said in April after sealing the deal. “I don’t care about the economics at all.”

He cared a little more when the subsequent plunge in the stock market meant that he was overpaying by a significant amount. Analysts estimated that Twitter was worth not $44 billion but $30 billion, or maybe even less. For a few months, Mr. Musk tried to get out of the deal.

This had the paradoxical effect of bringing the transaction down to earth for spectators. Who among us has not failed to do due diligence on a new venture — a job, a house, even a relationship — and then realized that it was going to cost so much more than we had thought? Mr. Musk’s buying Twitter, and then his refusal to buy Twitter, and then his being forced to buy Twitter after all — and everything playing out on Twitter — was weirdly relatable.

Inescapable, too. The apex, or perhaps the nadir, came this month when Mr. Musk introduced a perfume called Burnt Hair, described on its website as “the Essence of Repugnant Desire.”

“Please buy my perfume, so I can buy Twitter,” Mr. Musk tweeted on Oct. 12, garnering nearly 600,000 likes. This worked, apparently; the perfume is now marked “sold out” on its site. Did 30,000 people really pay $100 each for a bottle? Will this perfume actually be produced and sold? (It’s not supposed to be released until next year.) It’s hard to tell where the joke stops, which is perhaps the point.

Evan Spiegel.

“What was unique about Twitter was that no one actually controlled it,” said Richard Greenfield, a media analyst at LightShed Partners. “And now one person will own it in its entirety.”

He is relatively hopeful, however, that Mr. Musk will improve the site, somehow. That, in turn, will have its own consequences.

“If it turns into a massive home run,” Mr. Greenfield said, “you’ll see other billionaires try to do the same thing.”

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Elon Musk Seems to Answer to No One. Except for a Judge in Delaware.

Judge Kathaleen St. J. McCormick has become a very important person in the rambunctious life of Elon Musk.

The Delaware Chancery Court judge has given Mr. Musk until Friday to close his long-promised, $44 billion deal to acquire Twitter. If he doesn’t, Judge McCormick will preside over a trial in November that could end with Mr. Musk being forced to make good on the deal he made with Twitter in April.

The 43-year-old judge is also expected to preside over another case involving Mr. Musk in November. A Tesla shareholder accused him in a lawsuit of unjustly enriching himself with his compensation package while running the electric vehicle company, which is Mr. Musk’s main source of wealth. The package, which consisted entirely of a stock grant, is now worth around $50 billion based on Tesla’s share price.

Judge McCormick is also overseeing three other shareholder lawsuits against Mr. Musk, though it is not yet clear whether those will go to trial, too.

before it represented Mr. Musk. But, he said, “the deal will either close and then she will be a hero. Or not and Musk will look really bad.”

As a young girl, Judge McCormick played first base on the softball team and managed the high school football team. She has a long-held soft spot for the book “To Kill a Mockingbird,” about a Black man in small-town Alabama who was wrongfully accused of sexual assault.

unsolicited bid worth more than $40 billion for the social network, saying he wanted to make Twitter a private company and allow people to speak more freely on the service.

She then worked as a staff attorney with the Community Legal Aid Society, where she represented the needy and victims of domestic violence. She moved to a corporate law role at the firm Young Conaway Stargatt and Taylor in 2007, a mainstay in the Delaware legal circuit.

In 2018, she was nominated by John Carney, the governor of Delaware, to serve as vice chancellor on the state’s high court, the Delaware Chancery Court. In 2021, Gov. Carney nominated Ms. McCormick to become the first woman to lead the court.

More than 1.8 million businesses are incorporated in Delaware, including more than two thirds of Fortune 500 companies — and they all look to the court for guidance. When Twitter filed its lawsuit against Mr. Musk in July forcing him to close his acquisition, its case went to Delaware, where the company, like many others, is incorporated.

Judge McCormick, who has first dibs on any proceeding that comes before the court, chose herself of among a court of seven judges to oversee one of the most high profile corporate court battles in years.

At a hearing in September, as lawyers for Mr. Musk argued to delay the trial to take into account new claims from a whistle-blower, she poked at the billionaire’s decision to skip due diligence in his race to sign the deal in April. When Mr. Musk’s lawyer argued it would have been impossible to find out about the whistle-blower before the deal, she interjected, “We’ll never know, will we?” She added that “there was no due diligence.”

wrote in a ruling.

“She evidently was not putting up with any nonsense,” said Lawrence Hamermesh, a professor of law at Delaware Law School.

