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A jury has found Elon Musk not guilty in the case of his tweet about taking Tesla private at $420 a share.

5 years later, this single tweet is still haunting the Tesla CEO.

For those who don’t remember the situation, back in 2018, Musk briefly considered trying to bring Tesla private and disclosed that to investors through a simple tweet.

The Security and Exchange Commission (SEC) ruled that Musk exaggerated and misled shareholders when saying that the funding was “secured” in the tweet:

Musk went on a campaign against the SEC, calling them names and claiming that they were working for people shorting the electric automaker. But ultimately, Tesla and Musk ended up reaching a settlement with the SEC.

As part of the settlement, Musk agreed to step down from the role of chairman of the board, and Tesla and Musk had to each pay $20 million in fines.

The CEO presumably didn’t want Tesla to have to pay for his issue with the SEC. While he couldn’t directly pay for Tesla’s part of the fine, he decided to buy $20 million worth of shares from Tesla. That way, he sort of indirectly ended up paying for Tesla’s fine – though he also ended up with ~71,000 additional Tesla shares in the process.

As we previously reported, Musk ended up actually making money from the settlement due to Tesla’s stock price surging.

Another part of the settlement was that Musk and Tesla had to agree for the former to have his tweets reviewed by the latter’s legal department if they are material to the company.

Musk has consistently denied any wrongdoings and claimed he settled with the SEC under pressure from Tesla investors.

Separately, Tesla investors have sued Musk personally over the tweet – claiming that they were defrauded of millions of dollars as Musk exaggerated the claim that funding was secured.

The case was ongoing for years, but it was finally heard by a jury in Northern California last week.

Today, the jury released its verdict – finding Musk not liable for the investor’s losses.

Musk commented on the verdict:

Thank goodness, the wisdom of the people has prevailed! I am deeply appreciative of the jury’s unanimous finding of innocence in the Tesla 420 take-private case.

That’s probably the end of this saga – though Musk is still fighting some of the aspects of his settlement with the SEC, primarily the need to review his tweets material to Tesla’s stock.

Electrek’s Take

That’s probably the right thing.

As we previously reported, all the evidence pointed to Musk being a bit too excited and jumping the gun with the tweet.

For him to be found liable, they would have to prove that he was intentionally planning to defraud investors and that’s a tall task.

He certainly should be more cautious about tweeting things like that when no deal has been signed, but I don’t think it’s fraud.

However, you’d hope that he would become more cautious about his tweeting after this entire saga, but we haven’t seen much evidence of that either.

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Exxon Mobil reaches agreement with FTC, poised to close $60 billion Pioneer deal

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Exxon Mobil reaches agreement with FTC, poised to close  billion Pioneer deal

A view of the Exxon Mobil refinery in Baytown, Texas.

Jessica Rinaldi | Reuters

The Federal Trade Commission will wave through Exxon Mobil‘s roughly $60 billion acquisition of Pioneer Natural Resources after reaching an agreement with the energy giant, a source familiar with the matter told CNBC.

The FTC will not block the deal now that the regulator and Exxon have reached a consent agreement, the source said. The agreement will bar Pioneer’s former CEO Scott Sheffield from joining the Exxon board.

The push to remove Sheffield was due to concerns about his prior discussions with OPEC, according to the source.

Exxon and the FTC both declined to comment. The agreement was first reported by Bloomberg News.

Exxon first announced the deal for Pioneer in October, in an all-stock transaction valued at $59.5 billion. Exxon said the acquisition would more than double its production in the Permian Basin.

“Pioneer is a clear leader in the Permian with a unique asset base and people with deep industry knowledge. The combined capabilities of our two companies will provide long-term value creation well in excess of what either company is capable of doing on a standalone basis,” Exxon chairman and CEO Darren Woods said in a press release at the time.

Shares of Exxon and Pioneer were both little changed in extended trading Wednesday.

— CNBC’s Pippa Stevens and Mary Catherine Wellons contributed reporting.

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The US just proposed 18 GW of new offshore wind sales

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The US just proposed 18 GW of new offshore wind sales

The US announced two proposals for offshore wind sales that could generate more than 18 gigawatts (GW) of clean energy – enough to power more than 6 million homes.

New US offshore wind auction areas

The offshore wind auction areas announced by the US Department of the Interior and the Bureau of Ocean Energy Management (BOEM) are off the Oregon coast and in the Gulf of Maine. It’s the first in a five-year lease schedule that could see up to 12 separate offshore wind auctions.

The US has already held four offshore wind lease auctions in the New York–New Jersey region, off the Carolinas, and off the Pacific and Gulf of Mexico coasts.

Gulf of Maine

The first-ever offshore wind energy auction in the Gulf of Maine would include eight lease areas off the Maine, Massachusetts, and New Hampshire coasts. The nearly 1 million acres have the potential to generate approximately 15 GW of renewable energy and power more than 5 million homes.

This auction is exciting because BOEM wants to conduct simultaneous auctions for each of the eight lease areas using multiple-factor bidding.

In July 2023, Governor Janet Mills (D-ME) signed legislation to procure up to 3 GW of offshore wind energy in the Gulf of Maine by 2040. Offshore wind is banned in Maine state waters to protect the commercial lobster harvesting industry.

Oregon

The proposed lease sale in Oregon includes two lease areas totaling 194,995 acres – one in the Coos Bay Wind Energy Area and the other in the Brookings Wind Energy Area – which have the potential to power more than 1 million homes with renewable energy. The areas were finalized by BOEM in February.

The Coos Bay WEA is 61,204 acres and located approximately 32 miles from shore. The Brookings WEA is 133,808 acres and approximately 18 miles off the coast.

The state of Oregon has set a goal of achieving 3 GW of offshore wind by 2030.

Due to deep waters, any offshore wind farms in the Gulf of Maine and offshore Oregon will consist of floating wind turbines. 

Read more: California exceeds 100% of energy demand with renewables over a record 30 days


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Tesla’s next-gen Dojo AI training tile is in production

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Tesla's next-gen Dojo AI training tile is in production

Tesla’s next-gen Dojo AI training tile is in production, according to supplier Taiwan Semiconductor Manufacturing Company Limited (TSMC).

Tesla has been heavily investing in AI training compute power both through buying NVIDIA hardware and building its own under its Dojo program.

The first generation of its Dojo super computing platform went into operation last summer.

Shortly after, it was reported that Tesla had expanded its partnership with TSMC, a large semiconductor company that manufactures the Dojo chip for the automaker.

Now, TSMC has confirmed that Tesla’s next-generation Dojo chip has entered production and they are working on tech that could deliver much greater power to Dojo in 2027 (via IEEE Spectrum):

At TSMC’s North American Technology Symposium on Wednesday, the company detailed both its semiconductor technology and chip-packaging technology road maps. While the former is key to keeping the traditional part of Moore’s Law going, the latter could accelerate a trend toward processors made from more and more silicon, leading quickly to systems the size of a full silicon wafer. Such a system, Tesla’s next generation Dojo training tile is already in production, TSMC says. And in 2027 the foundry plans to offer technology for more complex wafer-scale systems than Tesla’s that could deliver 40 times as much computing power as today’s systems.

This new tile is likely going to be used for Tesla’s new planned $500 million Dojo cluster in New York.

Sperately, Tesla is building a new 100 MW data center to train its self-driving AI at Gigafactory Texas, but we were told that this system is going to use NVIDIA hardware.

Tesla’s Dojo program hasn’t been all smooth sailing. In December, we reported that two of the top executive engineers behind the program left the company.

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