Global Outlook

 The world's richest man and Tesla CEO (chief executive officer), Elon Musk, lost over $15 billion in a day as Tesla shares plummeted the most in four months after the company blamed a disappointing deliveries report on shipment issues. According to the Bloomberg Billionaires Index, Tesla CEO Musks ' wealth declined by over 6% in a day with his total wealth at $223 billion as of October 4, 2022. Tesla delivered 343,830 vehicles to customers in the last three months, which was short of the almost 358,000 total that analysts expected as compiled by Bloomberg. The shipment issues increased the number of vehicles on their way to customers as the quarter ended. The share price of Tesla tumbled over 8% on Monday, its biggest one-day decline since June 3. Tesla was also by far the worst performer in the S&P 500 Index. Musk owns about 15% of Tesla, according to an August 2022 regulatory filing.  Tesla sells electric vehicles and home solar batteries. Musk is also the chief executi...

 Tesla CEO, Elon Musk, is scheduled to be questioned under oath by Twitter Inc lawyers on October 6-7, according to a Tuesday court filing. The company prepares for a trial next month over Musk ’s bid to walk away from a $44 billion takeover deal. Elon Musk and the social media giant are conducting dozens of depositions and reviewing thousands of documents for the five-day trial starting October 17 in Wilmington, Delaware. Musk's deposition was originally scheduled for this week. However, the sources close to the litigation said that the timing of the interview was always subject to change because of the fast-tracked nature of the litigation. Reportedly, Musk's deposition is expected to be a key part of the litigation. Twitter's legal team is expected to show that Musk abandoned the deal due to falling financial markets. In the Elon Musk vs Twitter buyout battle, Twitter wants McCormick to order Musk to close the deal at the agreed price of $54.20 per share. The Tesla owner...

 In a minor win for the world’s richest man, Elon Musk , a US court has allowed his legal team to make a case that a $7.75 million severance payment to Peiter 'Mudge' Zatko, Twitter's former head of security, allows him to terminate the Twitter’s $44 billion takeover deal. Judge Kathleen McCormick of the Delaware Court of Chancery in the US ruled in the latest filing that the Tesla CEO can amend his counterclaims to include the payment to Zatko. The court also agreed on a request by the social media giant, Twitter , for details about whether Musk or his associates knew about Zatko's claims before he took them to the public. The judge also ordered Musk's legal team to provide any documents being requested by Twitter regarding any communications by Musk with Zatko. The social media giant is facing larger scrutiny from the governments after Zatko claimed that the company had negligent security practices. In July, Zatko filed his 86-page redacted report about Twitter to...

In the Elon Musk vs Twitter legal battle, the court has ordered Twitter to give Musk documents from a former Twitter executive, who Musk said was an important figure in calculating the number of fake accounts on the micro-blogging site. According to the order from Chancellor Kathaleen McCormick of the Delaware Court of Chancery, Twitter was ordered to collect, review and produce documents from former General Manager of Consumer Product Kayvon Beykpour to Musk.  Beykpour left Twitter after the social media giant agreed in April to be acquired by Elon Musk . However, Musk’s lawyers said that Beykpour was an important member involved with" determining the number of spam accounts on Twitter.  Bot and spam accounts on Twitter have become a central issue in the legal fight between Twitter and Musk. This month, Musk’s lawyer told the Delaware Chancery Court that Musk wanted correct details about fake accounts on Twitter. Musk accused Twitter of fraud for misrepresenting the number o...

 Twitter said yes to a proposal by billionaire Elon Musk to start a trial on October 17 over Musk's bid to walk away from his $44 billion acquisition deal of the social media company. However, Twitter wants a commitment from Musk to complete the trial in five days.  Twitter said in a court filing on Wednesday that Elon Musk has offered no assurance the trial would be completed in five days, as ordered by the judge, Kathaleen McCormick of the Delaware Court of Chancery. The San Francisco-based company wanted to complete the deal soon.  Musk reportedly said he needs time to complete an investigation on Twitter's misrepresentation of fake accounts, which he said breached their deal terms. Musk initially sought a February trial, but on Tuesday proposed an October 17 trial after a judge ruled that the trial was to start in three months. The trial in October will decide whether Elon Musk can be forced to complete his $44 billion deal to buy the social media platform.  Re...