Elon Musk | Pakistan

A US federal jury found Elon Musk liable on Friday for claims he defrauded Twitter shareholders by trying to drive down the social media company’s stock price so he could renegotiate or back out of a $44 billion takeover in 2022. The verdict from a jury in San Francisco federal court came in a closely watched civil trial where Musk, the world’s richest person, was accused of falsely claiming on social media that Twitter underreported how many fake and spam accounts, known as bots, were on its platform. Damages have yet to be calculated but Francis Bottini, a lawyer for the shareholders, estimated they could total about $2.5 billion. “Musk’s status as the world’s richest man is not a free pass,” Bottini said in a statement. “If you’re able to move markets with your tweets, you’re responsible for the harm you cause to investors.” In a joint statement, Musk’s lawyers at Quinn Emanuel Urquhart & Sullivan called the verdict “a bump in the road. And we look forward to vindication on appeal”. The civil trial began o...

India’s Maharashtra state, home to the financial hub Mumbai, will be the first to roll out Elon Musk’s Starlink internet service in the world’s most populous country, the state’s chief minister said. The launch of Starlink, which provides high-speed internet to remote locations using low-orbit satellites, has sparked fierce debate in India over issues ranging from predatory pricing to spectrum allocation. India — projected to have more than 900 million internet users by year’s end — granted Starlink a licence in June. Maharashtra was “poised to become the first Indian state to formally collaborate with Starlink”, the state’s Chief Minister Devendra Fadnavis said on the Musk-owned platform X late Wednesday. “This collaboration … will ensure the state leads India in satellite-enabled digital infrastructure.” In March, India’s biggest telecom service providers — Jio Platforms and its rival Bharti Airtel — announced deals with SpaceX to offer Starlink internet to their customers. Starlink’s business operations Vi...

Elon Musk, an ex-ally of US President Donald Trump, said on Saturday he had launched a new political party in the United States to challenge what the tech billionaire described as the country’s “one-party system.” The world’s richest person — and Trump’s biggest political donor in the 2024 election — had a bitter falling out with the president after leading the Republican’s effort to slash spending and cut federal jobs as head of the so-called Department of Government Efficiency (DOGE). Musk has clashed with Trump over the president’s massive domestic spending plan, saying it would explode the US debt, and vowed to do everything in his power to defeat lawmakers who voted for it. Now he has created the so-called America Party, his own political framework, through which to try and achieve that. “When it comes to bankrupting our country with waste & graft, we live in a one-party system, not a democracy,” the SpaceX and Tesla boss posted on X, the social media platform that he owns. “Today, the America Party is f...

Elon Musk exits Trump administration role after calling the president’s ‘big beautiful bill’ a spending failure.