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Elon Musk and Tesla are set to go on trial over allegations that shareholders were defrauded out of billions of dollars by his tweets.

The company’s chief executive wrote in 2018 that he had “secured” funding to take the electric carmaker private and later that investor backing was “confirmed”, causing shares to soar and then fall.

Less than three weeks later, Musk backtracked on the plan.

Investors who bought or sold stock in the days after the tweets are seeking unspecified damages, but have claimed Musk‘s tweets cost them “billions”.

Seven current and former Tesla directors are among the defendants, who have denied any wrongdoing.

Mr Musk – who was forced to step down as company chairman after a $40m (£32.5m) settlement with the US regulator – may take the stand in the case, according to court documents.

Opening arguments could begin in San Francisco on Tuesday, once the jury has been selected.

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The judge, Edward Chen, denied a request by Musk to have the case moved to Texas last week, with the billionaire expressing concern that potential jurors in California would be bias against him.

He cited negative media coverage of the thousands of jobs he has cut at Twitter, which is based in San Francisco, following his takeover of the social media platform last October.

The jury will be tasked with deciding whether Musk’s tweets influenced investors, whether he acted knowingly, and whether damages should be awarded.

Judge Chen has already ruled that the statements the SpaceX owner made were untrue, but the defendants will argue that he had good reason to believe funding for taking Tesla private was secured.

The trial, which comes against the backdrop of sliding shares in the company, is tipped to last three weeks.

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Steve Witkoff: Who is the real estate mogul tasked with brokering peace in Ukraine?

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Steve Witkoff: Who is the real estate mogul tasked with brokering peace in Ukraine?

As the world waits for Russia’s next move over the US-proposed ceasefire deal with Ukraine, only one man has been trusted to head up Donald Trump’s envoy to Moscow – and he’s far from the typical diplomat.

Initially named as Mr Trump’s Middle East envoy shortly after the US election, Steve Witkoff has since been involved in negotiations with Russia about ending the war in Ukraine.

His surprise trip to Moscow last month to achieve the release of US citizen Marc Fogel seemed to secure the 67-year-old as the US leader’s geopolitical dealmaker-in-chief.

Ukraine war latest: Follow live updates

Off the back of his first meeting with Russian President Vladimir Putin, Mr Witkoff is believed to be seeing him again later this week to discuss diplomatic proposals – though the Kremlin is yet to confirm this.

He has been chosen to go to Moscow by Mr Trump over US secretary of state Marco Rubio, who on paper is the country’s top diplomat, and Keith Kellogg, who was assigned to be the US envoy for Russia-Ukraine peace talks back in January.

So who is Steve Witkoff, and how important a figure will he be as the US tries to navigate peace between Russia and Ukraine?

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‘Trump is listening intently’ to European leaders

From New York real estate to the Oval Office

Born in the Bronx, New York State, Mr Witkoff trained as a lawyer in real estate before turning his hand to property development.

In the 1990s he created his company, the Witkoff Group, which owns a number of properties in New York, most notably the Park Lane Hotel and The Woolworth Building.

Similarly to Mr Trump, he brought his close family members into his company, including his wife, Lauren Rappoport, and their sons Zach and Alexander, who is co-chief executive.

As of 2019, the Witkoff Group owned almost 50 properties across the US and the rest of the world.

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‘If Russia says no, it will tell us a lot’

‘My dear friend President Trump’

The billionaire has known Mr Trump for decades, having first met him through a New York real estate company where the now president was a client.

Having remained close, the pair bonded over their mutual love of golf, and weredescribed by US senator Lindsey Graham as “longtime golf buddies”.

Mr Witkoff was one of those on the fifth hole with the president at his course in West Palm Beach, Florida, in September last year, when a second apparent assassination attempt was made on his life.

President Donald Trump speaks to businessman Steve Witkoff, who lost his son Andrew to a prescription drug overdose, during the White House Opioid Summit in the East Room of the White House, Thursday, March 1, 2018, in Washington. (AP Photo/Evan Vucci)
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Mr Trump and Mr Witkoff back in 2018. Pic: AP

But despite being regular opponents on the course, Mr Witkoff and Mr Trump are very much aligned in politics, with the businessman having donated to the Republican Party during the 2024 election.

He even spoke at the Republican National Convention back in July last year, where he said he had the “privilege” of calling Mr Trump a “true and dear friend for many years, in good times and bad times”.

Mr Witkoff also firmly backed Mr Trump’s foreign policy, saying at the inauguration parade: “We are done carrying the financial burden of nations that are unwilling to fund their own progress.

“The days of blank checks are over”.

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A critical player in Middle East negotiations

During Mr Trump’s first term in office, Mr Witkoff played a more minor role, serving as one of the president’s Great American Economic Revival Industry Groups – which aimed to combat the effects of the COVID-19 pandemic.

It was over lunch with Mr Trump after his second election win that Mr Witkoff reportedly broached the idea of working on the Middle East – a region he has extensive business ties with, according to NBC.

