Posts Tagged: Musk

Elon Musk claims Twitter’s legal team told him he violated an NDA

Elon Musk’s tweeting may have landed him in legal trouble again. As you may recall, the Tesla and SpaceX executive tweeted on Friday that his deal to buy Twitter was “temporarily on hold” after the company disclosed that fake and spam accounts represented less than 5 percent of its monetizable daily active users during the first quarter of 2022.

After his tweet prompted Twitter CEO Parag Agrawal to say the company was “prepared for all scenarios,” Musk stated his team would test “a random sample of 100 followers” to verify Twitter’s numbers. According to the billionaire, one of the answers he gave to a question about his methodology prompted a response from Twitter’s legal team.

“I picked 100 as the sample size number, because that is what Twitter uses to calculate <5% fake/spam/duplicate,” he said in the alleged offending tweet. “Twitter legal just called to complain that I violated their NDA by revealing the bot check sample size is 100,” Musk later said of his actions.

We’ve reached out to Twitter for comment.

In another twist in Musk’s bid to buy Twitter, he also took aim at the platform’s algorithmic feed. “You are being manipulated by the algorithm in ways you don’t realize,” he said.

The message drew the attention of former Twitter CEO Jack Dorsey. “It was designed simply to save you time when you are away from [the] app for a while,” Dorsey told Musk. “Pull to refresh goes back to reverse chron as well.”

Dorsey then responded to someone who said Twitter’s algorithmic feed was “definitely” designed to manipulate. “No it wasn’t designed to manipulate. It was designed to catch you up and work off what you engage with,” Dorsey said. “That can def have unintended consequences tho.”

Musk later appeared to walk back his comment. “I’m not suggesting malice in the algorithm, but rather that it’s trying to guess what you might want to read and, in doing so, inadvertently manipulate/amplify your viewpoints without you realizing this is happening,” he said.

Should something come of Musk’s actions, this wouldn’t be the first time one of his tweets has landed him in legal trouble. Back in 2018, his now-infamous “funding secured” tweet attracted the attention of the US Securities and Exchange Commission, leading to a $ 40 million settlement with the agency that he’s now trying to end.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Will Elon Musk give media the wake-up call they (we) need

A Musk-led Twitter is the reality check the media industry needs to mend its ways, as harsh it may sound. It’s time to wake up from the honeymoon phase.
Mobile | Digital Trends

Florida pension fund sues Elon Musk over Twitter deal

Elon Musk's $ 44 billion buyout of Twitter is facing its first legal challenge. A Florida pension fund is suing Musk and Twitter, arguing that the deal can't legally close until 2025 due to the billionaire's stake in the platform. The proposed class-action lawsuit — filed today by the Orlando Police Pension Fund in the Delaware Chancery court— also declares that Twitter’s board of directors breached its fiduciary duties by allowing the deal to go through. In addition to Musk and Twitter, the lawsuit also named former Twitter CEO Jack Dorsey, current Twitter CEO Parag Agrawal and the company’s board as defendants.

In a message to Engadget, Tulane Law School’s Professor Ann M. Lipton says the lawsuit raises "some very novel issues" under Delaware corporate law. Under a law known as Section 203, shareholders who own more than 15 percent of the company can’t enter a merger without two-thirds of the remaining shares granting approval. Without this approval, the merger can’t be finalized for another three years.

The fund’s lawyers state that Musk initially owned roughly 10 percent of Twitter’s shares, which would seemingly not make Section 203 applicable. But, the fund argues, Musk formed a pact with Morgan Stanley (which owns 8.8 percent of shares) and former CEO Jack Dorsey (who has 2.4 percent) to advance the deal. The combined stake of these parties allegedly makes Musk and his allies in the takeover deal an "interested shareholder" under Section 203 — which, if the court agrees with the underlying reasoning presented in the case, means the merger must either be delayed or get approval shareholders representing at least two-thirds of the company's ownership. 

“Section 203 is not often litigated, and so the issue of whether Musk's relationship with these parties actually counts for statutory purposes is an unsettled question and it will be interesting to watch how it unfolds,” wrote Lipton.

More details of Musk’s highly complex $ 44 billion buyout of Twitter have been made public since the social media platform accepted the billionaire’s offer last month. The New York Times reported that Musk promised investors returns of nearly five to ten times their investments if the deal went through. Parts of the deal are being scrutinized, including its reliance on foreign investors and whether Musk bought shares in the company specifically to influence its leadership. But antitrust experts say the merger is unlikely to be blocked by the FTC. The agency will decide in the next month whether to quickly approve the merger or launch a lengthier investigation.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Elon Musk says he has the financial backing for his proposed Twitter takeover

Elon Musk now has access to the funds he'd need to buy Twitter. According to an SEC filing, Musk has received "commitment letters" that would supply about $ 46.5 billion to buy all of Twitter's outstanding common stock and take control. The Tesla CEO is "exploring" this tender offer following a lack of response from Twitter, the filing reads.

