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Elon Musk says in court he doesn’t want to be CEO of any company, tries to walk back SEC insults

Elon Musk stated in court on Wednesday that he doesn’t desire to lead any company as a CEO.Musk made the casual remark while responding to queries from attorneys for Tesla. He stated, “ I frankly don’t want to be the CEO of any company”.

elon musk
Image Source: businessinsider.in

Judge Kathaleen St. J. McCormick of the Delaware Chancery Court is hearing testimony in a case to decide whether Musk, the richest man in the world, should be required to surrender stock options granted as part of his compensation package to Tesla.

The trial, which began on Monday, will examine whether Tesla’s board acted properly when it authorized Musk’s compensation package, which, at the current share price, is currently estimated to be worth $52 billion. It will also examine if Elon had any undue influence on the decision.

Richard J. Tornetta, a shareholder, has filed a lawsuit against Musk and Tesla, claiming that the CEO’s salary was exorbitant and that the Tesla board’s approval of it constituted a violation of its fiduciary obligations. According to Tornetta, the board gave a part-time boss the biggest remuneration package in the world.

Read More: Elon Musk publicly fires Twitter engineers who call him out online

Attorneys for the plaintiffs questioned Musk about previous taunts he directed at the Securities and Exchange Commission and whether it was a good idea for him to have a hostile demeanor with regulators. “SEC, three letter acronym, middle word is Elon’s” Musk wrote in a tweet on July 2, 2020, when Tesla share price was experiencing a sharp rise.

Many people perceived the message to be filthy in nature and to be a serious insult to the regulating agency. Attorneys questioned Musk about his tweet in the Delaware court, and Musk said that it had been widely misinterpreted. Although the tweet was “interpreted differently,” Tesla CEO claimed in court that he intended the initials to signify “Save Elon’s Company.”

Elon Musk stated in court, “In general, I think the mission of the SEC is good but the question is whether that mission is being executed well. In some cases I think it is not. The SEC fails to investigate things that they should and places far too much attention on things that are not relevant.

The recent FTX thing I think is an example of that. Why was there no attention given to FTX? Investors lost billions. Yet the SEC continues to hound me despite shareholders being greatly rewarded. This makes no sense.”

When Musk claimed in tweets in 2018, that he was considering taking Tesla private at $420 per share and had “funding secured,” the SEC filed charges against Tesla and Elon Musk for making “false and misleading” assertions to shareholders. Following Musk’s tweets, the value of Tesla shares increased by more than 6%, and trading was suspended the same day.

For several weeks following the incident, Tesla’s share prices were volatile. In a settlement deal, Tesla and Musk stipulated that Musk would forfeit his position as chairman of Tesla for three years, pay a $20 million penalty, and refrain from denying the SEC’s claims or claiming innocence.

Musk and Tesla also agreed to have the CEO’s tweets reviewed by a securities attorney before publication if they contained important information about the company that would affect the value of Tesla’s stock.

The attorneys for Tornetta questioned Musk on whether he had a securities attorney evaluate all of his tweets regarding Tesla and why he had maintained maintaining his innocence, even in press appearances.

Musk appeared to admit that he doesn’t have a lawyer first review all of his tweets on Tesla. He stated, “The consent decree was made under duress. An agreement made under duress is not valid, as a foundation of law.”

former tesla director

Former Tesla Australia director pleads guilty to insider trading on lithium deal

A former Tesla director has admitted to insider trading after gaining over $30,000 from buying shares of a lithium business 12 days before the company announced a significant contract with Tesla.

former Tesla director
Image Source: thewest.com.au

A former executive of Tesla’s Australian unit admitted guilty to two occasions of insider trading based on a supply agreement Tesla signed with Piedmont Lithium in 2020. Kurt Schlosser purchased 86,748 shares of U.S.-based Piedmont in September 2020, according to the Australian Securities and Investments Commission (ASIC), after learning the specifics of the five-year spodumene concentrate supply agreement with the company.

