Business, Financial & Legal News - Page 48

Tesla has reportedly laid off hundreds of employees in its Autopilot department, as well as closing down an office in San Mateo, California.

Bloomberg and TechCrunch have both reported the story, with the teams at the San Mateo office "tasked with evaluating customer vehicle data related to the Autopilot driver-assistance features and performing so-called data labeling. Many of the staff were data annotation specialists, all of which are hourly positions, said one of the people, who asked not to be identified discussing private information" reports Bloomberg.

Tesla had around 350 staffers in that office before the slashing of staff took place, where some of them have been transferred to nearby offices. 200 people out of its Autopilot team is a big deal for the autonomous side of Tesla, but not overall considering the company hires around 100,000 people across the planet.

Tesla and SpaceX CEO Elon Musk is being sued by Twitter over his attempt to back out of his acquisition deal to purchase the company for $44 billion.

Here's a quick synopsis of the events between the two parties so far. In April 2022, Musk moved to purchase Twitter for $54.20 a share, or $44 billion - Twitter accepted this offer in less than two weeks after it was announced by Musk. The following month Musk shined a spotlight on Twitter's claim that less than 5% of its total users accounted for bots/spam accounts. The Tesla CEO even went as far as to announce that the deal was "temporarily on hold" until Twitter provided him with adequate information to confirm Twitter's claims.

Musk's team was unable to confirm the claims from Twitter, and as a result, Musk accused Twitter of a "material breach" by withholding vital information. Twitter followed up on Musk's accusations by providing Musk's team with the full "fire hose" of Twitter data, however, that must have been inefficient as Musk's team told the Securities and Exchange Commission (SEC) on July 8 that he was backing out of the deal and that he wished to terminate the merger agreement.

Elon Musk pulling out of buying Twitter has turned the social networking giant into a "shit show internally", according to a source inside of the company reports Wired.

Twitter employees have been speaking with Wired "on condition of anonymity because they aren't authorized to talk to the media", with the first saying: "Twitter is a shit show internally; I can confirm that for you right now, without a doubt".

Another said: "there's no strong leadership at the moment", a third source said: "the entire company is running on autopilot". The mess continues, with a fourth source saying: "I expect it is going to be a mess. I'd like to see someone hold Elon's feet to the fire because I think it sets a risky precedent to allow him to meddle so much, drive down the stock, then pull out". Another source added: "We've been told nothing by senior management".

Tesla and SpaceX CEO Elon Musk has moved to exit his acquisition deal to purchase the world's second-largest social media company, Twitter.

Elon Musk officially moved to kill his deal to purchase Twitter over the weekend when Musk's legal team issued a statement that indicated the billionaire would be backing out of the deal over Twitter allegedly making false and misleading representations of the company. Notably, Musk's legal team sent a letter to Twitter's Chief Legal Officer Vijaya Gadde that stated Musk would be at risk of suffering a Company Material Adverse Effect if he followed through with the deal.

When Musk entered into the $44 billion acquisition of Twitter, he agreed to pay a $1 billion exit fee if the deal wasn't completed. However, this $1 billion fine could be waived if Twitter is found to have provided Musk with inadequate information regarding the company, its users, and financials - all of which would be used by Musk to get an accurate valuation. Musk agreed to purchase Twitter for $44 billion, and now Twitter is worth approximately $28 billion, following a global market downturn.

Elon Musk has come out with some kinder words about former President Donald Trump, after Trump called the SpaceX and Tesla boss "another bullsh*t artist" at a rally over the weekend.

Musk has the video where Trump calls him out pinned to his Twitter, replying to that tweet about an hour ago. Musk said: "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset. Dems should also call off the attack - don't make it so that Trump's only way to survive is to regain the Presidency".

He continued, adding: "Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America. If DeSantis runs against Biden in 2024, then DeSantis will easily win - he doesn't even need to campaign".

Elon Musk is on a tweet spree right now, with some comments made about President Trump and his recent comments on Musk being a "BS artist" at a rally in Alaska over the weekend.