In October, after weeks of presiding over bruising back and forth arguments between the two sides, Judge McCormick granted Mr. Musk’s requests to put the trial on hold to give him more time to complete his financing for the acquisition. Judge McCormick granted him until Oct. 28 — a three-week delay.

“She had one eye on the clock,” said Brian Quinn, a professor at Boston College Law School, noting the two sides did not seem ready for a trial just two weeks away. “Another eye,” Mr. Quinn said, was “on potential appeals. She is looking forward saying, ‘Well, what if I ruled against Musk, and he appealed, and his appeal is that I pushed him — I rushed him toward the trial when he wanted to close the deal.’”

Judge McCormick is well-versed in trials involving deals with buyers that tried to walk away. As an associate at the law firm Young Conaway Stargatt and Taylor, she worked on cases involving deals that went awry when the stock market crashed in 2008. That included representing the chemical company Huntsman in 2008 when the private equity firm Apollo Global Management scuttled the deal it had struck to combine the chemical company with another it owned.

That deal, and others like it, paved the way for the kinds of contracts Twitter signed with Mr. Musk. Sellers learned how to prevent buyers from trying similar escape hatches. Companies increasingly structure deals with “specific performance” clauses allowing them to force a deal to close.

to follow through with its acquisition of a cake supplier after it argued that the pandemic had materially damaged the business by curbing demand for party cake.

Kohlberg contended it could not complete the deal because its debt financing had fallen apart. Judge McCormick did not buy that argument.

If Mr. Musk does not come through with Twitter’s money by Friday, that could ding his credibility in court, legal experts say. That could matter in November, when Judge McCormick is set to preside over a separate trial involving Mr. Musk and his compensation.

The case, filed in 2018, had originally been assigned to another judge on the Delaware Chancery Court, Joseph R. Slights III, before he retired in January. Judge McCormick picked up the case on Jan. 12, the same month Mr. Musk began to buy up shares of Twitter stock that ultimately led to his planned purchase of the company.

“It’s not ideal for him,” said Ann Lipton, a professor of corporate governance at Tulane Law School, of Mr. Musk’s multiple run-ins with Judge McCormick. “She’s uniquely low drama, which is the opposite of Musk. ”

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Tesla’s Musk eyes potential investment in Mexican border state -sources

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MEXICO CITY, Oct 24 (Reuters) – Tesla Inc (TSLA.O) Chief Executive Elon Musk is considering investing in the northern Mexican state of Nuevo Leon, which borders Texas, two people with knowledge of the matter said on Monday.

Musk recently held a meeting in the state with Nuevo Leon Governor Samuel Garcia along with other local officials and Ken Salazar, the U.S. ambassador to Mexico, one of the sources said.

Musk is looking in particular at Santa Catarina, a municipality on the outskirts of state capital Monterrey, one of Mexico’s biggest and wealthiest cities, the person added. The sources did not detail what Musk’s potential investment may entail.

A spokesperson for the Nuevo Leon government declined to comment. Neither Tesla, the U.S. embassy, nor a representative for Santa Catarina immediately responded to requests for comment.

Musk’s visit to Nuevo Leon was originally reported by Mexican media. Several outlets published photos of Musk apparently from the visit, including one in which he appears with Garcia’s wife, Mariana Rodriguez.

Garcia posted several of the media articles on his Instagram account, in one case tagging Rodriguez’s account and writing, “Look, look,” without further comment.

Tesla, based in Austin, Texas, has its own lane at the U.S.-Mexico border crossing in Nuevo Leon to facilitate trade for local suppliers, the state government said in August.

Reporting by Daina Beth Solomon and Dave Graham in Mexico City
Editing by Matthew Lewis

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Who Gets the Last Word on Steve Jobs? He Might.

Jacqueline Kennedy Onassis meticulously curated the memory of her husband after he was assassinated, reimagining President John F. Kennedy as a fallen King Arthur in a modern-day Camelot.

Now some historians wonder if Laurene Powell Jobs is also trying to frame the legacy of her late husband, Steve Jobs, a complicated and transformational figure who was shadowed by his flaws as a father and belligerence as a boss.

Last month, Ms. Powell Jobs introduced the Steve Jobs Archive. It aspires to reinvent the personal archive much as Mr. Jobs, in his years running Apple, remade music with the iPod and communication with the iPhone.

