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Facebook Securities Fraud Case Dropped

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REUTERS/Dado Ruvic/Illustration/File Photo

(VOR News) – On Friday, the United States Supreme Court refrained from issuing a rule on Facebook’s permissibility of shareholders advancing a securities fraud claim.

The litigation alleges that Facebook, a subsidiary of Meta, misled investors about the improper utilization of user data from the social media site.

At their hearing on November 6, the justices denied Facebook’s appeal against a lower court’s ruling that allowed a class action lawsuit initiated by Amalgamated Bank in 2018 to proceed.

On November 6, the Supreme Court stated that the issue should not have been addressed and, therefore, opted not to resolve the fundamental legal question at hand. The intervention ensures that the lower court’s verdict remains in force.

The court issued a one-line order for dismissal without providing a rationale. This month, the Supreme Court addressed two cases concerning the ability of private litigants to hold companies accountable for purported securities fraud. One such instance was the dispute involving Facebook.

The alternative case for chip manufacturer NVIDIA, renowned for its specialization in artificial intelligence, was discussed on November 13th. The Supreme Court rendered a verdict in the NVIDIA case on November 13th.

The plaintiffs in the lawsuit against Facebook claimed that the company had inappropriately withheld information from investors concerning a 2015 data breach involving the British political consulting firm Cambridge Analytica.

The incident impacted over 30 million Facebook users.

Facebook faced allegations of misleading investors, constituting a violation of the Securities Exchange Act, a federal statute established in 1934 that requires publicly traded companies to disclose the risks they encounter.

In 2018, media claims indicated that Cambridge Analytica had improperly utilized Facebook user data during Donald Trump’s successful 2016 presidential campaign, resulting in a fall in Facebook’s stock market price.

The investors have submitted a claim for unspecified monetary damages to partially offset the value of the stock they previously possessed.

The inquiry at hand was whether the company had contravened the law by declining to disclose details regarding the prior data breach in later business-risk disclosures while characterizing such scenarios as merely hypothetical.

Andy Stone, a representative, expressed his discontent with the Supreme Court’s decision to refrain from clarifying this specific legislative provision.

Stone asserted, “The plaintiff’s allegations are unfounded, and we will persist in our defense as the district court reviews this case.”

Facebook asserted that it was not obligated to disclose that the risk it had previously cautioned about had already materialized, as “a reasonable investor” would interpret risk disclosures as forward-looking statements.

President Joe Biden’s administration expressed its support for shareholders in this instance.

Initially dismissed by United States District Judge Edward Davila, the 9th United States Circuit Court of Appeals in San Francisco reinstated the action.

The decision compelled Facebook to appeal to the Supreme Court.

As Alan Morrison, a law professor at George Washington University, states, the plaintiffs are anticipated to pursue discovery, a process entailing the sharing of information between the litigating parties, following the Supreme Court’s dismissal of the appeal.

Morrison also indicated that Facebook “may refile their motion to dismiss under a slightly altered standard, partially to achieve delay.”

After the Cambridge Analytica data breach, the United States government commenced inquiries into privacy protocols, alongside other lawsuits and a congressional inquiry. In 2019, the United States Securities and Exchange Commission (SEC) initiated enforcement action against Facebook.

The company ultimately resolved the complaint for $100 million. Consequently, Facebook was obligated to remit a distinct penalty of $5 billion to the Federal Trade Commission of the United States.

The Securities and Exchange Commission, the federal agency overseeing fraudulent activities in the securities sector, has had its authority curtailed by prior Supreme Court rulings.

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Donald Trump Talks About Taxes, Not Anger, In His First Interview With a Network TV Station.

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Heather Khalifa/AP

(VOR News) – In his initial network interview following his election victory, President-elect Donald Trump underscored the importance of tariffs during his early days in office, minimising his previous emphasis on retaliation against purported foes.

Trump articulated his commitment to fulfilling his primary campaign promises, which encompassed pardoning the January 6 rioters, implementing substantial tax reductions, and deporting all individuals residing in the United States illegally, during an interview with Kristen Welker on NBC News’ Meet the Press.

Trump expressed his desire to pursue a legislative resolution for “Dreamers” to reside in the country legally and affirmed that he would not impose restrictions on access to abortion medications.

Dreamers are undocumented immigrants who received legal status as minors by executive order issued by former President Barack Obama.

In answer to an inquiry about targeting President Joe Biden after his inauguration on January 20, Donald Trump asserted he would not focus on the “past.”

Trump stated, “Retribution will be through success,” as conveyed to Welker. My objective is to reduce expenses. As a result, I achieved success in grocery shopping and at the border.

Trump threatened to investigate, arrest, or penalize Biden, his purported opponent.

The president-elect reaffirmed his commitment to implementing elevated tariffs on China, Canada, and Mexico, the nation’s principal trading partners. Trump said, “I cannot assure anything,” when enquiring if this would elevate consumer prices, as numerous experts have warned. I cannot guarantee tomorrow.