The ASIC claimed that once the deal was publicly disclosed and the share price increased, Schlosser sold his Piedmont stocks for a profit of about $28,883. According to the watchdog, Schlosser also disclosed the information to a friend who was most likely to invest in the company.

Read More: Tesla Electric Vehicles To Soon Bring Zoom Video Conferencing Feature

Piedmont Lithium announced in September 2020 that it has signed a legally binding five-year contract to provide Tesla with a third of its anticipated 160,000 tonnes per year of spodumene concentrate production, a hard rock ore commodity used to make battery-grade lithium compounds. The company’s share price increased six times following the deal.

The company intended to supply the concentrate for Tesla between July 2022-July 2023 However, due to delays in the approval procedure for its mine facility in North Carolina, it had to postpone delivery to Tesla indefinitely last year. The agreement was primarily seen as a way to reduce volatility in the commodity, whose value had been declining since 2019.

Many automakers directly signed such deals with mining companies. The support of a major automaker like Tesla can assist early-stage mining companies like Piedmont to get funding from lenders and enhance their financial position.

Former Tesla Director has not yet received a punishment and will show up in court on December 16 in Sydney District Court. The maximum punishment for insider trading, according to ASIC, is 15 years behind bars.

Piedmont Lithium has dual listings in the US and Australia. The company changed its principal listing to New York, USA last year and relocated its headquarters from Australia to the USA.

Recently, a power steering issue in the Model X and Model S vehicles sold between 2017-2020 led to the recall of over 1000 Tesla vehicles in Australia. On Wednesday, the Department of Transport released the advisory, warning that the issue might raise the possibility of collisions that cause “serious injury or death to vehicle occupants and other road users.”

The most recent Australian Tesla recall was issued for 1012 Tesla vehicles due to a possibility that their Electronic Power Assist Steering system could lose power and demand “a greater steering effort from the driver,”, especially at low speeds. There have been two Tesla recalls in Australia in the past two weeks. In the prior recall, 326 Model 3 cars had a seatbelt problem.

Recently, U.S. Senator Ed Markey reportedly warned Elon Musk to fix his companies “or Congress will,” while the U.S. Federal Trade Commission said it was closely monitoring recent events at Twitter “with deep worry.”

tesla

Tesla Electric Vehicles To Soon Bring Zoom Video Conferencing Feature

On Tuesday, Zoom revealed a partnership with the world’s largest manufacturer of electric vehicles, Tesla, to enable video conferencing in cars. The news was revealed during Zoom’s yearly Zoomtopia conference, where the company routinely reveals upcoming features to assist remote calls.

tesla
Image Source: latestly.com

Zoom is collaborating with the Elon Musk-run Tesla to integrate video conferencing features into electric automobiles. Natasha Walia, group product manager for Zoom, made the revelation at the Zoomtopia 2022 Event on Tuesday and showed a quick video of it in action in a Tesla Model Y.

Zoomtopia is a conference where Zoom routinely reveals upcoming features to assist remote calls. The Zoom application is likely to utilize Tesla’s in-cabin camera, which is placed above the rear-view mirror. The camera would be as a live feed in the Zoom app and the driver can also what the camera is monitoring.

Nitasha Walia, group product manager at Zoom noted at the event, “You’ve been zooming from your home, your office, your phone and even your TV. We’re going to make it even easier for you to zoom from anywhere.”

Although the feature has earlier sparked worries over driver privacy, the cabin camera’s primary purpose is to monitor driver alertness while Autopilot is activated and allows the vehicle to offer aural alerts or warnings. Additional questions about the access privileges given to third-party apps may be raised if Zoom uses the in-car camera.

There is no set timeframe for the arrival of Zoom integration, but it will come to “all new Tesla models soon.” Other information, such as whether Zoom will only function on WiFi or whether Tesla customers who right now pay for the Premium Connectivity add-on will be allowed to make calls using the car’s data plan, is still unknown.

As per Verge, Zoom calls will probably be disabled unless the car is parked because the feature’s demonstration video doesn’t show the vehicle moving during a call.

