Elon Musk has taken to the witness box to refute allegations that Tesla shareholders were defrauded out of billions of dollars by his tweets from 2018.
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.
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”.
The trial heard that Musk’s social media admission led to a $40m (£32m) settlement with securities regulators, as well as a class-action lawsuit alleging he misled investors, and he was forced to step down as company chairman.
The 51-year-old billionaire, who has been running Twitter since he purchased the platform for $44bn in October, attended court for around half an hour on Friday to deliver sworn testimony before a nine-person jury and a room packed with reporters and other spectators.
The trial was then adjourned for the weekend, with Musk being told to return on Monday to answer more questions.
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The judge, Edward Chen, previously denied a request by Musk to have the case moved to Texas, with the billionaire expressing concern that potential jurors in California would be biased against him.
In his initial address to the courtroom, the business mogul defended his prolific tweeting as “the most democratic way” to distribute information even while acknowledging Twitter’s 240-character limit that can make it challenging to be as clear as possible.
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Musk said: “I think you can absolutely be truthful [on Twitter].
When it emerged that the funding was not in place to take Tesla private, Musk stepped down as chairman while remaining its chief executive as part of the Securities and Exchange Commission settlement, without acknowledging any wrongdoing.
The jury focused intently on the billionaire, who was wearing a dark suit and tie, as he answered questions by Nicholas Porritt, a lawyer representing Tesla shareholders.
‘Level of pain… was excruciating’
When asked about the challenges that Tesla faced in 2018, he described spending many nights sleeping at the carmaker’s California factory as he tried to keep the company afloat.
“The sheer level of pain to make Tesla successful during that 2017, 2018 period was excruciating,” he told the court.
The trial over Musk’s Tesla tweets comes at a time when he has been focusing on Twitter while also serving as the carmaker’s CEO and also remaining deeply involved in SpaceX, the rocket ship company he founded.
His Twitter takeover has proven unpopular among Tesla’s current stockholders, who are concerned he has been paying less attention to the carmaker at a time of intensifying competition – which contributed to a 65% decline in Tesla’s stock last year that wiped out more than $700bn (£565bn) in shareholder wealth.
US President Donald Trump said he was “saddened” by the news, adding: “We extend our warmest and best wishes to Jill and the family, and we wish Joe a fast and successful recovery.”
Former US president Barack Obama said: “Michelle and I are thinking of the entire Biden family.
“Nobody has done more to find breakthrough treatments for cancer in all its forms than Joe, and I am certain he will fight this challenge with his trademark resolve and grace. We pray for a fast and full recovery.”
Image: Barack Obama (right) with Joe Biden at a campaign event in 2022. File pic: Reuters
British Prime Minister Sir Keir Starmer said he was “very sorry to hear President Biden has prostate cancer”.
“All the very best to Joe, his wife Jill and their family, and wishing the President swift and successful treatment,” he added.
After a poor debate performance against Mr Trump and amid escalating concerns for his health, Mr Biden withdrew from the 2024 election and endorsed his vice president Kamala Harris.
Ms Harris wrote on X: “We are keeping him, Dr. Biden, and their entire family in our hearts and prayers during this time.
“Joe is a fighter – and I know he will face this challenge with the same strength, resilience, and optimism that have always defined his life and leadership. We are hopeful for a full and speedy recovery.”
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Mr Biden’s diagnosis: What we know
Former US president Bill Clinton wrote on social media: “My friend Joe Biden’s always been a fighter. Hillary and I are rooting for him and are keeping him, Jill, and the entire family in our thoughts.”
Hillary Clinton, who unsuccessfully ran for president in 2016, said she was “thinking of the Bidens as they take on cancer, a disease they’ve done so much to try to spare other families from”.
Speaker of the US House Of Representatives Mike Johnson said it was “sad news” and his family “will be joining the countless others who are praying” for Mr Biden.
Former House speaker Nancy Pelosi described Mr Biden as a “great American patriot” and said she was “praying for him to have strength and a swift recovery”.
Mr Trump’s secretary of state, Marco Rubio, wrote on social media he and his wife were “united in prayer for the Biden Family during this difficult time”.
Following President Trump’s Middle East trip – which the White House is touting as an unbridled success – Sky News’ Martha Kelner sits down with Barbara Leaf, who was US ambassador to the United Arab Emirates during Trump’s first term and assistant secretary of state for Near Eastern affairs in the Biden administration.
She was also in the team that formed the first formal US presence in Syria after more than a decade.
In 1990s and early 2000s New York, Sean “Diddy” Combs was the person to be seen with.Â
Now on trial in Manhattan, his hair grey, his beard grown, it’s hard to imagine that he was “the Pied Piper… of the most elite level of partying of that time” – but that’s how Amy DuBois Barnett describes him.
She was the first Black-American woman to run a major mainstream magazine in the US, and based in Manhattan at a time when hip hop was at its zenith.
