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Elon Musk on trial for alleged fraud over Tesla buyout tweets · Elon Musk Podcast

• 0:00
  Elon Musk took the witness stand on Friday to defend a tweet.
• 0:03
  He sent in 2018 in which he claimed that he had secured
• 0:07
  funding. Take Tesla, private in a deal
• 0:10
  that never came close to happening.
• 0:12
  The Tweet resulted in a 40 million dollar settlement with
• 0:15
  Securities regulators and also led to a class action lawsuit
• 0:19
  that alleges he misled investors.
• 0:21
  The trial was adjourned for the weekend and musk was told to
• 0:24
  return on Monday. To answer more questions in this
• 0:27
  initial appearance on a stand. Must Offended.
• 0:30
  His prolific use of Twitter stating that it is the most
• 0:33
  democratic way to distribute information, even while
• 0:36
  acknowledging, the constraints of Twitter's to 140-character
• 0:39
  limit, that can make it difficult to make everything as
• 0:42
  clear as possible. He said, I think you can
• 0:44
  absolutely be truthful on Twitter.
• 0:46
  But can you be comprehensive? Of course, not, this trial
• 0:51
  hinges. On the question of whether a
• 0:52
  pair of tweets that musk's posted on August 7th, 2018,
• 0:57
  damage the Tesla shareholders. A 10-day period leading up to a
• 1:02
  musk admission that the buyout. He had envisioned wasn't going
• 1:05
  to happen and in the first of these tweets, musk stated quote,
• 1:09
  funding secured for a seventy, two billion dollar buyout of
• 1:14
  Tesla at a time when the electric auto maker was still
• 1:17
  grappling with production problems and was worth far less
• 1:21
  than it was now. Now must followed up a few hours
• 1:24
  later with another tweet suggesting a deal was imminent
• 1:28
  and effort, became apparent that the money.
• 1:29
  He wasn't in place to take Tesla private musk step down as test
• 1:33
  as chairman. Now, he remained the CEO as part
• 1:36
  of the Securities and Exchange Commission settlement without
• 1:40
  acknowledging any wrongdoing. Now, the billionaire came into
• 1:43
  court, wearing a dark suit and tie on the third day of the
• 1:47
  Civil Trial in San Francisco. That is lawyers unsuccessfully
• 1:51
  tried to move to Texas where Tesla is now headquartered on
• 1:54
  the premise that media coverage of his tumultuous.
• 1:57
  Takeover of Twitter had tainted, the Every pool and the jury that
• 2:02
  was assembled earlier this week focused intently on masks while
• 2:05
  he answered questions posed by Nicholas.
• 2:07
  Pour, it a lawyer representing Tesla shareholders and at one
• 2:11
  point must ask pour it if he would speak closer to the
• 2:15
  microphone. So you could hear him better at
• 2:17
  other times must craned his neck as he gazed around the
• 2:21
  courtroom. Mosque was 51 years old said, he
• 2:24
  cares quote, a great deal about Investors and also railed
• 2:28
  against short sellers who made, Investments That reward them
• 2:31
  when a company's stock price Falls, he called Short Selling
• 2:34
  and quote evil practice that should be outlawed denigrating
• 2:38
  those who profit from it as quote a bunch of sharks.
• 2:44
  When shown Communications from Tesla investors urging him to
• 2:47
  curtail or completely stopped his Twitter habit before the
• 2:50
  2018 buyout tweet. Musk said, he couldn't remember
• 2:54
  all those interactions from years ago, especially since he
• 2:57
  gets a quote, Niagara Falls of emails.
• 3:00
  And even before musk took the stand US District, Judge Edward
• 3:04
  Chen had declared that the jurors can consider those two
• 3:07
  tweets to be false leaving them to decide whether musk
• 3:11
  deliberately deceived investors or whether his Statements
• 3:14
  settled them with losses. Now most kids previously,
• 3:18
  contended he entered into the SEC settlement under duress and
• 3:22
  maintained he believed he had locked up Financial backing for
• 3:25
  a Tesla by out during meetings with representatives from from
• 3:29
  Saudi Arabia's public investment fund and an expert on corporate
• 3:34
  by oats hired, by shareholder lawyers to study, the events
• 3:37
  surrounding musk. Proposal to take test the
• 3:39
  private spent the bulk of his three hours on the stand,
• 3:42
  Friday. Writing the plan, as an
• 3:45
  ill-conceived concept quote. This proposal was an extreme
• 3:49
  outlier said, a Harvard University business and law
• 3:53
  professor for more than 20 years, it was incoherent.
• 3:57
  It was illusory. The trial continues on Monday
• 4:01
  with, mus expected to answer more questions.
