Daily Archives: May 15, 2023

'The Evening Edit' panelists Khadeeja Safdar and David Benoit discuss their Wall Street Journal story that reveals the names of those on Jeffrey Epstein's private calendar.

Tesla CEO Elon Musk is facing a subpoena from the U.S. Virgin Islands in relation to its lawsuit against JPMorgan Chase, who it wants to hold liable for sex trafficking acts committed by Jeffrey Epstein.

The U.S. Virgin Islands government isn't able to find Musk in order to serve him with the subpoena, and is asking a federal judge to serve it on Tesla Inc. instead.

According to a court filing, the subpoena was issued on April 28.

Lawyers for the island wrote that an investigative firm was contracted to find possible addresses for Musk and also reached out to a lawyer for Musk, but hasn't received a response.

JPMORGAN CHASE URGES 'NO' VOTE ON SHAREHOLDER PROPOSAL TO EVALUATE ALLEGED RELIGIOUS DISCRIMINATION AT BANK

Twitter CEO Elon Musk speaks at the "Twitter 2.0: From Conversations to Partnerships," marketing conference in Miami Beach, Florida, on April 18, 2023. ((Photo by CHANDAN KHANNA/AFP via Getty Images) / Getty Images)

U.S. Virgin Islands is suing the bank giant because it believes that JPMorgan enabled recruiters of Epstein to pay victims and was "indispensable to the operation and concealment of the Epstein trafficking enterprise."

JEFFREY EPSTEIN-RELATED LAWSUIT REVEALS EXPLOSIVE NEW DETAILS: REPORT

Main entrance at JPMorgan Chase headquarters in New York City. (Photo by Erik McGregor/LightRocket via Getty Images / Getty Images)

It also says that Epstein could have referred or have attempted to refer Musk to JPMorgan Chase.

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NEW YORK, NEW YORK - MAY 02: Elon Musk attends The 2022 Met Gala Celebrating "In America: An Anthology of Fashion" at The Metropolitan Museum of Art on May 02, 2022, in New York City. ((Photo by Theo Wargo/WireImage) / Getty Images)

Lawyers for JPMorgan said that Epstein's victims are entitled to justice, but the litigation brought against the company is meritless.

The Asssociated Press contributed to this report.

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Elon Musk subpoenaed by US Virgin Islands in JPMorgan Chase-Jeffrey Epstein lawsuit - Fox Business

Elon Musk told Tesla employees that he wants to approve every new hire at the company personally. Its a surprising move for a company hiring about 30,000 people per year.

Electrek obtained an email that the CEO wrote to Tesla employees today.

In the email, Musk said that he wants to get a better understanding of hiring at Tesla; in order to do so, he seems to indicate that he needs to approve all new hires even contractors:

No one can join Tesla, even as a contractor, until you receive my email approval.

This is likely going to result in a mild hiring freeze, considering Tesla has been hiring about 30,000 new employees per year on average over the last three years. Its hard to imagine that Musk can approve new hires at a rate anywhere near that.

Its not clear how long the CEO plans to require his personal email approval on new hires.

Tesla implemented a brief hiring freeze last summer and a round of layoffs, but the company quickly resumed and ended last year with about 127,000 employees up 28% year over year.

The company is trying to cut costs in order to compensate for its significant price reductions across its entire lineup in 2023.

The automaker still enjoys industry-leading margins on electric vehicles, but this might change following further price drops in April.

It could really be just Elon trying to understand Teslas hiring process better, but effectively, this could result in a major slowdown in hiring.

He has used the same strategy in the past, like during the major cost-cutting effort in 2019 when he said that he and CFO Zach Kirkhorn would have to sign off on every page of spending for the entire company.

Workers are way more careful about things when they know the CEO will personally be taking a look. This looks like a similar approach with this email approval for hiring.