Rather than offering up a repository of personal correspondence, notes and items for public research and inquiry, as other influential figures have done, Ms. Powell Jobs, who did not respond to requests for comments, said at a conference last month that the Steve Jobs Archive would be devoted to “ideas.” Those ideas are primarily Mr. Jobs’s philosophies about life and work.

Harvard Business School’s 25 greatest business leaders of the 20th century left behind personal archives that are open to the public in libraries or museums, including Henry Ford, Thomas Edison and Asa Candler, who built Coca-Cola.

Other iconic business founders such as Walt Disney, Sam Walton and Ray Kroc entrusted their papers to the companies they built, allowing those collections to become the cornerstone of corporate archives.

Walt Disney Company, make personal correspondence, notes, speeches and other items available to authors for research.

“We don’t censor,” said Becky Cline, director of the Walt Disney archives. “We just vet.”

The new Jobs archive debuted with a minimalist website containing eight pieces of video, audio and writing that express what the archive calls Mr. Jobs’s “driving motivations in his own words.” The items, three-quarters of which were already public, can be accessed by clicking through maxims made famous by Mr. Jobs, including “make something wonderful and put it out there” and “pursue different paths.”

The next steps for the archive are shrouded in the kind of mystery associated with the way Mr. Jobs ran Apple. About all that’s been publicly disclosed is that Ms. Powell Jobs hired a documentary filmmaker to gather hundreds of oral histories about Mr. Jobs from former colleagues. Where that material will be stored and who will have access to it has not been revealed.

She married Mr. Jobs in 1991, two years after meeting him as a graduate student at Stanford. Since his death, she has used her estimated $16 billion fortune to fund the Emerson Collective, a philanthropic and commercial operation that owns The Atlantic magazine and funds an organization trying to reduce gun violence in Chicago.

During his life, Mr. Jobs admired and encouraged historians to preserve the history of his Silicon Valley predecessors such as Robert Noyce, who co-founded the chip maker Intel. But he put little value on his own history, and Apple has seldom commemorated product anniversaries, saying it focuses on the future, not the past.

Stanford spent years cataloging items such as photos of a barefoot Mr. Jobs at work, advertising campaigns and an Apple II computer. That material can be reviewed by students and researchers interested in learning more about the company.

Silicon Valley leaders have a tradition of leaving their material with Stanford, which has collections of letters, slides and notes from William Hewlett, who founded Hewlett-Packard, and Andy Grove, the former chief executive of Intel.

Mr. Lowood said that he uses the Silicon Valley archives to teach students about the value of discovery. “Unlike a book, which is the gospel and all true, a mix of materials in a box introduces uncertainty,” he said.

After Mr. Jobs’ death in 2011, Mr. Isaacson, the author, published a biography of Mr. Jobs. Some at Apple complained that the book, a best seller, misrepresented Mr. Jobs and commercialized his death.

Mr. Isaacson declined to comment about those complaints.

Four years later, the book became the basis for a film. The 2015 movie, written by Aaron Sorkin and starring Michael Fassbender, focused on Mr. Jobs being ousted from Apple and denying paternity of his eldest daughter.

according to emails made public after a hack of Sony Pictures, which held rights to the film. She and others who were close to Mr. Jobs thought any movie based on the book would be inaccurate.

“I was outraged, and he was my friend,” said Mike Slade, a marketing executive who worked as an adviser to Mr. Jobs from 1998 to 2004. “I can’t imagine how outraged Laurene was.”

In November 2015, a month after the movie’s release, Ms. Powell Jobs had representatives register the Steve Jobs Archive as a limited liability company in Delaware and California. She later hired the documentary filmmaker, Davis Guggenheim, to gather oral histories about Mr. Jobs from former colleagues and friends. She also hired Ms. Berlin, who was Stanford’s project historian for its Apple archives, to be the Jobs Archive’s executive director.

Mr. Guggenheim gathered material about Mr. Jobs while also working on a Netflix documentary about Bill Gates, “Inside Bill’s Brain.” Mr. Slade, who worked for both Mr. Jobs and Mr. Gates, said he sat for an interview about one executive, stopped to change shirts and returned to discuss the other one.

Ms. Berlin assisted Ms. Powell Jobs in gathering material. They collected items such as audio of interviews done by reporters and early company records, including a 1976 document that Mr. Jobs and Steve Wozniak, Apple’s co-founder, called their declaration of independence. It outlined what the company would stand for, said Regis McKenna, who unearthed the document in his personal collection gathered during his decades as a pioneer of Silicon Valley marketing and adviser to Mr. Jobs.

