Landing Cuts Mission Short, Private US Lunar Lander Will Stop Working Tuesday

Instead of landing upright, the 14-foot (4.3-meter) Odysseus landed on its side, limiting its connection with Earth. The overturned lander covered up some antennas, and those that remained exposed ended up near the ground, resulting in intermittent communications. The solar panels were much closer to the surface than expected, which was less than optimal given the mountainous terrain. Even in the best circumstances, Odysseus only had a week to function on the surface before the long lunar night began.

Since the 1960s, only the United States, Russia, China, India, and Japan have successfully landed on the moon, with the United States being the only one with crews. Japan’s lander also ended up on the wrong side last month.

Despite its tilted landing, Intuitive Machines was the first private company to join the privileged group. Another American company, Astrobotic Technology, attempted it last month but could not reach the moon due to a fuel leak.

moon

Sideways Moon Landing Cuts Mission Short, Private US Lunar Lander Will Stop Working Tuesday

Intuitive Machines almost failed as well. Ground teams only activated the lander’s navigational lasers after its launch from Florida on February 15. The mistake was noticed when Odysseus circled the moon, forcing flight controllers to rely on a NASA laser-navigating gadget only on board as an experiment.

As it turned out, NASA’s test lasers guided Odysseus to a nearly perfect landing, marking the first moon landing by a U.S. spacecraft since the Apollo programme.

Twelve Apollo astronauts walked on the moon from 1969 to 1972. While NASA occasionally sent satellites around the moon, the United States launched another moon-landing mission this month. Astrobotic’s aborted voyage was the first in NASA’s programme to promote commercial lunar delivery.

Both Intuitive Machines and Astrobotics have NASA contracts for additional lunar landings.

SOURCE – (AP)

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AI Chip Firm Nvidia Valued At $2tn

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Nvidia’s market value has reached $2 trillion (£1.58 trillion), marking a new milestone in the chipmaker’s meteoric rise to the ranks of the world’s most valuable corporations.

Shares of the Silicon Valley corporation gained more than 4% in opening trading on Friday before falling slightly.

The gains built on the company’s impressive earnings announcement earlier this week.

nvidia

AI Chip Firm Nvidia Valued At $2tn

The company is profiting from improvements in artificial intelligence (AI), which has boosted demand for its processors.

The company’s turnover doubled last year to more than $60 billion, and CEO Jensen Huang told investors this week that demand was “surging” worldwide.

The corporation, which became worth $1 trillion less than a year ago, is now the world’s fourth most valuable publicly traded company, trailing Microsoft, Apple, and Saudi Aramco.

nvidia

AI Chip Firm Nvidia Valued At $2tn

After shares fell from their early Friday highs, the company’s market capitalization ended the day just under $2 trillion.

Nvidia was founded in 1993 and was originally recognized for producing computer processors that processed images, primarily for computer games.

Long before the AI revolution, it began adding capabilities to its chips that it claims to aid in machine learning, which has helped it acquire market dominance.

It is currently regarded as a vital company to monitor how quickly AI-powered technology spreads throughout the commercial world.

The firm’s stock price has more than tripled the previous year, from less than $240 per share to about $800 in midday trading on Friday.

On Thursday, the day after its earnings release, purchasers snapped up shares, boosting its value by $277 billion, the greatest one-day rise in Wall Street history.

He research has also contributed to a larger market rise, appearing to persuade investors that, as Derren Nathan of Hargreaves Lansdown put it, the AI boom is “living up to the hype”.

nvidia

AI Chip Firm Nvidia Valued At $2tn

“It’s being used in automotive for design, in telecommunications for network planning, and in mainstream companies to figure out and get insights into data that they haven’t been able to get before,” Bob
O’Donnell, a technology analyst based in the United States, told the BBC earlier this week.

“This is now really starting to hit the kinds of companies across the board, not just specialized tech companies and that’s a real tipping point for the industry.”

SOURCE – (BBC)

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