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Elon's Tesla Fraud Trial: Insider Testimony · Elon Musk Podcast

• 0:00
  D1. Musk's former Chief of Staff,
• 0:02
  Sam teller testified in court on Wednesday, about his former
• 0:05
  bosses belief, the he had a handshake deal to take Tesla
• 0:09
  private in 2018, the trial which began on the 9th day was
• 0:13
  triggered by a class-action lawsuit filed on behalf of Tesla
• 0:17
  shareholders, who allege that musk, misled them with tweets
• 0:20
  and August of 2018. And in these tweets musk
• 0:23
  indicated that he had secured funding to lead a buyout of the
• 0:27
  electric auto maker ending. It's then eight-year history as
• 0:32
  a publicly held company teller who work closely with most from
• 0:36
  2014 to 2019 provided insight into the workings of the
• 0:40
  billionaire who runs Tesla SpaceX and Twitter teller
• 0:44
  revealed that he sometimes had to soften musk's blunt emails,
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  which he attributed to musk's Asperger's Syndrome, a form of
• 0:52
  autism. The musk acknowledged having
• 0:54
  during a 2021 television appearance in, during his
• 0:58
  testimony, tell her Also described the series of
• 1:01
  meetings, the musk held with representatives from Saudi
• 1:04
  Arabia's public investment Fund in the last of five meetings,
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  with the Saudi fund that began in January 2017, teller
• 1:11
  testified that musk became increasingly excited, as he
• 1:14
  discussed, taking Tesla private with.
• 1:17
  Yes, sir, L Romanian, a governor from Saudi fund, although
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  specific financing amounts were discussed teller, recalls musk
• 1:25
  pointing out that taking tests. The private would be expensive
• 1:28
  to, which they Wide, don't worry about it.
• 1:31
  We've got a lot of money teller believe that the two men made a
• 1:35
  handshake deal to proceed with taking Tesla private after their
• 1:38
  meeting and a week later musk tweeted that he had the money
• 1:42
  for the Bayou shortly, after being alerted that the financial
• 1:45
  times was about to publish a story.
• 1:48
  Disclosing, the Saudis fund five percent stake in Tesla.
• 1:52
  Now, amid confusion about whether musk's Twitter account
• 1:55
  had been hacked, or if he was joking, musk followed up a few
• 1:58
  hours later with another tweet. I think a deal was imminent, the
• 2:01
  prospect of Tesla stock being sold.
• 2:04
  Cause this shares of Tesla to soar, but the stock price
• 2:08
  dropped after musk scrap, the going private proposal resulting
• 2:12
  in billions of dollars in losses.
• 2:14
  According to estimates, provided in testimony, by an economy, has
• 2:18
  hired by the shareholders attorneys.
• 2:20
  Now, after the Securities and Exchange Commission, alleged
• 2:23
  musk's tweets were misleading. He and Tesla reached a 40
• 2:27
  million dollar settlement in September 2018.
• 2:29
  Mean, without acknowledging any wrongdoing, US District, Judge,
• 2:33
  Edward Chen, who is presiding over the current trial has
• 2:36
  declared musk's tweets to be falsehoods leaving it to the
• 2:40
  jurors to decide if he post them recklessly and tellers testimony
• 2:44
  provided a glimpse into the demanding schedule.
• 2:46
  He kept while working for musk. He revealed that musk doesn't
• 2:50
  like anyone filtering information for him and likes to
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  observe his Communications himself and tell her like and
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  his job to an air traffic controller confronted with a A
• 3:00
  lot of problem solving at all hours, leading him to stop
• 3:04
  working for musk and 2019, due to exhaustion.
• 3:08
  And despite the grueling schedule.
• 3:10
  Tellers testimony shed light on the quirks of the billionaire.
• 3:13
  In their inner workings of his. Company's open AI is Chet GPT
• 3:18
  has been in the news lately. And did you know that Elon Musk
• 3:22
  was a co-founder of that company was founded in San Francisco in
• 3:25
  2015, by Sam Altman, Reid Hoffman, Jessica Livingston Eli.
• 3:29
  On musk lie, assess cover Peter, teal and a few others, and
• 3:34
  they've collectively came together for about a billion
• 3:37
  dollars to start. That company.
• 3:39
  Currently, Elon Musk doesn't own any shares in opening II.
• 3:44
  However, he did, one point own, a huge stake in this, in the
• 3:48
  company, and then he sold his shares to Microsoft in 2018.
• 3:52
  Open, AI has been in the news recently, but now it's piloting.
• 3:57
  A twenty dollar monthly subscription And that offers
• 4:01
  users a priority access to the AI chatbot during peak hours.
• 4:06
  If you're a user of Chad, GPT, you'll notice that sometimes
• 4:11
  during a heavy peak hour, it may take a few minutes for you to
• 4:15
  get a response from the chat bot.
• 4:16
  This plan is called a chat G PT Plus and it comes about two
• 4:21
  months after the tool was released publicly and it went
• 4:25
  very viral, very quick and it generates amazing and can
• 4:29
  Vincent essays for anybody, that prompts it with the right
• 4:34
  things. Now, many people have wanted to
• 4:36
  test this out and they've been locked out or needed to join the
• 4:39
  waitlist, but anybody who's Subs to this?
• 4:43
  Now, will benefit from faster response times and Priority
• 4:46
  Access to test out new features and improvements of chat, GPT,
• 4:51
  and open AI tools. It's got to be free though, so
• 4:55
  you can continue using chat GPT for the foreseeable future and
• 4:59
  GPT and opening. I released a statement the other
• 5:03
  day. He said, we love our free users
• 5:05
  and we will continue to offer free access for chat GPT by
• 5:09
  offering this subscription pricing.