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Elon Musk says he wants to personally approve every new Tesla hire - Electrek

NEW YORK, May 15 (Reuters) - A federal appeals court on Monday rejected Elon Musk's bid to modify or end his 2018 securities fraud settlement with the U.S. Securities and Exchange Commission that required a Tesla Inc (TSLA.O) lawyer to approve some of his tweets in advance.

The 2nd U.S. Circuit Court of Appeals in Manhattan rejected Musk's claim that the SEC exploited his consent decree to conduct bad-faith, harassing investigations that violated his First Amendment free speech rights under the U.S. Constitution.

Musk's decree resolved an SEC lawsuit accusing him of defrauding investors with an Aug. 7, 2018, tweet that he had "funding secured" to take his electric car company private.

It required advance review of tweets that might contain material information about Tesla. Musk and Tesla each also paid $20 million in civil fines, and Musk gave up his role as chairman.

In the appeal, Musk's lawyers called the pre-approval mandate a "government-imposed muzzle" that amounted to an illegal prior restraint on his speech.

But the three-judge appeals court panel said the SEC had opened just two subsequent inquiries into Musk's tweets, and those tweets "plausibly violated" the decree's terms.

The panel said the SEC's "limited, appropriate inquiries in this case have not made compliance with the consent decree 'substantially more onerous'" for Musk, as he had argued.

It also said Musk chose to allow screening of his tweets, and had no right to revisit the matter "because he has now changed his mind."

Alex Spiro, a lawyer for Musk, said in an email: "We will seek further review and continue to bring attention to the important issue of the government constraint on speech."

The SEC declined to comment.

Monday's decision upheld an April 2022 ruling by U.S. District Judge Lewis Liman in Manhattan.

Liman called Musk's arguments a "bemoaning" of requirements he no longer wanted to adhere to now that Tesla had "become, in his estimation, all but invincible."

Musk bought Twitter for $44 billion in October, and runs rocket and spacecraft manufacturer SpaceX. He is the world's second-richest person, according to Forbes magazine.

In February, a San Francisco jury found Musk not liable for investor losses over his "funding secured" tweet.

The case is SEC v Musk, 2nd U.S. Circuit Court of Appeals, No. 22-1291.

Reporting by Jonathan Stempel in New York

Our Standards: The Thomson Reuters Trust Principles.

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Elon Musk loses bid to end SEC 'muzzle' over tweets - Reuters.com

Elon Musk, CEO of Tesla Inc. and SpaceX, is no stranger to making headlines with his nonchalant attitude toward marijuana. On April 17, Musks aerospace company SpaceX recently postponed the first orbital flight of Starship, the rocket with which Musk has promised to revisit the moon and conquer Mars. Then the company announced via a tweet that it would attempt this historic flight on April 20, a day known for its significance among marijuana enthusiasts.

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It's not the first time Musk has been associated with cannabis culture he previously was seen smoking a joint on The Joe Rogan Experience podcast.

While Musks recent 4/20 wink to smokers was a lighthearted moment, it also highlighted a serious question: Can CEOs get away with smoking pot?

According to a Fortune article, Musk is just one of several business leaders who have been open about using cannabis. Others include British entrepreneur Sir Richard Branson, the late Apple Inc. Co-Founder Steve Jobs and George Zimmer, founder of Mens Wearhouse. Some, like Branson and Jobs, acknowledged indulging in recreational marijuana at some point, while others, like Zimmer, have been outspoken advocates for legalization.

The extent to which CEOs can openly acknowledge their marijuana use without suffering consequences, such as termination from their positions, is primarily determined by the culture and demographics of the companies they lead.

Company founders with a visionary aura and greater influence over their companys board of directors, like Branson and Jobs, may have more license to discuss what they consume in private, while CEOs of older companies may face more scrutiny.