Ms. Powell Jobs also assembled a group of advisers to inform what the archive would be, including Tim Cook, Apple’s chief executive; Jony Ive, Apple’s former chief design officer; and Bob Iger, the former chief executive of Walt Disney and a former Apple board member.

Mr. Cook, Mr. Ive and Mr. Iger declined to comment.

Apple, which has its own corporate archive and archivist, is a contributor to the Jobs effort, said Ms. Berlin, who declined to say how she works with the company to gain access to material left by Mr. Jobs.

The archive’s resulting website opens with an email that Mr. Jobs sent himself at Apple. It reads like a journal entry, outlining all the things that he depends on others to provide, from the food he eats to the music he enjoys.

“I love and admire my species, living and dead, and am totally dependent on them for my life and well being,” he wrote.

The email is followed by a previously undisclosed audio clip from a 1984 interview that Mr. Jobs did with Michael Moritz, the journalist turned venture capitalist at Sequoia. During it, Mr. Jobs says that refinement comes from mistakes, a platitude that captures how Apple used trial and error to develop devices.

“It was just lying in the drawer gathering dust,” Mr. Moritz said of the recording.

It’s clear to those who have contributed material that the archive is about safeguarding Mr. Jobs’s legacy. It’s a goal that many of them support.

“There’s so much distortion about who Steve was,” Mr. McKenna said. “There needed to be something more factual.”

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Elon Musk says SpaceX will keep funding Starlink in Ukraine despite losing money

Oct 15 (Reuters) – Elon Musk said on Saturday his rocket company SpaceX would continue to fund its Starlink internet service in Ukraine, citing the need for “good deeds,” a day after he said it could no longer afford to do so.

Musk tweeted: “the hell with it … even though starlink is still losing money & other companies are getting billions of taxpayer $, we’ll just keep funding ukraine govt for free”.

Musk said on Friday that SpaceX could not indefinitely fund Starlink in Ukraine. The service has helped civilians and military stay online during the war with Russia.

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SpaceX founder and Tesla CEO Elon Musk speaks on a screen during the Mobile World Congress (MWC) in Barcelona, Spain, June 29, 2021. REUTERS/Nacho Doce

Although it was not immediately clear whether Musk’s change of mind was genuine, he later appeared to indicate it was. When a Twitter user told Musk “No good deed goes unpunished”, he replied “Even so, we should still do good deeds”.

The billionaire has been in online fights with Ukrainian officials over a peace plan he put forward which Ukraine says is too generous to Russia.

He had made his Friday remarks about funding after a media report that SpaceX had asked the Pentagon to pay for the donations of Starlink.

SpaceX did not respond to a request for comment. The Pentagon declined to comment.

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Reporting by David Ljunggren, Matt Spetalnick and Caroline Stauffer; Editing by Sandra Maler

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Megacap stocks lose ground as yields rise, economic data awaited

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  • Stocks rise in late-day surge on oversold conditions
  • U.S. private payrolls increase in September – ADP
  • Twitter eases from one-year high, Tesla falls 6%
  • Energy stocks jump as OPEC+ agrees to oil output cuts
  • Indices fall: Dow down 0.14%, S&P 0.20%, Nasdaq 0.25%

Oct 5 (Reuters) – Wall Street stocks closed lower on Wednesday, unable to sustain a late-day surge, after data showing strong U.S. labor demand again suggested the Federal Reserve will keep interest rates higher for longer.

Fed officials have insisted on aggressive rate tightening to battle inflation, a message the market has feared would lead to a hard landing and likely recession.

However, investors also sought bargains in a market that appears oversold. The forward price-to-earnings ratio is at 15.9, close to its historic mean, down from around 22 before the market’s big slide this year.

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“By battling back, to me that is a favorable indicator that this rally could have legs,” said Sam Stovall, chief investment strategist at CFRA Research in New York.

“It too confirms that investors believe, traders believe, that there’s still more to go in this rally,” he said.

Valuations for the S&P 500 have come down sharply

U.S. private employers stepped up hiring in September, the ADP National Employment report on Wednesday showed, suggesting rising rates and tighter financial conditions have yet to curb labor demand as the Fed battles high inflation. read more

The Institute for Supply Management’s services industry employment gauge shot up in another sign labor remains strong as the overall industry slowed modestly in September. read more

The Fed is expected to deliver a fourth straight 75-basis-point rate hike when policymakers meet Nov. 1-2, the pricing of fed fund futures shows, according to CME’s FedWatch tool.

