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Elon Musk fraud Trial: Claims SpaceX Shares Could've Funded Tesla Buyout · Elon Musk Podcast

• 0:01
  Tesla, CEO Elon Musk testified on Monday that concern over a
• 0:05
  pending news report was the driving Factor behind his
• 0:08
  decision, to post a series of 2018 tweets at the heart of a
• 0:12
  class-action lawsuit brought by Tesla stockholders the tweet in
• 0:17
  which the billionaire said that he was thinking about taking
• 0:19
  Tesla private for four hundred and twenty dollars a share and
• 0:23
  had quote to funding secured resulted in him having to
• 0:26
  Forfeit his position as Tesla's executive.
• 0:30
  Chairman and pay millions of dollars in fines and legal fees,
• 0:33
  musket spoken to Executives at the Saudi Sovereign, wealth,
• 0:37
  fund about the funding. He would need to take Tesla
• 0:40
  private. However, it was anything but
• 0:42
  secured during his testimony in a California courtroom on
• 0:46
  Monday. Musk stated that he was
• 0:48
  concerned that the financial times plan to report on, August
• 0:51
  7th 2018, that Saudi Arabia's public investment fund.
• 0:55
  Had acquired a five percent ownership, take in Tesla.
• 0:59
  He said, it was concerning because this information was not
• 1:02
  public and he believed that by tweeting about the potential
• 1:05
  via, he could ensure that all investors had access to equal
• 1:09
  information and the shareholders argue that musk illegally,
• 1:13
  manipulated the stock price and he and Tesla's board should be
• 1:16
  held accountable for an unspecified portion of billions
• 1:20
  of dollars in Damages sustained by those who bought or sold the
• 1:23
  company stock after the tweet and up until August 17, 2018,
• 1:29
  Musk said at the time, he had already received a verbal
• 1:32
  though. Unequivocal commitment from the
• 1:35
  Saudi fund to finance, a take private deal.
• 1:38
  However, the Saudis fund representative Yasir, I'll
• 1:42
  Romanian later denied through media reports, and in a private
• 1:46
  text to mr. Musk, that funding was assured.
• 1:50
  Despite this musk stated that he expected the fun to go forward.
• 1:54
  With the verbal commitment is they had gone forward with this
• 1:58
  early suggestion to buy. Five percent of the company's
• 2:01
  shares to show the funds commitment to taking tests, the
• 2:04
  private, however musk admitted that none of the Saudi fund
• 2:08
  officials signed any documents reflecting funding for the take
• 2:11
  private transaction. He also said that no particular
• 2:15
  amount of funding had been talked about in his meetings
• 2:17
  with his Executives quote. There was no price discussed no
• 2:21
  document signed, it was just verbal.
• 2:25
  Now musk also acknowledged that he had dissipated a rise in
• 2:28
  Tesla stock price. In response to this tweet, but
• 2:31
  argued that this was not his primary motivation for sending
• 2:34
  the Tweet. He stated that his main concern
• 2:37
  was ensuring that all investors had access to the same
• 2:40
  information rather than trying to manipulate the stock price.
• 2:44
  He also said repeatedly under questioning, that is difficult
• 2:48
  to correlate. His tweets with the company
• 2:50
  stock price. Since in the past, the theory
• 2:52
  has proven counterintuitive, he said my tweet was truthful.
• 2:57
  Absolutely truthful. To back up.
• 3:00
  His claims musk said that Saudi funding wasn't crucial to
• 3:05
  privatize Tesla at that time. His SpaceX shares in a
• 3:08
  commitment, from Oracle, co-founder, Larry Ellison, was
• 3:12
  sufficient backstops to secure, adequate financing for him to
• 3:16
  take the company private. He also stated that he had been
• 3:20
  in talks with other potential investors including SoftBank,
• 3:23
  who had expressed interest in funding?
• 3:25
  A potential bio, the lawsuit is ongoing and it remains Seen,
• 3:30
  whether musk testimony will be enough to clear his name and
• 3:33
  that of the company, the plaintiffs will also be
• 3:36
  representing their own evidence and Witnesses in the jury, will
• 3:40
  have to weigh all the evidence and testimony to depend whether
• 3:45
  the tweets were false and misleading.
• 3:48
  And whether musk in the Tesla board are liable for damages.
• 3:52
  The case is being closely watched by investors and
• 3:54
  analysts as the outcome could significantly impact.
• 3:59
  Musk Tesla as well as other broader tech industry.
• 4:05
  People Elon Musk may be passing on the torch to none, other than
• 4:10
  YouTuber. Mr. Beast, one of the most
• 4:13
  popular YouTube Personalities in the world.
• 4:16
  In the question on everyone's mind is is this the right
• 4:19
  choice? It all started with a tweet from
• 4:21
  Muscat, December 19, 20 22. He asked his followers.
• 4:25
  If he should step down as the CEO of Twitter is stated that he
• 4:29
  He would abide by the results of the poll.
• 4:31
  The results were not in his favor though with over 10
• 4:34
  million users voting in favor of am resigning from the position
• 4:38
  in the pole saw 50 7.5% of followers or users voting.