As attitudes toward cannabis become more accepting, both public companies and startup are seeing more acceptance in the market. Larger tobacco companies like Phillip Morris International Inc. and Altria Group Inc. have explored or begun entering the markets in recent years. Chow420 is taking steps to promote transparency in the industry by verifying the authenticity and accuracy of cannabis and CBD products through blockchain technology. The startup is launching a chain of autonomous dispensaries across the north east, and pioneering a number of innovative industries in the cannabis and CBD space. The startup recently launched on StartEngine, which means anyone can invest for a limited time, after previously raising $1.7 million on the platform.

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Old-school executives have made much worse decisions over two-martini lunches than anyone is making because of smoking marijuana every once in a while, said Jeffrey Cohn, global managing partner at DHR International. But its different for startup founders who have a more visionary aura and greater influence over their companies' boards of directors. As a result, many of the limited number of CEOs who have admitted to marijuana use have been company founders, rather than those who climbed the corporate ladder.

Regardless of the legal status of marijuana use, its clear that attitudes are shifting and becoming more accepting. As the legalization movement gains steam, more business leaders may feel comfortable being open about their cannabis use, as long as it doesnt negatively impact their companys image or performance.

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This article Elon Musk and Other CEOs Have Openly Smoked Pot Does The Corporate World Accept it? originally appeared on Benzinga.com

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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Elon Musk and Other CEOs Have Openly Smoked Pot Does The Corporate World Accept it? - Yahoo Finance

WILMINGTON, Delaware, May 15 (Reuters) - The U.S. Virgin Islands has subpoenaed Tesla Inc (TSLA.O) CEO Elon Musk for documents in its lawsuit accusing JPMorgan Chase & Co (JPM.N) of helping enable sexual abuses by late sex offender Jeffrey Epstein.

The subpoena, issued on April 28, came to light on Monday in a request by the Virgin Islands to serve Musk by alternative means because it had been unable to locate and serve him.

The U.S. territory did not seek to question Musk under oath, and its effort to subpoena him does not implicate him in any wrongdoing.

According to the Monday court filing in U.S. District Court in Manhattan, Musk, one of the richest people in the world, may have been referred to JPMorgan by Epstein. The Virgin Islands did not provide further explanation for its interest in obtaining documents from Musk.

In a tweet late on Monday, Musk said that the notion that he would listen to financial advice from Epstein was absurd.

Referring to Epstein, he said: "That cretin never advised me on anything whatsoever."

Epstein died by suicide in 2019 in a Manhattan jail cell while awaiting trial on sex trafficking charges.

The U.S. Virgin Islands accuses JPMorgan of missing red flags about Epstein's abuse of women on Little St. James, a private island he owned there.

The bank has denied knowledge of Epstein's crimes.

In the subpoena, the Virgin Islands demanded any documents Musk has about Epsteins involvement in human trafficking and his procurement of girls or women for commercial sex.

Additionally, the subpoena sought any communications between the entrepreneur and JPMorgan about Epstein as well as between Musk and Epstein. Documents regarding fees paid by Musk to Epstein or JPMorgan also fall under the subpoena.

The extent of any relationship between Musk and Epstein was unclear. Musk and Tesla vehemently denied speculation in 2019 that Epstein was advising Musk after the Tesla chief ran into trouble with regulators for saying he had lined up the funding to take Tesla private, the New York Times reported.

It is incorrect to say that Epstein ever advised Elon on anything, a spokeswoman for Musk told the New York Times at the time.

Musk is the second tech entrepreneur touched by the Virgin Islands litigation. U.S. District Judge Jed Rakoff said earlier this month the territory may serve legal papers on Larry Page, although his ruling did not specify the information sought from the co-founder of Google, which is owned by Alphabet Inc (GOOGL.O).

In a Tesla shareholder lawsuit, Musk testified in January that JPMorgan used to have all of Tesla's commercial banking business, but the relationship soured after the bank did not support Tesla's automotive leasing line.

That trial stemmed from Tesla shareholder claims that a 2018 tweet by Musk stating he had "funding secured" to take the carmaker private had misled investors and caused them billions of dollars in damages. The jury found Musk was not liable.