San Francisco Fed President Mary Daly told Bloomberg TV in an interview that inflation is problematic and that the U.S. central bank would stay the course. read more

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 6, 2022. REUTERS/Brendan McDermid

“The path is clear: we are going to raise rates to restrictive territory, then hold them there for a while,” she said. “We are committed to bringing inflation down, staying course until we are well and truly done.”

The benchmark S&P 500 (.SPX) index rose 5.7% Monday and Tuesday as Treasury yields slid sharply on softer U.S. economic data, the UK’s turnaround on proposed tax cuts that had roiled markets and Australia’s smaller-than-expected rate hike.

Treasury yields shot up again on Wednesday after the softer economic data failed to bolster budding hopes the Fed might pivot to a less hawkish policy stance.

Eight of the 11 major S&P 500 sectors fell, led by a 2.25% decline in utilities (.SPLRCU) and 1.9% drop in real estate (.SPLRCR).

The energy sector led the market higher, up 2.06%, after the Organization of the Petroleum Exporting Countries and allies agreed to cut oil production the deepest since the COVID-19 pandemic began, curbing supply in an already tight market. read more

The Dow Jones Industrial Average (.DJI) fell 42.45 points, or 0.14%, to 30,273.87, the S&P 500 (.SPX) lost 7.65 points, or 0.20%, to 3,783.28 and the Nasdaq Composite (.IXIC) dropped 27.77 points, or 0.25%, to 11,148.64.

Volume on U.S. exchanges was 10.43 billion shares, compared with the 11.64 billion average for the full session over the past 20 trading days.

Twitter Inc (TWTR.N) lost momentum in line with its peers, a day after surging 22% on billionaire Elon Musk’s decision to proceed with his original $44-billion bid to take the social media company private. read more

Twitter fell 1.35% and Tesla Inc (TSLA.O), the electric-car maker headed by Musk, also slid 3.46.

Declining issues outnumbered advancers on the NYSE by a 2.08-to-1 ratio; on Nasdaq, a 1.69-to-1 ratio favored decliners.

The S&P 500 posted two new 52-week highs and nine new lows; the Nasdaq Composite recorded 49 new highs and 128 new lows.

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Reporting by Ankika Biswas and Bansari Mayur Kamdar in Bengaluru; Editing by Arun Koyyur and Richard Chang

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Morning Bid: Not so fast

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A look at the day ahead in United States and global markets from Mike Dolan

U-turns are clearly in the air this week, with Elon Musk’s volte face on buying Twitter on Tuesday following Britain’s top rate tax cut reversal and this week’s new-quarter relief bounce in stock markets.

Of course many investors pray global central banks would join the British government and Musk in a similar rethink – but that’s far less likely and reason enough for markets to sober up on Wednesday after the biggest two-day rally on Wall St (.SPX) since the pandemic hit in April 2020.

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New Zealand’s central bank became the latest to stick to its guns lifting interest rates to a seven-year high and promising more to come as it struggles to cool red-hot inflation in an over-stretched economy. read more

British Prime Minister Liz Truss’ speech to her annual party conference is also due and she’s expected to insist the remainder of her fiscal plan remains intact.

Oil price gains this week are also a shot across the bow, with OPEC+ producers meeting in Vienna and looking to agree deep output target cuts despite a tight market. read more

Still there have been straws in the wind this week and some hopes for an easing of the year’s relentless selloff. The Musk news was just an added spur.

Twitter shares (TWTR.N) surged more than 20% on Tuesday after filings showed Musk would proceed with his original $44 billion takeover bid, calling for an end to a lawsuit by the social media company that could have forced him to pay up anyway. read more

The macro backdrop was all about hopes the Federal Reserve would take its foot off the interest rate brake and news that U.S. job openings fell by the most in nearly 2-1/2 years in August encouraged that. read more

With U.S. September private sector payroll readings from ADP due later – with forecasts for another 200,000 job gains – and Friday’s national employment report also in view, stock and bond markets have resumed a holding pattern. U.S. Treasury yields ticked back higher and S&P500 futures and European bourses dialled back almost 1%.

The dollar also steadied after this week’s sharp pullback, though there were growing signs its surge this year is causing some concern for U.S. policymakers as well as those overseas.