The SpaceX and Tesla CEO has Breitbart's tweet of Trump ripping into Elon Musk calling him "another bullsh*t artist" pinned to the top of his Twitter, replying to the tweet an hour ago saying: "I don't hate the man, but it's time for Trump to hang up his hat & sail into the sunset. Dems should also call off the attack - don't make it so that Trump's only way to survive is to regain the Presidency".

Adam Irvin replied, saying: "Hmm. I'm a little surprised this is your take. I say Trump/DeSantis 2024 DeSantis 2028/2032" to which Musk replied: "Trump would be 82 at end of term, which is too old to be chief executive of anything, let alone the United States of America. If DeSantis runs against Biden in 2024, then DeSantis will easily win - he doesn't even need to campaign".

Elon Musk has some rather simple advice for improving the quality of your sleep, with a simple tweet: "For improved quality of sleep, raise head of your bed by about 3" or 5cm and don't eat 3 hours before bedtime". That's all.

MrBeast replied, tweeting "anyone want to explain why these two things help to me" to which Musk replied: "Good chance you're experiencing at least mild acid reflux at night, affecting quality sleep without consciousness awareness". MrBeast replied again, saying "ah, interesting. I currently sleep 9 hours a night and I've been trying to get it down without reducing my energy levels/brain function so maybe this will help".

As someone who also strives for good sleep, I invested over the years into an adjustable bed with a really awesome mattress, and some high-quality pillows and quilt. Hell, I've even got a weighted blanket -- which I absolutely love on some nights, and even my two daughters love weighted blankets -- which helps the quality of your sleep.

A federal grand jury has indicted a Florida man who, where over the last 8 years, had been selling fake Cisco hardware and pulled in over $1 billion from government agencies, hospitals, schools, and... even the military.

Onur Aksoy, aka Ron Aksoy, aka Dave Durden, was busted selling fake Cisco equipment from suppliers in both China and Hong Kong, importing tens of thousands of products from 2014 to 2022. The US Department of Justice says that he had at least 19 companies in New Jersey and Florida, at least 15 Amazon storefronts, at least eBay storefronts, and multiple other entities that collectively, are called the "Pro Network Entities".

The US Department of Justice explains that the man "imported tens of thousands of fraudulent and counterfeit Cisco networking devices from China and Hong Kong and resold them to customers in the United States and overseas, falsely representing the products as new and genuine. The operation allegedly generated over $100 million in revenue, and Aksoy received millions of dollars for his personal gain".

I'm sure you've heard by now, but Elon Musk is no longer buying Twitter... after a huge kerfuffle over the world's second-largest social networking site, Twitter is now suing Elon Musk.

Twitter has lawyered up, hiring Wachtell, Lipton, Rosen & Katz LLP to sue Elon Musk after the SpaceX and Tesla CEO pulled out of the $44 billion acquisition deal. The news is coming from Bloomberg, which is reporting that the social networking giant will file its lawsuit early this week, while Musk has secured Quinn Emanuel Urquhart & Sullivan LLP (which is the firm that successfully defended Musk against an ongoing shareholder lawsuit after a failed attempt to take Tesla private in 2018).

Twitter stock isn't doing well, where a week ago it was sitting at the $38 to $39 mark, but has dropped to $36 recently... we'll see how this week goes for the company, and I'm sure it's not going to go down well at all. I'm sure all those nasty "right-wing" and "alt-right" peeps around the world will get blamed, somehow.

President Donald Trump held a rally in Ankorage, Alaska over the weekend where he had some choice words to say about the world's richest man: Elon Musk. President Trump called Elon Musk a "bullshit artist" for backing his opponents during the 2016 and 2020 elections, at the rally speech.

President Trump said: "Nah, he's got himself a mess. You know, he said the other day, 'Oh, I've never voted for a Republican.' I said, 'I didn't know that, he told me he voted for me.' So he's another bullshit artist, but he's not gonna be buying it. He's not gonna be buying it. Although he might later, who the hell knows what's gonna happen. He's got a pretty rotten contract. I looked at his contract, not a good contract. But he's not...Sign up for Truth".

President Trump continued: "I tell you what - Elon... Elon is not gonna buy Twitter! Where did you hear that before? From me. From me".