In 2021, JPMorgan sued Tesla for $162 million over the "funding secured" tweet, alleging it caused the repricing of Tesla stock warrants. Tesla countersued the bank last year, accusing it of seeking a windfall.

Reporting by Tom Hals in Wilmington, DelawareEditing by Chris Reese

Our Standards: The Thomson Reuters Trust Principles.

Thomson Reuters

Tom Hals is an award-winning reporter with 25 years of experience working in Asia, Europe and the United States. Since 2009 he has covered legal issues and high-stakes court battles, ranging from challenges to pandemic policies to Elon Musk's campaign to end his deal for Twitter.Contact: +6462002558

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Elon Musk documents subpoenaed in Jeffrey Epstein lawsuit by US ... - Reuters

Elon Musk

US Virgin Islands is suing the bank over sex trafficking by Epstein, saying he may have referred or attempted to refer Musk as a client

Guardian staff and agency

Mon 15 May 2023 18.31 EDT

The US Virgin islands subpoenaed billionaire cars-to-rockets entrepreneur Elon Musk on Monday to obtain documents in its litigation into the role played by JPMorgan Chase bank in the activity of the late sex offender Jeffrey Epstein when he was a customer, according to a court filing.

The Virgin Islands government is suing the bank over sex trafficking by Epstein. The Virgin Islands has been trying to serve Musk with a subpoena, the filing noted, adding that Epstein may have referred or attempted to refer Musk to JPMorgan as a client.

The Government contacted Mr. Musks counsel via email to ask if he would be authorized to accept service on Mr. Musks behalf in this matter, but did not receive a response confirming or denying his authority, the filing said.

The government accuses the bank of knowingly benefiting from Epsteins sex trafficking and other billionaires have been subpoenaed for information, too, Bloomberg reported. Epstein was ruled to have killed himself in a New York jail while awaiting trial on sex trafficking-related offenses in 2019.

According to the filing in US district court in Manhattan, the Virgin Islands issued a subpoena to Musk on 28 April.

The filing added that Musk, chief executive of electric car company Tesla and space exploration company SpaceX, owner of Twitter and one of the richest people in the world, may have been referred to JPMorgan by Epstein.

It did not provide further explanation for its interest in obtaining documents from Musk. Musk, 51, did not immediately respond to a request for comment.

The US Virgin Islands authorities accuse JPMorgan of missing red flags about Epsteins abuse of women on Little St James, a private island he owned in the Caribbean archipelago.

The bank has said it should not be held liable for a former top executives relationship with Epstein.

The subpoena sought all communications between the entrepreneur and JPMorgan regarding Epstein as well as communications between Musk and Epstein.

The subpoena also sought all documents regarding fees that Musk paid to Epstein or to JPMorgan regarding Musks accounts or relationship with JPMorgan.

It also asked Musk for all documents reflecting or regarding Epsteins involvement in human trafficking and his procurement of girls or women for commercial sex.

The details were part of a request by the Virgin Islands to serve the subpoena on Musk by alternative means because the government had not been able to serve an initial subpoena on Musk at Tesla or through an attorney who has accepted service on behalf of Musk in the past.

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Elon Musk subpoenaed over JPMorgans role in Jeffrey Epsteins activities - The Guardian

Tesla Inc. CEO Elon Musk has never been one to hold back his opinions, even when it comes to legendary investor and Berkshire Hathaway Inc. founder Warren Buffett.

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In a candid 2020 interview with The New York Times, Musk didnt mince words when he discussed Buffetts image. He has managed to create a great image for himself as a kindly grandfather, which is maybe overstating the case, Musk said.

Of course, Buffett is known for his folksy charm, humble lifestyle and long-term investment approach, which has made him a beloved figure among many investors. His philanthropic efforts have made him one of the most generous donors in history. But to Musk, the 92-year-old Oracle of Omaha might be a bit overrated.