Tesla has been considering the feature itself for years. Zoom calls in Tesla automobiles are “definitely a future feature,” Elon Musk stated in a tweet in May 2020. Drivers claimed it would provide them another private capacity to take calls and take advantage of the available in-camera, present in certain Teslas, and large display, In the initial days of the Covid-19 outbreak, Musk received a plethora of tweets asking for Zoom integration.

At the event, Zoom also unveiled several new features. Users can now access their calendars and emails without leaving the Zoom platform with the help of Calendar Clients and Zoom Mail. Prominent calendar and e-mail services will be directly integrated into Zoom, allowing users to access their conversations and appointments more quickly and collaborate more effectively.

The company stated that only users in Canada and USA would have access to the beta versions of the Calendar Clients and Zoom Mail. Zoom Spots, a persistent video-enabled place incorporated within the Zoom service, will launch in early 2023 to promote inclusive conversations and keep coworkers engaged.

When it launches in early 2023, Zoom Virtual Agent will be able to be used both as an independent chatbot and as a fully integrated part of Zoom Contact Center.

The Zoom news arrives as traditional automakers like General Motors, Ford, and Volkswagen, together with Tesla, confront increasing competition in the market for electric vehicles. Investors are worried that Musk’s acquisition of Twitter may cause him to become too preoccupied to properly solve Tesla’s issues.

Zoom and Musk’s businesses haven’t always had a cordial working relationship. For instance, in April 2020, SpaceX forbade its staff from using Zoom due to serious security and privacy concerns.

AMD

AMD confirms the use of Radeon Graphics in Samsung Flagship Exynos SoC and Next-Gen Tesla Cars during Computex 2021.

Upcoming new series of products from many companies have been confirmed during the virtual Computex 2021. One such company is AMD that has confirmed two rumors which were spreading in the air for a while. Dr. Lisa Su, CEO of AMD has confirmed that the partnership of AMD with Samsung and Tesla is going to the next level with AMD’s RDNA 2 graphics architecture. This new graphics architecture of AMD Radeon will be incorporated in Samsung’s next flagship Exynos SoC and both the Ryzen APU and GPU will power Tesla’s cars. For the Tesla company, both APUs and GPUs of AMD Ryzen will be used in the next Tesla Model S and Model X revisions.

Partnership of Samsung and AMD

The two companies have joined hands in June 2019 which will allow Samsung to have access to the license for AMD’s Radeon graphics IP for the company’s future Exynos processors. Though both the companies had entered into a partnership two years ago, the details of the agreement have not been revealed by either of them. Even the details of the partnership between AMD and Tesla are unknown. But very soon both Samsung and Tesla will make announcements about their individual new products which will be powered by AMD Radeon graphics. Samsung has dropped just a small hint that the first Exynos processor with Radeon graphics will be released in 2021 but no further information was provided.

AMD
Image Source: youtube.com

During the virtual event of Computex 2021, Su has mentioned that Samsung will use Radeon RDNA 2-based graphics for its new flagship Exynos smartphone processor. She further added this new product will also support ray tracing and variable rate shading. The rest of the details about the product will be announced by Samsung itself later this year. The existing Samsung customers are going to see which new series of smartphones will receive high-end integrated graphics capabilities. Samsung has used a blend of its own Exynos processors along with Qualcomm chips (Snapdragon) to build most of the models but this time the company is making it more exciting.

Samsung and AMD

Samsung hasn’t announced anything clearly regarding the details of the products. So, it is uncertain if the company is planning to use this upcoming Exynos SoC in smartphones or any other products or both. Tablets are another range of high-demand products but there is a rumor that Samsung is planning to launch laptops running Windows on Arm (Gadgets 360). If Samsung is planning to launch these new models of laptops it will give a competition to Apple which has started developing its own Arm-based processors. But, Samsung is famous for its wide range of smartphones in every market around the world, so it is unpredictable how the laptop market would turn out if the company truly releases it.