San Francisco Fed chief Mary Daly said the Fed is paying attention to the impact of the dollar on global growth because slowing growth abroad can feed back into the domestic economy. read more

“If Europe goes into recession, that’s a headwind; if China falters, that’s a headwind on our growth, and we have to take that into account so that we don’t end up overtightening policy,” she said.

Key developments that should provide more direction to U.S. markets later on Wednesday:

* Global September service sector business surveys.

* U.S. ADP Sept private sector payrolls report; U.S. Aug trade balance

* OPEC+ meeting in Vienna

* U.S. Atlanta Federal Reserve President Raphael Bostic speaks

Elon Musk vs Twitter
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JOLTS

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By Mike Dolan, editing by XXX <a href=”mailto:mike.dolan@thomsonreuters.com” target=”_blank”>mike.dolan@thomsonreuters.com</a>. Twitter: @reutersMikeD. Editing by Jane Merriman

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Opinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

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Elon Musk Suggests Buying Twitter at His Original Price

Elon Musk proposed a deal with Twitter on Monday evening that could bring to an end the acrimonious legal fight between the billionaire and the social media company.

The arrangement would allow Mr. Musk to acquire Twitter at $54.20 per share, the price he agreed to pay for the company in April, two people familiar with the proposal who were not authorized to speak publicly said.

The potential deal comes after months of disputes that have created existential challenges for Twitter, cratering its share price, demoralizing its employees and spooking the advertisers it relies on for revenue.

A deal at the original price would be a victory for Twitter, which struck an agreement with Mr. Musk to buy the company for $44 billion. Mr. Musk declared in July that he no longer intended to complete the acquisition because he believed Twitter’s service was overrun by spam.

Twitter sued Mr. Musk in July to force the completion of the acquisition, and was set for a showdown with the billionaire this month in a Delaware courtroom. The company argued in legal filings that Mr. Musk’s reasons for abandoning the deal were smoke screens, and suggested that he had simply hoped for a lower price after stock market declines had decreased his overall wealth.

Mr. Musk said Twitter had most likely undercounted the amount of spam on its platform, making the company less valuable than he had initially believed. He also cited whistle-blower claims from a former Twitter executive, who said the company had misled regulators about its security practices, as a reason to exit the deal.

Mr. Musk submitted a proposal to Twitter on Monday evening, a person familiar with the conversation said. The parties met in court on Tuesday to discuss the proposal. The offer was reported earlier by Bloomberg.

A deal could allow both sides to avoid a messy public trial, which most likely would have featured testimony from Mr. Musk and senior Twitter executives.

This is a developing story. Check back for updates.

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Tesla is sued by drivers over alleged false Autopilot, Full Self-Driving claims

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The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo

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Sept 14 (Reuters) – Tesla Inc (TSLA.O) was sued on Wednesday in a proposed class action accusing Elon Musk’s electric car company of misleading the public by falsely advertising its Autopilot and Full Self-Driving features.

The complaint accused Tesla and Musk of having since 2016 deceptively advertised the technology as fully functioning or “just around the corner” despite knowing that the technology did not work or was nonexistent, and made vehicles unsafe.

Briggs Matsko, the named plaintiff, said Tesla did this to “generate excitement” about its vehicles, attract investments, boost sales, avoid bankruptcy, drive up its stock price and become a “dominant player” in electric vehicles.

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“Tesla has yet to produce anything even remotely approaching a fully self-driving car,” Matsko said.

The lawsuit filed in federal court in San Francisco seeks unspecified damages for people who since 2016 bought or leased Tesla vehicles with Autopilot, Enhanced Autopilot and Full Self-Driving features.

Tesla did not immediately respond to requests for comment. It disbanded its media relations department in 2020.

The lawsuit followed complaints filed on July 28 by California’s Department of Motor Vehicles accusing Tesla of overstating how well its advanced driver assistance systems (ADAS) worked. read more

Remedies there could include suspending Tesla’s license in California, and requiring restitution to drivers.

Tesla has said Autopilot enables vehicles to steer, accelerate and brake within their lanes, while Full Self-Driving lets vehicles obey traffic signals and change lanes.

It has also said both technologies “require active driver supervision,” with a “fully attentive” driver whose hands are on the wheel, “and do not make the vehicle autonomous.”