The president-elect countered that tariffs “cost Americans nothing” and might even serve as a diplomatic tool when Welker further questioned him on the fact that his inaugural administration’s tariffs incurred a $80 billion expense for Americans.

“By stating, ‘If you wish to engage in conflict, that is acceptable,’ I have averted wars through the imposition of tariffs.” Donald Trump asserted, “However, both of you will incur tariffs to the United States at a rate of 100%,” without referencing any wars he had averted.

Immigration and fiscal reductions

Trump has often referenced tariffs as a means for the federal government to generate revenue to compensate for the deficits resulting from tax reductions implemented during his first term.

Through the Department of Government Efficiency, an external body chaired by tech entrepreneur Elon Musk and former presidential candidate Vivek Ramaswamy, he has committed to substantially decreasing federal expenditure. Donald Trump asserts that Medicare and Social Security are not at risk of reduction.

Trump asserted, “I have informed individuals that we will not alter Social Security, except to enhance its efficiency.” “However, the populace will receive what is allotted to them.”

Concerning health care, Trump did not offer a specific plan.

During the initial months of Donald Trump’s administration, efforts were concentrated on the repeal and replacement of the Affordable Care Act.

“Obamacare is ineffective,” Donald Trump said when asked what his plans for 2020 are.

If a superior answer is identified, I would present it to the Democrats and others, and I would proceed with action.

Trump maintains a focus on immigration. During the NBC interview, he reiterated his intentions to execute extensive deportations of persons unlawfully residing in the United States. Donald Trump asserted that he would commence with convicted criminals, but would not limit his actions to them.

Trump responded, “I believe it is necessary, although it is a challenging and arduous task.” “However, it is essential to establish laws, rules, and regulations.” They unlawfully entered the country.

Trump affirmed, “I do,” in response to a query regarding his desire for Dreamers—individuals brought to the country as children and currently participating in the Deferred Action for Childhood Arrivals program—to remain in the nation. I anticipate reaching consensus.

Concerning abortion, Donald Trump asserted that he would not impede access to abortion drugs and recognised the political significance of the matter. “Will you limit access to abortion pills during your tenure in office?” Welker enquired.

“I will likely maintain the same position I have articulated for the past two years,” Trump asserted. “The response is negative.”

SOURCE: NPR

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Macron of France Greets Donald Trump at a Grand Presidential Reception in Paris.

Elon Musk Expended Over $260 Million To Facilitate The Election Of Donald Trump.

 

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Macron of France Greets Donald Trump at a Grand Presidential Reception in Paris.

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Aurelien Morissard/AP

(VOR News) – French President Emmanuel Macron greeted Donald Trump to Paris on Saturday with presidential grandeur following a four-year hiatus.

Claiming to be in a “a little crazy” world as they met one-on-one before Notre Dame Cathedral’s reopening five years following a catastrophic fire, Donald Trump, the future president, said.

As Trump arrived at the Elysee Palace, the official house of the French president, Macron extended numerous handshakes and back-patted him. Declaring it “a great honour,” Donald Trump hailed their “great relationship.”

As they met one-on-one before Notre Dame Cathedral reopened five years following a catastrophic fire, Trump suggested the two would talk about a “a little crazy” world.

Like the French do for sitting American presidents, the palace spread out a red carpet. Trump noted before he came in, “The world feels wild right now.” We will explore that.

Accepting the Paris invitation, Donald Trump asserted Macron had done “a wonderful job ensuring that Notre Dame has been restored to its full glory, and even more so”. Today will be unique for each of us! A 2019 fire almost destroyed the 861-year-old monument.

More than 20 French government security agents were guarding Trump alongside the Secret Service, according to the French national police. Trump’s procession was guarded from drones by a specially equipped French police truck.

Scores of international VIPs were expected at the Notre Dame reopening, hence security was more rigorous than usual outside the U.S. Embassy and other Paris sites.

Despite Donald Trump’s loss last month, Macron has tried to repair his relationship.

Macron’s staff minimised the offer, citing invitations to other former leaders.

Declaring Trump invited as president-elect of a “friendly nation,” Macron’s office added, “This is in no way exceptional. We’ve done it before.”

Red carpet treatment by Macron and other European leaders revealed their aim to placate Trump prior to his inauguration. Trump enjoys pomp and spectacle. During his first tenure as president, he paid Paris a guest of honour visit for Bastille Day events. Macron Later on, Trump insisted he wanted a US large military exhibition.

Democratic President Joe Biden is also invited but won not be present. White House communications secretary Karine Jean-Pierre said first lady Jill Biden will represent the US due to a scheduling issue.

Trump last visited Jill Biden at the White House for the customary farewell-incoming president’s conference following the election.

During Donald Trump trip to France, Macron and other European leaders are trying to convince him to help Ukraine fight Russia’s intrusion. According to Macron’s office, Macron and Donald Trump would discuss Middle East conflicts as well as others.

Prince William and Jill Biden will meet prior to Notre Dame, according to the British royal house.