AMD and Tesla

Though the company has announced the partnership for Tesla Model S and X recently, the rumor spread in the market when Tesla announced the redesign of these models earlier this year. Tesla is planning to avail high-end gaming in these revised versions of cars which will require high graphics horsepower. With an embedded Ryzen APU powering the in-dash infotainment system of the new Tesla cars coupled with an RDNA 2-based GPU, it will allow the users to run AAA games.

Both the X and S models of the Tesla cars are featuring large dashboards touch screens along with rear passenger screens. Along with the modification to the infotainment systems, Tesla has also begun testing compatibility with wireless controllers which will allow the passengers to game from any seat. But, Tesla has not yet announced which game developers will be supported in this new environment or what is the software used to run the platform.

AMD CEO, Lisa Su has also mentioned that the new AMD GPU can deliver up to 10 Teraflops of graphics throughput. The graphics of AMD are already implemented in Son’s PlayStation and Microsoft’s Xbox gaming consoles. So, the gamers have a fair idea of the performance that can be delivered by the graphics of AMD given that the company is expanding its collaboration.

Verkada camera

Verkada camera breach caused by hackers exposing Tesla, Jail, and Hospitals.

Another massive hacking incident shook the world as a group of hackers successfully compromised the security camera systems of Verkada Inc. Verkada Inc is a Silicon Valley startup and the company’s camera security system is used widely from companies to hospitals around the world. The hackers have said that they were able to collect a massive amount of security camera data and have also gained access to live feeds of a hundred thousand cameras. These cameras are set up inside hospitals, police departments, schools, prisons, etc.

The hackers have also exposed a few footages of companies including Tesla and Cloudflare Inc (San Francisco, Austin, London, and New York offices). But, this is not it as they also broke into the camera systems of women’s health clinics and also hacked the camera system of Verkada’s office. The cameras that were hacked also use facial recognition systems to identify people from the live footage. Since the hackers claim to have full footage of Verkada’s every customer, the intended damages cannot be fathomed if it is true.

Verkada camera details of exposed videos

Since the hackers claim to have access to full surveillance footage of Verkada’s customers, a few of them were revealed. Video footage taken by Verkada camera system inside Halifax Heath (Florida-based hospital) shows that a total of eight hospital staffers tackling and pinning a man on his bed (reported by Bloomberg). Another video that was revealed by the hackers was of Tesla warehouse in Shanghai. The video footage showed workers on an assembly line. The hackers have claimed to hack 222 cameras in total within Tesla. The organizations who were exposed in the leaked videos declined to comment immediately.

Verkada camera
Image Source: bloombergquint.com

There was another video from the surveillance footage witnessed by Bloomberg showed a police station in Massachusetts. A police officer was questioning a man in the video. The hackers also got into the camera security system of Sandy Hook Elementary School, Newtown, Connecticut. There is not a single place that was spared by the hackers, as they also accessed 330 security cameras inside Madison County Jail, Alabama. The hackers were not only able to access live footage but also archived videos (including audio in some cases) in high-resolution quality.

Who hacked into the camera system?

The hacking into the Verkada’s camera system was done by International hackers who wanted to show the world the pervasiveness and ease at which this system can be infiltrated. Tillie Kottmann is one of the hackers who has claimed the responsibility for the hacking incident. Tillie has also previously admitted the hacking into Intel and Nissan Motor. Tillie said some of the major reasons why this chain of hacking surveillance footage has been carried out by the group is mostly out of curiosity and constant fighting for the freedom of information and against intellectual property. Kottmann also mentioned that it is too much fun not to do it.

Apart from taking credit for accessing all camera footage, Kottmann also mentioned that they have found the root access on the cameras. This means that they can now execute their own codes in each and every camera. In doing so, this will further help them to hack into the broader Verkada network and use the cameras as a platform to launch similar hacks in the future. Kottmann also mentioned that “Obtaining this degree of access to the camera didn’t require any additional hacking, as it was a built-in feature.” (Bloomberg)

A group of hackers got into the network of Verkada’s camera system as they found an exposed user name and password information on the internet. The information was of an administrator account and after Bloomberg contacted Verkada regarding this, the hackers lost all video footage of both live and archive data.