We've asked Twitter for comment. While the company hasn't directly addressed Musk's offer, initially pegged at $ 43 billion, it recently approved a temporary "poison pill" measure intended to discourage hostile takeovers. The plan would let some shareholders buy more stock if anyone buys more than 15 percent of outstanding stock without the board of directors' approval, diluting the value of Musk's stake. He's already the largest individual shareholder with 9.2 percent ownership.

Musk made the offer claiming that it was meant to protect free speech, and has suggested he could unlock Twitter's potential with features like an edit button (which Twitter was already working on) and an open source algorithm. However, it also comes as the executive fights the SEC over alleged finance rule violations that frequently relate to his tweets. The entrepreneur has multiple strong incentives to purchase Twitter, and the financial backing illustrates just how serious he is.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

The Morning After: Elon Musk is now Twitter’s largest shareholder

Twitter founder Jack Dorsey might not like what’s become of the internet. But the internet doesn’t stop moving. Elon Musk now owns part of Twitter, after purchasing $ 2.89 billion in stock, according to a US Securities and Exchange Commission (SEC) filing spotted by CNBC. The purchase follows recent criticism by Musk over the social media site's free speech policies. Musk loves tweeting, so it makes sense beyond those criticisms. His tweets have even set off SEC lawsuits.

Musk is now the platform's largest shareholder, and he’s already inquiring into an edit button.

— Mat Smith

The biggest stories you might have missed

LG's 2021 C1 OLED TVs are up to 32 percent off right now

No, not my TV!

The worst thing about buying something new, cutting-edge and kinda pricey is when it’s no longer new, cutting-edge and, well, on sale. So my awesome LG C1 OLED has just had substantial price cuts from the 48-inch model through to the 65-inch option. Sigh. Still, they’re great TVs with some notable specs for gamers, like 120Hz refresh rates and support for variable refresh rates.

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A Monkey Island sequel is incoming

From creator Ron Gilbert.

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Monkey Island

One of the best video game series of all time is making a return in 2022 with some of its key original creatives on board. Return to Monkey Island is "a game by Ron Gilbert," who conceived the point-and-click comedy-adventure saga in the late '80s.

Gilbert wrote and directed the original game, The Secret of Monkey Island. He was director, programmer and designer on the sequel, Monkey Island 2: LeChuck's Revenge.

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The UK plans to issue an official NFT

The government is moving to embrace stablecoins.

The UK government's Chancellor of the Exchequer Rishi Sunak has announced the Royal Mint will issue an official NFT sometime this summer. 

Yeah. I’m British and I winced too.

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The DeLorean EV will be unveiled on August 18th

Italdesign helped shape the concept car.

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Delorean

After years of teasing, the DeLorean Motor Company announced it’ll unveil an all-electric vehicle on August 18th, promising to share its official name at the same time. Details on the concept car are scant. The automaker is working with Italdesign, best known for its work with Volkswagen, to design the upcoming car.

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Samsung's 2022 TV lineup has something for everyone

Including its first new OLED TV in a decade.

The centerpiece of Samsung’s new TV family is the new QN900B, the centerpiece of the company’s Neo QLED 8K family. For 2022, Samsung has added 14-bit HDR mapping (up from 12-bit mapping on last year’s models) to improve picture detail in both bright and dark scenes. When combined with that massive 7,680 x 4,320 resolution, according to Sam Rutherford, the TV looks seriously sharp.

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Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

SEC opens investigation into Elon Musk over possible insider trading

Elon Musk isn't about to catch a hoped-for break from the SEC any time soon. Sources for The Wall Street Journalclaim the SEC is investigating whether Musk and his brother Kimbal violated insider trading regulations with recent share sales. Officials are concerned Elon might have told Kimbal he planned to ask Twitter followers about selling Tesla stock, leading the brother to sell 88,500 shares just a day before the November 6th tweet. If so, the company chief might have broken rules barring employees from trading on undisclosed information.

Kimbal Musk has frequently traded Tesla stock at regular intervals under a plan. He didn't on November 5th, according to an SEC filing.

We've asked the SEC for comment. Tesla isn't available for comment as it disbanded its communications team sometime in 2020. Musk clearly isn't on friendly terms with the Commission, however, as he said a day earlier that he "will finish" a fight he believed the SEC started.