Macron would meet Volodymyr Zelenskyy, President of Ukraine. It depends on whether Trump meets Zelenskyy. Future conversations worry Kyiv as Trump has vowed to swiftly stop the war on Ukraine but has not said how.

On a two-day trip earlier this week, Zelenskyy’s top advisor Andriy Yermak visited important Donald Trump team members to build confidence in the incoming government. Requesting anonymity, a senior Ukrainian official hailed the discussions as successful but omitted specifics.

Under Donald Trump’s first term, France-US relations deteriorated.

Trump paid many trips to France and introduced Macron at his first state dinner. Macron attacked Trump for challenging NATO’s necessity and America’s dedication to the mutual defence agreement, therefore endangering the alliance.

If France taxed American businesses during the 2024 presidential campaign, Trump often mimicked Macron’s accent and threatened to levy high taxes on wine and champagne bottles shipped to the U.S.

Among the first international leaders to congratulate Trump last month was Macron. Noted for its stained glass, the Notre Dame fire destroyed its spire in 2019, endangering one of the most iconic architectural sites worldwide. At the time Trump was president.

“So horrible to watch the massive fire at Notre Dame Cathedral in Paris,” he wrote, counselling Paris. “Perhaps flying water tanks could help eradicate it. Be fast!” he advised.

Shortly afterwards, French officials reported that “all means” were being employed to put out the flames, “except water-bombing aircrafts which, if used, could lead to the collapse of the entire structure of the cathedral.”

Last weekend, Trump declared he would name Jared Kushner’s father, Charles Kushner, ambassador to France. Pioneers in such a great role were Franklin and Jefferson.

SOURCE: NPR

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Elon Musk Expended Over $260 Million To Facilitate The Election Of Donald Trump.

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Elon Musk Expended Over $260 Million To Facilitate The Election Of Donald Trump.

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Elon Musk
Reuters

(VOR News) – Elon Musk, the wealthiest man in the world, is said to have made a significant contribution to the re-election campaign of Donald Trump, President-elect of the United States of America, in the year 2024.

This information has been reported. Specifically, the information in question was collected from the Federal Election Commission by means of their most current filings.

More than $259 million was contributed by Elon Musk to the campaign of Donald Trump, which he subsequently used to support his own campaign.

Elon Musk contributed a total of $269.

The Chief Executive Officer of Tesla and the owner of SpaceX is now in the position of being one of the top donors in the history of a presidential campaign in the United States.

This is due to the massive financial support that has been provided to him. Consequently, this contributes to the strengthening of his power in the area of the Republican Party. One of the corporations that own Tesla is SpaceX, which is a corporation.

There was a contribution of two hundred and thirty-nine million dollars made by Elon Musk to America PAC, which is a super PAC that he founded with the goal of assisting in the mobilisation of votes in support of Trump. This represents a big new development that has taken place.

RBG PAC is an organisation that makes an effort to persuade voters that President Trump, who is 78 years old, would not sign into law a national abortion ban. It is alleged that Musk, who is 53 years old, contributed an additional twenty million dollars to RBG PAC.

There is strong suspicion that Elon Musk made this financial contribution to RBG PAC. As can be seen from the documentation that was handed over to the Federal Election Commission (FEC), Elon Musk was the one who made this donation.

This organisation got its name from the late Supreme Court Justice Ruth Bader Ginsburg, who was well-known for her advocacy of abortion rights. Ginsburg was the inspiration behind the name of this organisation. In addition to being a well-known liberal personality, Ginsburg was also well-known for her advocacy of the right to abortion.

Ginsburg was a significant figure in the feminist community and a prominent member of the liberal community.

In addition to being the owner of the social networking platform known as X, Elon Musk has emerged as a prominent counsellor to the transition team that Trump has gathered. This is a significant development.

The platform’s owner is Elon Musk, so keep that in mind.

Trump has nominated him, together with Vivek Ramaswamy, a former candidate for the Republican presidential nomination and an entrepreneur, to lead a task group that will strive to minimise the amount of money that the government spends and the number of rules that it imposes. Ramaswamy is also an entrepreneur.

Ramaswamy is also an entrepreneur in his way. In his own way, Ramaswamy is likewise recognised as an entrepreneur.

Thursday was the day that Elon Musk and Ramaswamy met with senators on Capitol Hill in an effort to obtain the significant cutbacks in expenses that Trump has asked.

The gathering was held on Thursday of this week. On the other hand, in order for them to be successful in their ambitions, they will want the support of these politicians.

These two individuals have not only advocated for the termination of thousands of federal employees, but they have also battled for the reduction of regulations and the elimination of programs that have had their authorisation revoked, such as healthcare for veterans. In addition to this, they have campaigned for the dismissal of all employees and employees of the government.

At the Mar-a-Lago residence in Florida, where the president-elect has been residing during the transition, Musk has been a frequent visitor and a close confidante of Trump.

Musk has attended the residence on multiple occasions. Many times, Elon Musk has been seen on the premises of the mansion. In addition to that, Musk has been a frequent visitor to the home on a number of occasions.

SOURCE: TN

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