'We have a responsibility:' Trudeau urges global leaders to support pact for future
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
Elon Musk testified on Monday that he was sure he had backing from Saudi financiers in 2018 to take Tesla Inc. private, as he defended against claims he defrauded investors by later tweeting about his electric car company.
At a trial in San Francisco federal court, Musk told the investors' lawyer Nicholas Porritt that he had met on July 31, 2018, with representatives of Saudi Arabia's sovereign wealth fund, the Public Investment Fund at Tesla's Fremont, California, factory.
Musk said he did not discuss a takeover price, but the Saudi representatives made clear they would do what it took to make a buyout happen.
"PIF unequivocally wanted to take Tesla private," he said.
The trial tests Musk's penchant for taking to Twitter to air his sometimes irreverent views, and when the world's second-richest person can be held liable for crossing a line.
At stake are millions of dollars for shareholders who claim they suffered losses after Musk tweeted on Aug. 7, 2018, that he had "funding secured" to take Tesla private at $420 per share, and that "investor support is confirmed."
Tesla's stock price surged after Musk's tweets, and later fell as it became clear the buyout would not happen.
A jury of nine will decide whether the billionaire artificially inflated Tesla's share price by touting the buyout's prospects, and if so by how much.
The plaintiffs have already cleared high legal hurdles in the rare securities class action, with U.S. Judge Edward Chen ruling last May that Musk's post was untruthful and reckless.
But in Monday's testimony, Musk said he believed he could have sold enough shares of his rocket company SpaceX to fund a buyout, and "felt funding was secured" with SpaceX stock alone.
Musk was also sued by the U.S. Securities and Exchange Commission over the tweets, leading to a combined $40 million in settlements for him and Tesla and a requirement that a Tesla lawyer screen some of his tweets in advance.
The SEC had alleged that Musk rounded the alleged buyout offer to US$420 per share from US$419 because he had recently learned about the higher amount's "significance in marijuana culture" and thought his girlfriend would find it funny.
Musk denied having thought that.
"It was chosen because it was a 20% premium over the stock price," he testified. "The $420 price was not a joke."
Musk testified calmly, in contrast to his occasional combative testimony in earlier trials.
He began testifying on Friday, telling jurors that while Twitter, which he bought in October, was the most democratic way to communicate, his tweets did not always affect Tesla stock the way he expects.
"Just because I tweet something does not mean people believe it or will act accordingly," Musk said.
Alex Spiro, Musk's lawyer, said in his opening statement last week that Musk believed he had Saudi financing, and tried to protect the "everyday shareholder" from media leaks by tweeting, though his tweet contained "technical inaccuracies."
The defendants also include current and former Tesla directors, whom Spiro said had "pure" motives in their response to Musk's plan.
Grilling Musk: use CEO's tweets, thin skin against him, trial experts say.
(Reporting by Hyunjoo Jin in San Francisco and Jody Godoy in CaliforniaEditing by Noeleen Walder, Peter Henderson and Matthew Lewis)
Prime Minister Justin Trudeau is telling world leaders to either bury their heads in the sand or put differences aside for the sake of future generations.
An Edmonton man says he was in the wrong place at the wrong time when he was injured by members of the Edmonton Police Service last year.
The head of the Air Canada pilots union says she'll step down if members opt not to approve a tentative deal with the airline, raising the stakes as aviators mull whether to accept hefty salary gains or drive an even harder bargain.
Unifor says workers at General Motors' CAMI assembly plant and battery facility in southwestern Ontario have ratified a new collective agreement.
The brother of a 27-year-old man who was fatally shot in Scarborough over the weekend has been arrested and charged in connection with his death, say police.
Comedian John Mulaney and actor Olivia Munn now have a second child, a daughter named Mei June Mulaney.
Kate, the Princess of Wales, made her first public appearance Sunday since she announced she had completed chemotherapy and would return to some public duties.
At least two students at Gettysburg College in Pennsylvania have been suspended from the swim team after a report that a racial slur was scratched onto a student's body, officials said.
Body mass index, a long-time tool used to measure a person's health, may soon be out the door as some health professionals push for a system they say is more accurate.
Cole Haas is more than just an avid fan of the F.W. Johnson Wildcats football team. He's a fixture on the sidelines, a source of encouragement, and a beloved member of the team.
Getting a photograph of a rainbow? Common. Getting a photo of a lightning strike? Rare. Getting a photo of both at the same time? Extremely rare, but it happened to a Manitoba photographer this week.
An anonymous business owner paid off the mortgage for a New Brunswick not-for-profit.
They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.
A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.
Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.
The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.
The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.
It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.