Despite his grandfatherly demeanor, Buffett is no pushover in the business world. Hes made his fortune by being a savvy and sometimes ruthless investor. During the financial crisis, he lent money to struggling companies like Goldman Sachs and General Electric Co. at interest rates that some critics deemed usurious.

It wasnt the first time Musk criticized Buffett. In 2018, Musk dismissed Buffetts famous idea of economic moats as lame. The comment caused a huge stir in the business world. After all, Buffett is known for investing in companies with strong competitive advantages that help keep rivals at bay. These advantages are often referred to as economic moats. Buffett obviously doesnt think moats are lame because he has made a fortune from them.

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Musk also said that allocating capital among Berkshire Hathaways various businesses seemed like a kind of a boring job and admitted he wasnt Buffett's "biggest fan."

Despite their past verbal sparring, it appears that Musk and Buffett may be burying the hatchet. At the recent Berkshire Hathaway shareholder meeting, Buffett had nothing but praise for Musk, calling him a brilliant guy with a strong vision for the future. He dreams about things, and his dreams have got a foundation, Buffett said.

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Musk responded to Buffetts kind words with a gracious tweet, thanking the legendary investor and his business partner Charlie Munger. Appreciate the kind words from Warren & Charlie, he wrote.

While there may still be some lingering tension between the two billionaires, its clear that they both have a deep respect for each others business acumen. As Buffett once said, Someones sitting in the shade today because someone planted a tree a long time ago.

Warren Buffett and Elon Musk have become some of the biggest names in finance. But they, like many others, started out with an idea, built a startup and scaled. The next generation of business leaders are currently building startups across the country. While previously, investing in the early stages of pre-IPO Tesla and Berkshire Hathaway were only open to accredited investors, thanks to changes in federal law, that's all changing.

Now anyone can invest in pre-IPO companies on platforms like StartEngine and Wefunder. There's hundreds of startups currently open for investment, including investing in StartEngine itself.

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This article Elon Musk Dismisses Warren Buffett's 'Kindly Grandfather' Image As Overrated originally appeared on Benzinga.com

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2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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Elon Musk Dismisses Warren Buffett's 'Kindly Grandfather' Image As Overrated - Yahoo Finance

Twitter CEO Elon Musk announced changes to the platform's direct messages feature including the introduction of encryption.

STR | Nurphoto | Getty Images

Twitter could launch encrypted direct messages on Wednesday, Elon Musk said, as the CEO outlined plans to boost communication features on the social media service.

Musk said in a tweet late Tuesday that the latest version of the Twitter app contains changes to direct messages or DMs nonpublic messages users send to one another.

The CEO said users can now reply to any message in a DM thread, not just the most recent, as well as use any emoji to react to a message. Previously, users would only be able to reply to the latest message in a DM thread and only react with specific emojis.

Musk also announced that encrypted DMs "should" be released on Wednesday.

Encryption in messages means that only the sender and receiver are able to see a message. In theory, Twitter and Musk would not be able to see or intercept direct messages between people.

"The acid test is that I could not see your DMs even if there was a gun to my head," Musk tweeted.

Facebook parent Meta said in January that it was expanding testing for default end-to-end encryption for its Messenger service. WhatsApp, the other messaging app owned by Meta, has had end-to-end encryption for several years.

Encrypted messaging services have grown in popularity in the past few years as users focus more on privacy.

Musk also said that voice and video calls will be added soon to Twitter so users can "talk to people anywhere in the world" without giving them a phone number.

Since Twitter's inception, the development of the direct messages feature hasn't got much attention from previous CEOs. But Musk has signaled numerous times his intention to make Twitter into an "everything app" from messaging to financial services.

New Twitter features Musk promises are not always introduced on time. In February, he said Twitter would introduce a feature to share advertising revenue with creators on the platform. That hasn't happened yet.

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Twitter to launch encrypted direct messages with voice and video chat to follow, Elon Musk says - CNBC