• 4:03
  From lawyers, representing the stakeholders and the outcome of
• 4:07
  the trail could have significant implications for musk Tesla in
• 4:11
  the future of the company. And if the jury Is that musk
• 4:14
  deliberately deceived investors? He could be held liable for
• 4:18
  damages which could be substantial.
• 4:21
  Additionally, the SEC could take further action against him,
• 4:25
  which could include fines and penalties and even a banned from
• 4:28
  serving as an officer or director of a publicly traded
• 4:32
  company. Now, the trial also highlights
• 4:35
  the importance of social media and its impact on the business
• 4:38
  world, the use of social media by public companies in their
• 4:42
  executive has, Become increasingly common in recent
• 4:45
  years, but it also brings new risks and challenges companies,
• 4:49
  and their Executives must be aware of the potential impact of
• 4:52
  their statements on social media and must be careful to ensure
• 4:56
  that their statements are accurate and not misleading.
• 4:59
  And, in the meantime, the Tesla shareholders will be closely
• 5:03
  watching the trial and its outcome is it could have a
• 5:07
  significant impact on their Investments, the company's stock
• 5:10
  price has been highly volatile in recent years and Potential
• 5:14
  legal liabilities could have a negative impact on the company's
• 5:18
  financial performance. The trial is also being closely
• 5:21
  watched by other companies & Executives as it serves as a
• 5:24
  cautionary tale about the potential risks of social media.
• 5:29
  And The Importance of Being mindful of what is being shared
• 5:33
  with the public as social media, continues to play a larger role
• 5:37
  in the business world. It is important for companies
• 5:39
  and their Executives to be aware of the potential impacts of
• 5:42
  their statements and to make sure they They are accurate and
• 5:44
  not misleading you real quick. If you could take a second and
• 5:47
  hit the Subscribe button, on whatever podcast platform that
• 5:51
  you're on right now, I'd greatly appreciate it because it helps
• 5:54
  me grow the show and helps me get better production and guests
• 5:58
  on the show too. So, thanks so much for that.
• 6:01
  Now, let's get into some SpaceX content.
• 6:04
  SpaceX is testing the world's most powerful rocket at
• 6:07
  Starbase, Texas. And within the next few weeks,
• 6:10
  we should know if there's going to be a wet dress rehearsal.
• 6:13
  Add a static fire of 33, Raptor two engines on the booster.
• 6:19
  Every time that the booster has static fired, it is destroyed
• 6:23
  the concrete. Underneath the Launchpad.
• 6:26
  We brought this up in a few other videos and we all know
• 6:30
  that destroying concrete underneath a delicate rocket is
• 6:34
  a bad thing. And just recently, we saw that
• 6:37
  they will be moving parts of a deluge system in possibly a
• 6:41
  flame diverter towards star. Base Texas from Florida and this
• 6:46
  is all caught on camera by the NASA space flight crew.
• 6:49
  Because they have robot cameras, all over the place on every
• 6:52
  launch site of seems like these tubes and pipes that are coming
• 6:56
  in to Starbase Texas, might not be implemented any time soon,
• 7:00
  Basics. And Elon Musk have also said
• 7:03
  that they're going to be taking their time with Starbase.
• 7:05
  They're going to be taking their time with this orbital flight
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  test and could they spend months possibly implementing?
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  Deluge system and maybe the flame diverter before the launch
• 7:18
  actually happens to mitigate, any sort of circumstances that
• 7:23
  could harm the Starship on the launch.
• 7:26
  Now, just recently, Elon Musk said in February or March,
• 7:30
  there's a pretty good chance that they'll be launching this
• 7:33
  thing. But if they need to use a flame
• 7:36
  diverter, if they're going to stop anything from happening,
• 7:40
  from this concrete underneath the Starship, it's going To take
• 7:44
  them a while to get it implemented and this could be a
• 7:46
  very basic implementation and SpaceX is known for implementing
• 7:51
  things quickly, and also upgrading them as they go.
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  If they do something that's very basic, they could upgrade it
• 7:58
  within the next few months to make it absolutely perfect for
• 8:03
  flight. Number two of a Starship.
• 8:05
  And if SpaceX chooses to do this before the orbital flight test,
• 8:10
  we could be looking at a test in June.
• 8:13
  Why August, maybe September of 2023 now, that's not something
• 8:19
  that we want to see. We don't want to wait for a long
• 8:21
  time for this thing, but you got to remember that this is a very
• 8:25
  important, possibly the most important space flight in human
• 8:29
  history. This could change everything
• 8:32
  about human spaceflight. So it could take them a while to
• 8:35
  get this implemented before the first orbital flight test of
• 8:40
  Starship and on Twitter, Alex, which is at Alex Physics 13,
• 8:44
  tweeted out some photos from NASA space flight.
• 8:47
  But also tweeted out this message right here.