• 4:43
  Yes. Musk's tweet and a survey were
• 4:45
  met with a good amount of criticism with some users
• 4:48
  mocking and trolling him. However, there was also some
• 4:51
  positive feedback with some brainy praising musk for his
• 4:55
  bravery and making this decision.
• 4:58
  Two days later on December twenty first.
• 5:00
  Twenty twenty-two must follow it up with another tweet stating
• 5:03
  that he would resign as CEO. As soon as he found someone
• 5:07
  foolish enough to take the job. He also stated that after that
• 5:12
  he would just run the software and servers team.
• 5:15
  This was after the conclusion of the voting poll, with the
• 5:17
  result, ultimately being that, he should give up the title and
• 5:21
  then on December 22nd 2022. Mr. Beast tweeted, can I be the
• 5:26
  new Twitter CEO? To, everyone's surprise musk
• 5:29
  responded with a short and simple quote, it's not out of
• 5:33
  the question. Mr. Beast, then made a new post
• 5:36
  based on musk's response stating that is first order of business
• 5:40
  would be to make it where creators actually want to post
• 5:44
  videos on Twitter and not just linked to other platforms.
• 5:47
  And while taking, on the role of CEO would be a big step away
• 5:51
  from the YouTube personality that were used to.
• 5:55
  It makes sense that he would be better suited for this.
• 5:58
  Position as one of the highest earning Youtubers of all time.
• 6:02
  Mr. B spends, most of his time on social media to promote his
• 6:06
  work. This is a beneficial take on the
• 6:08
  role of CEO as a social media platform, as he gained valuable
• 6:12
  insight into the inner workings of these kind of sites.
• 6:16
  He also gained insight into what would work for users, and what
• 6:20
  wouldn't now, that being said his most recent tweets suggest
• 6:24
  that he does have multiple changes in mind?
• 6:27
  And many of them include the best interests of the platform
• 6:31
  users, instead of what benefits him as the CEO, as Can Be
• 6:36
  Imagined, the role would be time-consuming for mr.
• 6:38
  Beast who is already busy. But if anyone were to take on
• 6:43
  this part, the CEO of Twitter, it's possibly him or at least
• 6:48
  someone with his amount of insight and knowledge.
• 6:50
  When it comes to social media is still uncertain whether or not
• 6:54
  mr. Beast will take the role as a
• 6:56
  CEO but it's definitely. A possibility with his knowledge
• 6:59
  and experience of the social media industry, he could
• 7:02
  potentially be the right person. But there are people that aren't
• 7:07
  convinced that mr. Beast is the right fit for the
• 7:10
  job. Some critics argue that, while
• 7:12
  he may have a lot of experience with social media, he lacks the
• 7:16
  business Acumen and Leadership skills necessary to effectively
• 7:20
  run a company as large as Twitter.
• 7:23
  They point to his background, as a content creator, rather than a
• 7:26
  business executive is a major drawback.
• 7:29
  Additionally, there are concerns about mr.
• 7:31
  Beast reputation, as a prankster and attention seeker, some argue
• 7:35
  that it's stunts and challenges. While entertaining may not be
• 7:38
  appropriate for a CEO of a major social media platform.
• 7:43
  They worried that his Antics could damage, Twitter's
• 7:45
  reputation and alienate users. Despite these concerns, there
• 7:50
  are also many who believe that mr.
• 7:52
  B's would be a great fit for the role of Twitter CEO, the argue
• 7:56
  that is experienced as a Reader gives them a very unique
• 8:00
  perspective on social media and what the users want from the
• 8:04
  platform. They also point to his
• 8:05
  philanthropic efforts such as his fundraising campaigns for
• 8:09
  various charitable causes as evidence as a leader.
• 8:14
  Now, furthermore, mr. B's has a great understanding of
• 8:17
  the importance of creators and he has been very vocal about how
• 8:20
  he wants to make Twitter a better place for creators to
• 8:24
  post videos and not just to other platforms because that
• 8:27
  standing of this at his willingness, to take, on this
• 8:30
  role, is a valuable asset to any company and at the end of the
• 8:34
  day, only time will tell whether or not mr.
• 8:37
  Beast is the right fit for this role.
• 8:40
  Now you're the right fit for the Elon Musk podcast.
• 8:44
  So please hit the Subscribe button.
• 8:47
  On whatever podcast platform that you're on right now, that's
• 8:51
  pretty sneaky, right? So I want to say thank you for
• 8:54
  all of your support throughout this time.
• 8:56
  We have plenty of episodes. If you want to go back through
• 8:58
  our catalog about mr. Musk and his history with
• 9:02
  Twitter and also SpaceX Tesla all of his companies.
• 9:07
  So please take a look at somewhere back episodes and hit
• 9:10
  the subscribe. Urban.
• 9:11
  All right. That's it for now.
• 9:12
  Take care. Bye bye.
• 9:10
  Urban. All right.
• 9:11
  That's it for now. Take care.
• 9:13
  Bye bye.