“That stunned me because I didn’t know he was that interested in the Middle East,” Senator Graham told NBC back in January, while discussing Mr Witkoff’s appointment.

“And Trump looked at me and said: ‘Well, a million people have tried. Let’s pick a nice guy who’s a smart guy’.”

FILE - President-elect Donald Trump listens to Steve Witkoff speak during a news conference at Mar-a-Lago, Jan. 7, 2025, in Palm Beach, Fla. (AP Photo/Evan Vucci, File)
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Mr Trump and Mr Witkoff speaking in January. Pic: AP

Since the beginning of the year, Mr Witkoff has proven to be a critical player in negotiations between Israel and Hamas – helping to secure January’s ceasefire deal which has so far seen the release of some of the remaining Israeli hostages in exchange for Palestinian prisoners.

One person familiar with the negotiations described Mr Witkoff to NBC as someone who is “very much engaged” with “his heart is in the right place”.

A Middle Eastern diplomat, who spoke with NBC on condition of anonymity at the time, added that the businessman was a tough negotiator but was also able to “empathise” with parents who have lost their children on both sides of the conflict, as he openly spoke about his son Andrew, who died of an OxyContin overdose in 2011 aged 22.

U.S. Secretary of State Marco Rubio meets with Saudi Foreign Minister Prince Faisal bin Farhan Al Saud, Saudi National Security Advisor Mosaad bin Mohammad Al-Aiban, U.S. National Security Advisor Mike Waltz, U.S. Middle East envoy Steve Witkoff, Russian Foreign Minister Sergei Lavrov and Russian President Vladimir Putin's foreign policy advisor Yuri Ushakov, at Diriyah Palace, in Riyadh, Saudi Arabia.
Pic: Reuters
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US delegation – featuring Mr Witkoff – meets with Saudi and Russian officials. Pic: Reuters

Growing criticism

Despite praise for Mr Witkoff’s approach to geopolitics, there is also growing criticism against him.

Shortly after his visit to Gaza back in January, he backed Mr Trump’s surprise announcement that the US wanted to “develop” the region and turn it into the “Riviera of the Middle East”.

Mr Trump suggested that Gaza’s two million people would not return to their territory under the plans, which has been widely criticised as amounting to ethnic cleansing.

Steve Witkoff speaking at a Saudi-run investment forum in Miami
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Mr Witkoff said he had developed a ‘friendship’ with Vladimir Putin

Mr Witkoff also faces questions over his first private meeting with President Putin last month, in which he said he had developed a “friendship” with the Russian leader.

Read more:
What’s in the US-proposed Russia and Ukraine ceasefire deal?
Ukraine peace talks are ‘first step’ and ‘an achievement’
US to resume intelligence sharing with Ukraine

Speaking about his relationship with Mr Putin, he said: “I spent a lot of time with Putin. Talking and developing a friendship and relationship with him…”

He claimed their conversation lasted over three hours.

However, the details of the conversation and what was discussed have never been released, with only translators present at the time.

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What are Donald Trump’s tariffs – and how will they affect the UK?

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What are Donald Trump's tariffs - and how will they affect the UK?

Donald Trump’s steel and aluminium tariffs have come into effect.

But what are they and what do they mean for the UK?

What are tariffs and why does Trump want to impose them?

Tariffs are taxes on goods imported into the US.

The US president wants to impose wide-ranging tariffs on nearest neighbours Mexico and Canada, which he says will help reduce illegal migration and the smuggling of the synthetic opioid fentanyl to the US.

However, most of the 25% duties imposed on the pair to date have been suspended until 2 April.

But two rounds of tariffs on China have been enacted – reflecting trade imbalances and Mr Trump’s battle against fentanyl.

So why is he now targeting steel and aluminium?

On Wednesday, a separate 25% tariff on all steel and aluminium imports to the US came into effect, affecting UK products worth hundreds of millions of pounds.

The steel and aluminium tariffs are designed to protect US manufacturing and bolster jobs by making foreign-made products less attractive.

The world’s largest economy relies on imports of steel and aluminium and Mr Trump wants to change that.

How have countries – including the UK – reacted?

The European Union has announced it will impose retaliatory tariffs on the US.

The European Commission said it will impose “countermeasures” affecting €26bn (£21.9bn) of US goods from 1 April after US tariffs on steel and aluminium came into force today.

The bloc’s tariffs will not only impact US steel and aluminium products, but also textiles, home appliances and agricultural goods.

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Trump100 Day 52: Tesla, tariffs and a step closer to truce

Canada has announced 25% retaliatory tariffs on US goods worth C$29.8bn (£16bn) from tomorrow, its country’s finance minister has said.

The tariffs will include steel products worth C$12.6bn (£6.8bn) and aluminium products worth C$3bn (£1.6bn).

Computers, sports equipment and cast iron goods are also among the other products subject to the new retaliatory tariffs.

Announcing the tariffs, Canada’s foreign minister, Melanie Joly, added that Canada will raise the issues of tariffs with European allies to coordinate a response to put pressure on the US.