• 8:50
  There are four small tanks, five sets of high pressure, gas
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  tanks. And at least three larger tanks
• 8:56
  as well as several tubes and manifolds believed to be for
• 9:00
  deluge system for Starbase. It's a crazy amount of hardware
• 9:04
  for sure. Now Alex has a point here, there
• 9:07
  is a ton of Hardware coming into space X star base Texas.
• 9:12
  If this is going to be implemented, In the near future.
• 9:15
  It could take them weeks possibly months if the Implement
• 9:18
  all of these high-pressure gas tanks for small tanks, three,
• 9:22
  larger tanks and several tubes and manifolds it could take them
• 9:26
  months just to test this to make sure that it works right before
• 9:30
  the first flight test. And even though we're talking
• 9:33
  about delays of the Starship, there's a possibility that they
• 9:36
  still do get it launched in February or March of this year.
• 9:40
  So that's only a few weeks away if you counted by the weeks.
• 9:43
  But the FCC just re granted a license to SpaceX for the
• 9:50
  experimental orbital demo and Recovery test of the Starship
• 9:54
  test vehicle from Starbase Texas.
• 9:56
  Now this is the FCC, not the FAA and the FCC basically is
• 10:02
  allowing SpaceX to transmit signals from a Starship using
• 10:07
  spacex's star linked to a ground station, so they can communicate
• 10:12
  with the spacecraft. And get Telemetry data as it
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  launches. The Starlet could also be used
• 10:17
  to transmit video back to Starbase Texas, so they can
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  broadcast it on their YouTube channel for everybody to see
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  during the launch. Now, this is an important point
• 10:27
  that I want to make here. If this Hardware is going to be
• 10:30
  used for the first orbital flight test, for the Deluge
• 10:33
  system of the first Starship and the booster, the FAA might step
• 10:38
  in they may have to get more environmental approval for the
• 10:43
  millions of Gal that it's going to take for a deluge system.
• 10:46
  For a Starship. Where are they going to put all
• 10:48
  that water? Are they going to be giant?
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  Takes that it's going to flood into?
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  Or is it going to flood the area around Starbase flooding area
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  around? Starbase is not good because
• 10:58
  it's a protected National Environmental space and SpaceX
• 11:03
  cannot damage that it's a no no they can't do that and that's
• 11:07
  why they have to possibly. And I don't want this to happen
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  because I want them to launch this thing as soon as possible.
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  But they may have to get another environmental assessment in.
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  This is kind of a good thing in a way because SpaceX could be
• 11:20
  building the next generation of Starship.
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  While this is all happening in the first orbital.
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  Flight, test may go off without a hitch because they took their
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  time and they were safe about it.
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  And you want the first launched to go off flawlessly because
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  this will be the rocket that sends people to the surface of
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  the Moon. Again also, for the Polaris
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  program, it also the dear Moon project which will see people go
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  around The moon and come back down to the surface of the
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  Earth. This could delay.
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  SpaceX months possibly a year. If they need to implement this
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  system before, everything is launched and the FAA steps in
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  and does another environmental assessment.
• 12:00
  We saw how long the last one was over six months just for an
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  environmental assessment, is one might be a little bit less
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  because there's not as many moving parts that the FAA has to
• 12:11
  go through, but there's a possibility.
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  Ability that they do delay. The launch if SpaceX implements
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  this beforehand and this is an interesting tidbit that I Came
• 12:20
  Upon on the NASA Airborne Science.
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  Program website, SpaceX Starship launch was meant to be January
• 12:29
  20th, 2023. And if you look into it, a
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  little bit deeper, there's a WB 57 plane, that's ready to do the
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  science for the Starship and the WB 57.
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  Plain, this thing will be Tracking the Starship as it
• 12:45
  comes back from the orbital flight test.
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  But more importantly, it's going to be watching the heat tiles on
• 12:50
  the Starship and this will allow SpaceX and NASA to gather data
• 12:54
  from this craft, in order to make any preparations for future
• 12:58
  flights of the Starship SpaceX. Just recently launched a new
• 13:01
  starlink Mission from Vandenberg space force base and Vandenberg
• 13:05
  tweeted this out. Congratulations on the first
• 13:07
  launch of 2023 from vsf. Be since 1958.
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  There have been twenty twenty three Launches on the base This
• 13:14
  launch also makes the 100th launched from SL C 4E, since
• 13:18
  1964, that is an amazing feat by Vanderburgh space first base.
• 13:24
  And by SpaceX, hey, thanks so much for listening and
• 13:27
  supporting the show if you'd like to support it even more.
• 13:29
  Hit the Subscribe button and you'll get more Elon Musk news.
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• 13:37
  every other day. So you get a lot of Elon Musk
• 13:39
  news and you don't have to go searching for it.
• 13:41
  It's right here on the show. Thanks again and I'll see.
• 13:43
  You in the next one.