• 5:11
  We will be able to help support free access availability to as
• 5:15
  many people as possible. Now chat G PT Plus will be
• 5:20
  available first in the United States and it'll roll out
• 5:24
  eventually to other countries and open.
• 5:26
  A I said it will begin inviting people from its waitlist In the
• 5:30
  coming weeks. And the company also said it's
• 5:32
  exploring options for lower cost, plans, business plans and
• 5:37
  data plans, for more availability, the preview of
• 5:41
  chat GPT allowed, the team to learn from Real World use and
• 5:45
  they've made important improvements and updates based
• 5:49
  on the feedback of the users. And since the chat CBT is become
• 5:53
  available, people who've done some amazing things with it.
• 5:56
  They've made essays stories, blog posts.
• 5:59
  On lyrics All with user prompt and some users have drafted full
• 6:05
  research papers that have fooled some scientists.
• 6:08
  Now, some CEOs have even used it to write emails to fire people.
• 6:13
  And while this chat, she PT is gaining traction among users.
• 6:18
  Some people are getting concerned about what's going on
• 6:22
  over there. There is a inaccuracies in the
• 6:24
  data that it outputs its potential to perpetrate biases
• 6:28
  and spread information. That's not right.
• 6:30
  Is at the top of that list and the ability to help students
• 6:34
  cheat is also, one of the things that people are concerned about.
• 6:38
  So, listening to all of those concerns chat, G, PT and open a,
• 6:41
  I made up a new feature and it's called the AI text classifier,
• 6:45
  which allows users to check. If an essay was written by a
• 6:49
  human or an AI. And there are also other tools
• 6:53
  on the market right now, some free tools that can check to see
• 6:57
  if the your AI has written your paper.
• 6:59
  Or if you wrote the paper but chat GPT has their own right
• 7:04
  now. Now, the release comes amid
• 7:06
  concerns that the AI chat but could help students cheat and
• 7:11
  also professionals generate, convincing content and now
• 7:15
  people can check on that. The new tool chat, CBT and open
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  a. I said that its imperfect but
• 7:21
  it's a step forward and they are trying to help out everybody out
• 7:25
  there with these concerns. Hey, if you love Elon Musk news,
• 7:29
  please, Take a second and hit that subscribe button on
• 7:32
  whatever podcast platform that you're on.
• 7:34
  Right now, it really helps up the show and let's be do these
• 7:38
  shows every single day. So thanks and late last month.
• 7:43
  January 31st, Elon Musk asked a US.
• 7:45
  Judge to throw out a lawsuit claiming that his delay
• 7:49
  disclosure of a large stake in Twitter, Inc, defrauded
• 7:52
  shareholders, Who Sold Tesla stock artificially low prices
• 7:57
  because they were kept in the dark in a Court case in
• 8:00
  Manhattan, investors accused musk, who bought Twitter for
• 8:04
  forty four billion dollars in October of waiting 11 days past
• 8:09
  due a US Securities and Exchange Commission.
• 8:12
  Deadline the previous march to disclose that.
• 8:15
  He had bought five percent of its stock, and the shareholders
• 8:18
  had that must save more than two hundred million dollars by
• 8:21
  adding to his Holdings. While quietly meeting with
• 8:24
  Twitter execs about his plans for the social media company
• 8:28
  going forward before Or finally revealing that he has a nine
• 8:32
  point two percent stake, which cheated stock Sellers and
• 8:35
  options, Traders out of the quote, true value of their
• 8:39
  Securities. But in, I'm filing musk said
• 8:41
  investors in the proposed class section, had no independent
• 8:45
  right to obtain damages under the SEC disclosure Rule and
• 8:50
  could not show that all class members actually relied on his
• 8:54
  silence before Trading. now, Elon Musk also noted, as had the
• 8:59
  shareholders that he had properly disclosed his stakes in
• 9:03
  Tesla and SolarCity, at least 20 times and even mention the SEC
• 9:08
  rule, to Saudi, Arabia's Sovereign wealth Fund in 2018,
• 9:12
  when negotiating a possible investment in Tesla and this SEC
• 9:16
  rule states that you must disclose within 10 days when you
• 9:21
  have acquired more than 5% of a company, which for musk's
• 9:25
  Twitter investment, Would have been last March 24th, not
• 9:30
  Twitter shares, Rose 27 percent on April 4th to $49.90 seven
• 9:35
  cents from $39 and 31 cents after musk disclosed.
• 9:39
  His 9.2 percent stake. Now investors viewed.
• 9:43
  This as his votes of confidence in the San francisco-based
• 9:48
  Twitter, and this case is brought to you by the Oklahoma,
• 9:52
  firefighters pension, or retirement system verse Musk And
• 9:57
  it's in the southern district of New York number 20 2-0, 3026.
• 10:03
  Hey, thanks for listening to the Elon Musk podcast this week.
• 10:06
  My name is, will the host of the show.
• 10:08
  I want to say thank you to everybody out there.
• 10:10
  That's been supporting the show for over two hundred and fifteen
• 10:13
  episodes. Thank you so much for all of
• 10:15
  your continued support. I will continue doing the show
• 10:18
  for as long as I can, if you want to help support the show,
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• 10:33
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• 10:36
  So if your fan, thank you so much for being a fan and I
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  appreciate you and I will see you in the next one.