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Trump’s tariffs are ‘disappointing’

While UK industry sees it as a direct attack, the reality is that this country is not a major player any more because energy costs, in particular, mean that UK-produced steel is expensive.

Nevertheless, stainless steel and some high-end products from the UK are in high demand and account for the bulk of the £350m in annual exports to the US.

Sir Keir Starmer has said he is “disappointed” to see Mr Trump impose global tariffs on steel and aluminium, saying the UK will take a “pragmatic approach” and “all options are on the table”.

The business secretary Jonathan Reynolds said on Wednesday morning that while he was disappointed, there would be no immediate retaliation by the UK government as negotiations continue over a wider trade deal with the US.

Why will metal products become more expensive?

It stands to reason that if you slap additional costs on importers in the US, that cost will be passed on down the supply chain to the end user.

If the aluminium to make soft drinks cans costs 25% more, for example, then the hit will have to be felt somewhere.

It could mean that any US product involving steel or aluminium goes up in price, but hikes could be limited if companies decide to take some of the burden in their bottom lines.

Read more on tariffs:
It may be harder for the UK to trump metals tariffs this time round
‘Canadianos’ and cancelled Vegas trips: How Canadians are acting with defiance

What are the prospects for higher prices?

It depends on the extent to which costs are passed down through the supply chain as new tariff regimes and any reciprocal tariffs are deployed.

We do know that Mr Trump plans to fully roll out duties, on all goods, against Mexico and Canada from 2 April. But the White House did row back on a threat to double Canada’s tariff on its steel and aluminium – the biggest exporter – to 50%.

But Mr Trump is also widely expected to target almost all imports from the European Union from the beginning of April.

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Trump adviser tells Sky ‘stop that crap’

Is the UK facing further tariffs?

Mr Trump has not explicitly said that the UK is in his sights.

Data shows no great trade imbalances – the gap between what you import and export from a certain country – and UK figures show no trade deficit with the United States.

UK ministers have previously suggested this could be good news for avoiding new levies.

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‘The ultimate cost of tariffs will be paid in the US’

Why tariffs could cost you – even if Trump spares UK

Even if no tariffs are put on all UK exports to the US, consumers globally will still be impacted by the wider trade war, particularly in the US.

Economists believe that tariffs will raise costs in the US, sparking a wave of inflation that will keep interest rates higher for longer. The US central bank, the Federal Reserve, is mandated to act to bring inflation down.

More expensive borrowing and costlier goods and services could bring about an economic downturn in the US and have knock-on effects in the UK.

Forecasts from the National Institute of Economic and Social Research (NIESR) predict lower UK economic growth due to higher global interest rates.

It has estimated that UK GDP (a measure of everything produced in the economy) could be between 2.5% and 3% lower over five years and 0.7% lower this year.

The Centre for Inclusive Trade Policy thinktank said a 20% across-the-board tariff, impacting the UK, could lead to a £22bn reduction in the UK’s US exports, with the hardest-hit sectors including fishing and mining.

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President Trump buys a Tesla in support of ‘Elon’s baby’

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President Trump buys a Tesla in support of 'Elon's baby'

Donald Trump has bought a Tesla in support of the car company he calls “Elon’s baby”.

The White House driveway briefly became a pop-up showroom, with various models on display.

“Will I get in?” he asked the waiting media, before declaring the red Model S “beautiful”.

Musk and his son with the president. Pic: Reuters
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Mr Musk brought his young son along for the car handover. Pic: Reuters

Tesla stock has lost half its value in three months, its share price tanking to an all-time low this week. The president had urged Americans to buy Tesla in solidarity with Elon Musk, “a great American”.

Federal workers sacked by his Department of Government Efficiency (DOGE) were not impressed by the president’s purchase.

“I will never buy a Tesla,” Dr Peter Kerndt told me.

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Sky’s David Blevins spoke to former US government employees who had two particular targets for their frustration.

A former employee at USAID Global Health, Dr Kerndt said cuts made in recent weeks would “cost lives”.

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Amy, who worked in the environmental agency, told me she became “unaccountably angry every time a Tesla passed by” but expressed it “internally”.

Read more:
Tesla shares plummet – what’s gone wrong?
Trump U-turns on doubling Canada metal tariffs

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Protesters target Tesla showroom

People protest against Tesla and Elon Musk outside of a Tesla dealership in Palo Alto, California, U.S., March 8, 2025. REUTERS/Laure Andrillon
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Mr Musk’s support of the president and work with DOGE has angered some. Pic: Reuters

The Tesla brand has become the focal point for protest over Musk’s role in cutting government spending.

What began with bumper stickers declaring “I bought this before Elon went crazy” has descended into violence on forecourts at charging stations.

But with the president of the United States now acting as a salesman, there’s still a steady flow of customers.

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At one dealership in Virginia, a woman told me she’d recently been in an accident and safety was her priority.

“I’m a federal employee myself but need to separate the fact that as a vehicle, the car just makes sense,” she said.

There is much debate about who is in the driving seat – the US president or CEO of Tesla? But for now at least, the relationship between them seems as invincible as a Cybertruck.

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