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Elon Musk, SEC agree to guidelines on Twitter use

Tesla,  Elon Musk and the U.S. Securities and Exchange Commission reached an agreement Friday that will give the CEO freedom to use Twitter —within certain limitations — without fear of being held in contempt for violating an earlier court order.

Musk can tweet as he wishes except when it’s about certain events or financial milestones. In those cases, Musk must seek pre-approval from a securities lawyer, according to the agreement filed with Manhattan federal court.

U.S. District Judge Alison Nathan, the presiding judge on this matter, must still approve the deal. Nathan had given the SEC and Musk two weeks to work out their differences and come to a resolution.

Musk must seek pre-approval if his tweets include:

  • any information about the company’s financial condition or guidance, potential or proposed mergers, acquisitions or joint ventures,
  • production numbers or sales or delivery number (actual, forecasted, or projected),
  • new or proposed business lines that are unrelated to then-existing business lines (presently includes vehicles, transportation, and sustainable energy products);
  • projection, forecast, or estimate numbers regarding Tesla’s business that have not been previously published in official company guidance
  • events regarding the company’s securities (including Musk’s acquisition or disposition of shares)
  • nonpublic legal or regulatory findings or decisions;
  • any event requiring the filing of a Form 8-K such as a change in control or a change in the company’s directors; any principal executive officer, president, principal financial officer, principal accounting officer, principal operating officer, or any person performing similar functions

The fight between the two parties began after Musk’s now infamous August 7, 2018 tweet that had “funding secured” for a private takeover of the company at $420 per share. The SEC filed a complaint in alleging that Musk had committed securities fraud.

Musk and Tesla settled with the SEC last year without admitting wrongdoing. Tesla agreed to pay a $20 million fine; Musk had to agree to step down as Tesla chairman for a period of at least three years; the company had to appoint two independent directors to the board; and Tesla was also told to put in place a way to monitor Musk’s statements to the public about the company, including via Twitter.

The fight was re-ignited after Musk sent a tweet on February 19 that Tesla would produce “around” 500,000 cars this year, correcting himself hours later to clarify that he meant the company would be producing at an annualized rate of 500,000 vehicles by year end.

The SEC argued that the tweet sent by Musk violated their agreement. Musk has said the tweet was “immaterial” and complied with the settlement.

The SEC had asked the court to hold Musk in contempt for violating a settlement agreement reached last October over Musk’s now infamous “funding secured” tweet. The SEC had argued that Musk was supposed to get approval from Tesla’s board before communicating potentially material information to investors, the agency has argued. The SEC claimed a February 19 tweet violated the agreement.

Musk has steadfastly maintained that he didn’t violate the agreement.

Elon Musk’s high-speed hyperloop tunnel in L.A. will soon be open for public rides

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Elon Musk says the first tunnel is “almost done.” 

Posting on Twitter on Sunday night, the Boring Company founder and CEO announced the first test tunnel of the ambitious ultra-high-speed hyperloop project in Los Angeles will be open for public rides on Dec. 11.

The very first LA tunnel, which will primarily function to transport pedestrians and cyclists, was officially completed in May, after digging permission was granted in August last year. 

Opens Dec 10

— Elon Musk (@elonmusk) October 22, 2018

Musk has previously announced that the service will apparently cost passengers just $1 to ride on shuttles within the city when it officially launches. Read more…

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Watch SpaceX’s Falcon 9 ‘Block 5’ rocket take its first re-flight

SpaceX is sending of one of newest Falcon 9 rockets back into space for the second time this early morning U.S. time.

The Falcon 9 ‘Block 5’ rocket is designed to be able to go into space and return 100 times, but these are early days. The rocket leaving today is taking Indonesian satellite Merah Putih in what will be its second trip — a re-flight — into space. If all goes well and the SpaceX robotic drone successfully collects the rocket off the Florida coast as planned, then this particular vehicle will be the first Block 5 to manage a repeat lift-off following a previous trip in May.