“Urban culture really ran the city,” she says. “That’s where so much of the money was… you had all the finance bros trying to get into Puffy (Combs) parties, all the fashion executives trying to get into Puffy parties.”
And while he was welcomed by the highest echelons of the arts and entertainment world, she says: “He was never known for being a calm kind of individual.”
Image: Sean ‘Diddy’ Combs in New York in July 2004. Pic: AP
Combs was “very dismissive” with her, and she admits: “Puff never particularly liked me that much.”
But DuBois Barnett would often get invited to his parties because she was able to feature his up-and-coming artists in her magazines.
From editor-in-chief of Ebony magazine, she’d go on to become the editor-in-chief of Honey and Teen People magazines, and then deputy editor of Harper’s Bazaar.
She says the man she met at those parties “lacked warmth” and seemed “complicated”.
“When he walked in the room, all of the energy changed. Puffy had his trusted individuals around him… immediately the area around him would become kind of crowded with everybody vying for his attention,” she says.
“I think that was also partially why he didn’t particularly like me because I wasn’t really vying for his attention.
“He really reserved that attention for the people that he was either attracted to… or the people that he thought were important enough to his business success.”
Image: Amy DuBois Barnett (right) with publisher Desiree Rogers at an event for Ebony magazine
She says it was common knowledge that he wasn’t someone to cross due to “rumours… of what he could do”.
“There were a lot of people within journalism, within media, within other industries that were afraid of his influence and also afraid of his temper,” she adds.
“When things at parties would not go his way or somebody didn’t bring him something quickly enough, or… the conversation wasn’t going his way… he would just kind of snap and he was just not afraid to yell at whoever was there.
“There was not a lot of boundaries in his communication, let’s just put it that way.”
Image: Combs on the red carpet at the height of his success
But she says it was a time when a tremendous amount of misogyny was running throughout music, things that in today’s culture would certainly give pause for thought.
“So many things happened to me, everything from getting groped at parties to getting locked in a limousine with music executives and having him refuse to let me out until I did whatever he thought I was going to do, which I didn’t.”
She insists: “We didn’t have the vocabulary to understand the degree to which it was problematic… it was a thread that ran throughout the culture.”
Image: Getting off a private jet during his heyday
Star-studded parties were the ultimate invite
At the time, a ticket to one of Combs’s star-studded “white parties” was the ultimate invite.
She admits: “It was like nothing you’ve ever seen before… the dress code was very strict.
“No beige, no ecru, absolutely white, you would literally be turned away if your outfit was wrong. Puffy did not sort of tolerate people in his parties that didn’t look ‘grown and sexy’ as it were.”
She says people would mingle by the poolside listening to the best DJs in the world, while topless models posed dressed as mermaids and waiters handed out weed brownies from silver platters.
“It was every boldface name you could possibly imagine, just this gorgeous crowd.”
Image: At an event with model Naomi Campbell
Behind the glamour, prosecutors now allege there was a man capable of sexual abuse and violence, and a serious abuse of power. Criminal charges which he’s already pleaded not guilty to and strenuously denies.
Without question, Combs had the golden touch. Expanding his music career into business enterprises that in 2022 reportedly took his net worth to around £1bn. For decades his success story was celebrated.
“I think that in the black community, there is a feeling that if a black man is successful you don’t want to bring him down because there are not that many… these are cultural forces that are rooted in the systemic racism that’s present in the United States… but I think that these were part of what potentially protected Puffy against people speaking out.”
Couple became ‘isolated and very unhappy’
While Combs had amassed a small fortune over the course of two decades which she encountered him, the former magazine editor says his behaviour had markedly changed from the first party she went to, to her last.
“The last was a post-Grammys party, in 2017 or 2018, and just the vibe was very different. He was really kind of isolated in a corner with Cassie, you know, looking very unhappy.”
Image: Diddy and Cassie together on the red carpet
For around 10 years, Combs had a relationship with the singer Cassie Ventura which ended in 2018.
Once over she filed a lawsuit that both parties eventually settled alleging she was trafficked, raped, drugged and beaten by the rapper on many occasions – which he denied. Last week she made similar claims in court.
Image: A court sketch of Cassie giving evidence against Combs in court this week. Pic: Reuters
Image: A court sketch of Combs listening to evidence from his former partner Cassie. Pic: Reuters
“Cassie looked very glassy-eyed and there was a sadness about her energy. Whatever was happening between the two of them, I mean, it didn’t feel positive,” says DuBois Barnett.
“They were sort of holed up in the corner for almost the entire night… it did feel very different from the kind of jubilant of energy that he projected in his earlier incarnations.”
For Combs, his freedom depends on how these next few weeks go. His representatives claim he is the victim of “a reckless media circus”, saying he categorically denies he sexually abused anyone and wants to prove his innocence.
In particular, they say, he looks forward to establishing the “truth… based on evidence, not speculation”.