If the report is accurate, the investigation will add more tension to a years-long feud. It began in 2018, when the SEC took action against Musk over tweets about taking the company private. While Musk agreed to a settlement that included approval requirements for any financially relevant social media posts, that wasn't the end of the fight between the two. The SEC has been looking into Musk's tweets over the past few years over concerns production-related tweets weren't approved, and just days ago subpoenaed Tesla for information on the EV maker's processes for honoring the 2018 settlement.

Musk has publicly sparred with the SEC at the same time. This year, he accused the regulator of conducting a "harassment campaign" that unfairly singled him out and excluded the court from monitoring. The SEC denied the accusations. Whatever the truth behind those claims, it's safe to presume Musk won't welcome any new investigation with open arms.

Engadget is a web magazine with obsessive daily coverage of everything new in gadgets and consumer electronics

Elon Musk asked to pay $50K to end Twitter bot that tracks his jet

A teen who built a Twitter bot that provides updates on the movements of Elon Musk’s private jet says he’ll delete the account if the billionaire pays him $ 50K.
Mobile | Digital Trends

Elon Musk says he tried to sell Tesla to Apple and Tim Cook snubbed him

Elon Musk apparently once tried to sell Tesla to Apple. Replying to a tweet about yesterday’s Reuters report on the Apple’s electric car ambitions, Musk said, “During the darkest days of the Model 3 program, I reached out to Tim Cook to discuss the p…
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Elon Musk teases ‘working Neuralink device’ reveal on August 28th

Elon Musk has revealed more details about a promised development update for Neuralink, the brain-computer interface designed to help folks with severe brain injuries. Musk said the company will show a “working Neuralink device” during a live webcast…
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Elon Musk says Starship is SpaceX’s ‘top priority’ from now on

Don’t expect SpaceX to lavish much more attention on Crew Dragon now that it has launched people into orbit. CNBC said it had obtained email from Elon Musk asking staff to treat Starship as the “top SpaceX priority,” pushing them to “dramatically and…
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Elon Musk will go to court over ‘pedo guy’ comments

Elon Musk hasn't had success avoiding a trial over his accusations that cave rescue diver Vernon Unsworth was a "pedo guy." Judge Stephen Wilson has determined that the defamation lawsuit is strong enough to go to trial, with the court battle due to…
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Judge orders Elon Musk and the SEC to settle Tesla tweet dispute

Tesla chief Elon Musk told reporters outside the Manhattan Federal Courthouse that he was "very happy" over the outcome of the SEC's latest complaint against him. The commission sought to hold him in contempt for violating their previous settlement o…
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DeepMind, Elon Musk and more pledge not to make autonomous AI weapons

Today during the Joint Conference on Artificial Intelligence, the Future of Life Institute announced that more than 2,400 individuals and 160 companies and organizations have signed a pledge, declaring that they will "neither participate in nor suppo…
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Elon Musk to offer free rides in his LA traffic-dodging tunnel

Elon Musk has posted a video of Boring Company's first nearly completed tunnel under Los Angeles, which heads towards LAX and has an extra entrance at the SpaceX Hawthorne HQ. The multi-company chief said the tunnel is almost done, pending regulatory…
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Elon Musk pulls Tesla and SpaceX pages after #DeleteFacebook challenge

Elon Musk isn't known for kidding around, and he just made that clear in his response to Facebook's Cambridge Analytica scandal… more or less, at least. The entrepreneur has hidden the official Facebook accounts for Tesla and SpaceX in response to…
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Elon Musk wants to reuse more of the Falcon 9 rocket for future flights

SpaceX CEO and founder Elon Musk tweets his plan to reuse parts of the Falcon 9 rocket for future flights to test before the rocket debuts this summer, despite low odds of success.

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Your move, Elon Musk: Blue Origin unveils massive New Glenn rocket

Forget the space race between the U.S. and Russia — it’s really Jeff Bezos and Elon Musk who are competing for dominance off the planet. Bezos has made the latest move, introducing the New Glenn, the future rocket of Blue Origin.

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Weekly Rewind: Apple’s no good week, Musk aims for mars, and more

In the tech world, a lot happens in a week. So much news goes on, in fact, that it’s almost impossible for mere mortals with real lives to keep track of everything. That’s why we’ve compiled a quick and dirty list of the top 10 tech stories.

The post Weekly Rewind: Apple’s no good week, Musk aims for mars, and more appeared first on Digital Trends.

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Elon Musk wants to visit space by 2021, send people to Mars by 2025

While talking at the 2016 Startmeup Hong Kong Venture Forum, SpaceX CEO Elon Musk says he wants to travel to the International Space Station by 2021 and that he intends to send astronauts on a mission to Mars by 2025.

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