The next major focus for the firm is to reduce the preparation time and cost required between the relaunch of rockets. Obviously, there’s plenty of benefits for faster turnaround time and the cost-savings associated. But first thing is first and the vehicle out today could become the first Falcon 9 to go into space three times.

The launch happened a few minutes ago, but you can keep up with progress via the SpaceX live feed above.

SpaceX caps a record year with 18th successful launch of 2017

 SpaceX has completed its 18th launch in 2017, marking a record year for the private space company. It’s the most rockets SpaceX has launched in a single year, beating its previous best by ten missions. The launch today was for client Iridium, delivering 10 satellites to low Earth orbit for its Iridium NEXT communications constellation. This is the fourth such mission that SpaceX has… Read More

Shervin Pishevar responds to allegations of sexual misconduct, calling it a “smear campaign”

 Early yesterday evening, a story broke on Bloomberg alleging Uber investor and Hyperloop One co-founder Shervin Pishevar had used his position of power to make unwanted sexual advances to at least five women. Pishevar, through his lawyer, now says these allegations are part of a “smear campaign” against him.
The allegations are egregious. One woman who spoke to Bloomberg alleged… Read More

Here’s our first look at Elon Musk’s Boring Co. LA tunnel

 Elon Musk is digging a tunnel under Hawthorne near SpaceX headquarters in California, after receiving approval from city council to do so. Musk’s Boring Co. has already made considerable progress on the dig and tunnel build, apparently, as Musk shared an image of the tunnel from the inside showing a reinforced tube that stretches off into the distance out of sight.
The tunnel features… Read More

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Jeff Bezos wants Blue Origin to be the Amazon of the Moon

Fourth successful launch of the same New Shepard vehicle during test flights / Image courtesy of Blue Origin Not one to be left out, Amazon and Blue Origin founder Jeff Bezos is also making plans to go to the Moon, just like fellow space magnate Elon Musk. Bezos’ plan, uncovered by The Washington Post via a draft proposal presented to NASA and Trump’s administration, outlines Blue Origin’s plan to create a cargo spacecraft destined for the Moon that would help it ferry supplies… Read More

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Hyperloop One begins initial talks with the Indian government

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Hyperloop One’s high-speed transportation solution could reach India in the near future. That’s the plan, at least.

Hyperloop One executives, including CEO Rob Lloyd and chief chairman Shervin Pishevar spent three hours in a room packed of Indian government officials and journalists on Tuesday. That’s how keen they are to bring Elon Musk’s idea to the country. 

Although at the first sight, they don’t look as the perfect match (India is known for its archaic regulations, over-crowded roads and poorly-designed urban areas), the two have begun talking.

At the event, India’s railway minister, Suresh Prabhu, said the government is open to further discussions and definitely sees the need for Hyperloop One’s high-speed trains. “Though we are not hyper about it,” he joked. Read more…

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Crunch Report | 1 Billion Hours of YouTube A Day

AWS outage is affecting a lot of websites, like Quora and Giphy, humans are watching about 1 billion hours a day of YouTube, Hyperloop could be coming to India and Lux Capital closes a $400 million fund. All this on Crunch Report. Read More

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Amateur Hyperloop designers face off this weekend on SpaceX’s mile-long test track

mit-hyperloop SpaceX may not be interested in actually designing and making a real Hyperloop — it’s hard to tell how serious anyone is about the idea — but it is happy to promote plucky young engineers who’d like to try their hand at this interesting engineering problem. This weekend, 30 teams from all over the world will test scale models of their pods in a mile-long test track… Read More

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Crunch Report | Chan Zuckerberg Initiative Acquires Meta Search

Chan Zuckerberg Initiative acquires Meta search engine, Alibaba hits a home run with its earnings report, Hyperloop Transportation Technologies opens up a new facility in Toulouse, France, and a new Find My Airpods feature from Apple. All this on Crunch Report. Read More

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