The action was taken against hacking

In the light of the information regarding the camera system comprising, a Verkada spokesperson said that “We have disabled all internal administrator accounts to prevent any unauthorized access.” The company also mentioned that both the company’s internal security team as well as external security agency have started investigating this matter. They have also contacted law enforcement.

The controversial fact about this entire hacking incident is someone or the company has been careless enough that such sensitive information was lurking freely on the internet. Anyone can get into the surveillance system if they have a correct user name and password, but how easily are this information leaked is the main question. This will hurt the trust build between Verkada and its customers.

Tesla Logo

Tesla has launched fast electric car charging in Berlin with more cities in target

The trend of getting shifted to battery cars have been spreading gradually across the globe. But, with diesel and petrol cars slowly dropping in sales, it will still take a few years for the battery cars to reach the steady consistent market demand. Using battery cars has a lot of advantages thus reducing the demand for limited petrochemical resources of our world. But, to meet the demand for battery cars, quick charging technologies should be invented and commercialized.

Many electric car charging points have opened recently in cities of America, China, etc. Moreover, these charging points are now spotted in the Google Maps making it easy for the customers to reach quickly. And, adding into the endless efforts of many companies, Tesla launched the fast electric car charging in Berlin yesterday. This will help in boosting the battery car scheme and development attracting more potential buyers and automobile companies.

Tesla new supercharger

According to Reuters, on 10th September 2020, Tesla Inc launched a new fast electric car charging thus contributing to the upcoming industry of electric vehicles. The managers of the company demonstrated this new electric charging for cars in the Berlin campus. The company further mentioned its plan to execute the same in more cities soon. Many buyers take a step back from buying electric vehicles to get rid of the charging inconvenience in the future. But, Tesla is trying its best to eradicate the problem permanently.

With the launch of new supercharging for electric cars, the company is giving access to as many people as possible who right now can’t access such charging. Jeroen van Tilburg, manager of Europe of charging infrastructure at Tesla, said that they are expanding this supercharging network into city centers so that people who don’t have access to home or workplace charging can also experience it. It is a good business strategy by Tesla which shows a high level of commitment towards the existing and potential buyers.  

Tesla Supercharger

Market in Germany

One of the spokesmen of Tesla said to Reuters that apart from the current launch, the company will open at least another fast-charging site this year. And, this site is planned to develop as the inner city charging site in Germany. There could be more sites opening up soon in this year. Currently, the marketplace focus of Tesla seems exclusively giving its attention to Germany. This is because the German policymakers want to boost the sale of battery cars as soon as possible and as much as possible to cut out the high rate of emissions.

And, to enhance the marketplace, what can be better than creating more demand among people? This is one of the biggest reasons why Tesla is planning to create fast-charging sites as city centers. Peter Altmaier, Economy Minister of Germany has said that they are yet to do a lot in terms of charging infrastructure. He has also said that rolling out of both the public charging points and private charging will be escalated as it has harmed sales in the past.

Improvisation 

The software upgrade has been done by Tesla and it is normal for every company to evolve with time and make things better. In response to opening fast-charging sites in the cities, the Tesla spokesman said that it is a bit different from their conventional way of doing things. Tesla generally emphasizes on residential charging, but the need of the hour calls for a quicker option.

About the charging time, the Tesla Model 3 cars can be charged within five minutes by the V3 charger. This allows the cars to run approximately 120 kilometers. The company also further mentioned that relevant software upgrades will be received by the old models of Tesla.

Germany amidst the global pandemic 

The new factory of Tesla will start to operate from next year. Amidst the global pandemic, the sales have been hampered by a great extent. Many people have become jobless and the economic condition of every nation has started to worsen. But, with the factory opening in Germany, it will boost the employment rate of the nation as approximately 40,000 people will find new jobs.