Matsko, of Rancho Murieta, California, said he paid a $5,000 premium for his 2018 Tesla Model X to obtain Enhanced Autopilot.

He also said Tesla drivers who receive software updates “effectively act as untrained test engineers” and have found “myriad problems,” including that vehicles steer into oncoming traffic, run red lights, and fail to make routine turns.

The National Highway Traffic Safety Administration has since 2016 opened 38 special investigations of Tesla crashes believed to involve ADAS. Nineteen deaths were reported in those crashes.

The case is Matsko v Tesla Inc et al, U.S. District Court, Northern District of California, No. 22-05240.

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Reporting by Jonathan Stempel in New York; editing by Jonathan Oatis

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Ukraine’s Youngest Parliament Member Fights in The Trenches

Sviatoslav Yurash is the youngest member of Ukraine’s parliament. He sat down with Newsy’s Jason Bellini to discuss his experience in combat.

Private Sviatoslav Yurash is a frontline soldier trying to hold the line against the Russians.  

“As a private, you await your orders,” said Yurash.  

Yurash is one of tens of thousands of young Ukrainians who have answered the call of duty. But it’s not his only duty to Ukraine.

At 26 he is also the youngest ever member of his country’s parliament.  

With shells exploding around his trench he’s multitasking, doing international diplomacy or recording a message to a British lawmaker. 

“We are thankful as we can be for all that you have done for us,” he said.  

In between trips to the front, Yurash sat down with Newsy in the capital, Kyiv. 

NEWSY’S JASON BELLINI: Did you have military experience before this?   

SVIATOSLAV YURASH: No. You learn pretty fast when you just survive. When you are fighting for your life, you have no other choice.   

BELLINI: What’s your function when you’re right there in a trench? What are you trying to do?  

YURASH: You patrol, dig and shoot. You carry a great deal. You support. You try and bring the wounded away from the frontlines. You are there to defend against the Russian onslaught. 

Yurash joined a battalion in the early days of the invasion, a part of the bloody defense of the capital. 

He then fought this summer holding the line against the Russian army in the heavily contested eastern Donbas region. 

BELLINI: Don’t you have wartime duties as a member of parliament that you can’t fulfill while you’re out on the front line?   

YURASH: That’s why I’m here now, to fulfill those duties. We have the ability to communicate. We thank Elon Musk as well.  

BELLINI: Starlink.   

YURASH: Indeed.  

Yurash’s break from fighting is no break from reminders of war, like the air raid sirens that suddenly interrupted the conversation. 

YURASH: The chance of a missile hitting you right here is pretty negligible. 

BELLINI: The risk factor is a bit higher on the front line than it is here in Kiev.  

YURASH: Well, you have no reason to ignore what warnings come. 

As Ukraine tries to build on the success of its surprise lightning strike in the north, the president who Yurash helped get elected warns that the most deadly days of the war may be yet to come.  

BELLINI: Have you made peace with the very real possibility of dying on the front line? 

YURASH: Every single Ukrainian you meet has already taken one way or the other a great loss, and because of that, your desire to get justice for all of them is bigger than whatever your concern for your own life is. And when I’m there, that desire and need to get justice is realized in no other way. It’s justice that we need for all those people who have perished in the struggle for our country’s existence.  

BELLINI: And you’re prepared to die for that?  

YURASH: Well, I don’t want to die, but when you join the army, that is a very real possibility. 

BELLINI: Have you had any close calls yourself?   

YURASH: Yes, plenty. Plenty. You get used to shelling. You get used to the horror of it pretty quickly. You have no choice. Humans are very malleable to whatever horror or joy comes to them. But what sticks out is camaraderie. One of my comrades has been hit pretty hard. Shrapnel hit him basically in the leg, torso, arm and face. And we were essentially carrying him out of there. And you had all these people basically tending to him and trying to take him into safety. One of the most honorable things I can think of doing is saving a man’s life like that. And to try to be useful in saving somebody from hell on the battlefield and giving him a new lease of life, because that’s what I would hope would happen to me if I would have gotten hit.  

Thousands of Ukrainian soldiers have already died in the more than 200 days since Russia invaded Ukraine. 

BELLINI: You’re going to be going back to the front? 

YURASH: Of course. Absolutely. I cannot wait, to be honest with you. Because it makes much more sense out there. You feel directly the possibilities of your country beating back the Russians there. We don’t get to choose the times we live in. We get to choose what we do for the times we live in. 

Source: newsy.com

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