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Britain's finance ministry plans "robust" regulations for crypto assets, following the collapse of crypto exchange FTX last year, which left millions of people nursing billions of dollars in losses.
Crypto is currently unregulated globally, with firms only having to carry out checks to prevent money laundering. However, Britain's Financial Conduct Authority (FCA) has said that more than 80 percent of license applicants were unable to show they could do this properly as "dark money" flows through the sector.
The draft rules, to be published on Wednesday, would ensure robust, transparent, and fair standards, consistent with the approach to traditional finance, Financial Services Minister Andrew Griffith said in a statement on Tuesday.
"We remain steadfast in our commitment to grow the economy and enable technological change and innovation – and this includes cryptoasset technology," Griffith said.
The new rules come after rising interest rates led to a string of bankruptcies in the sector in 2022, wiping $1.4 trillion (roughly Rs. 11.5 crores) off the value of the crypto market. The price of Bitcoin, the most widely traded coin, plunged 60 percent.
The market rout shook confidence in cryptocurrencies, though interest in the underlying technology, most commonly known as blockchain, for other uses like payments remains.
There will be a three-month public consultation on the new plans, followed by proposals for detailed rules from the FCA.
The ministry said its approach would mitigate the most significant risks in the sector.
"These proposals will place responsibility on crypto trading venues for defining the detailed content requirements for admission and disclosure documents - ensuring crypto exchanges have fair and robust standards," the ministry said.
There will be rules for financial intermediaries, which facilitate transactions, and custodians, which store customer assets.
The failure of FTX and other exchanges triggered calls for regulation of the industry to protect investors. Regulators are focusing on prising open "crypto conglomerates" which combine activities like trading, lending and custody under one roof, but with traditional regulatory safeguards between them absent.
The European Union is already finalising its first set of crypto rules.
Firms already authorised by the FCA would be temporarily allowed to issue their own promotions, while the new regulatory regime is being introduced, the ministry said.
The founder of a defunct cryptocurrency business was sentenced on Tuesday to more than eight years in prison for defrauding investors and customers out of millions of dollars by marketing a virtual currency called My Big Coin with lies and half-truths.
Federal prosecutors had urged US District Judge Denise Casper in Boston to impose a 13-year prison term on Randall Crater to send a message to others in the first sentencing of a cryptocurrency company founder for marketing fraud.
While Casper concluded that that request went too far, she rejected Crater's contention that a 30-month prison term was sufficient to punish him for his false claims, including that My Big Coin was a real cryptocurrency backed by gold.
"Certainly cryptocurrency is a newer enterprise, a newer market, a 21st Century market," Casper said. "But the scheme at its core was age-old, and that was fraud."
Crater, who was sentenced to 100 months in total and ordered to forfeit nearly $7.7 million (roughly Rs. 63 crore), is expected to appeal. In court, he apologized but said he never meant to defraud anyone.
"I did not set out to steal money from anyone," he said. "That does not mean I am not remorseful."
A jury in July found Crater, 52, guilty of committing wire fraud and making unlawful monetary transactions in a prosecution that spilled out of a precedent-setting case by the US Commodity Futures Trading Commission.
The CFTC's 2018 lawsuit against Crater and his failed company, Nevada-based My Big Coin, led to one of the first court rulings holding that a virtual currency could be considered a commodity within the regulator's jurisdiction.
Prosecutors subsequently secured Crater's indictment in 2019 and accused him of causing investors and customers to lose $7.5 million (roughly Rs. 61 crore) from 2014 to 2017 with lies about My Big Coin, whose name sounded similar to the popular virtual currency bitcoin.
Prosecutors said those false claims included that My Big Coin was a real virtual currency, was backed by gold, and had a partnership with MasterCard. Prosecutors said he used the money to buy cars, jewelry, artwork and antique coins.
The iQoo 11 is currently the most powerful Android phone you can buy in India. Should you buy it right away? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
OpenAI, the creator of the popular chatbot ChatGPT, has released a software tool to identify text generated by artificial intelligence, the company said in a blog post on Wednesday.
ChatGPT is a free program that generates text in response to a prompt, including articles, essays, jokes, and even poetry, which has gained wide popularity since its debut in November, while raising concerns about copyright and plagiarism.
The AI classifier, a language model trained on the dataset of pairs of human-written and AI-written text on the same topic, aims to distinguish text that is written by AI. It uses a variety of providers to address issues such as automated misinformation campaigns and academic dishonesty, the company said.
In its public beta mode, OpenAI acknowledges the detection tool is very unreliable on texts under 1,000 characters, and AI-written text can be edited to trick the classifier.
"We're making this classifier publicly available to get feedback on whether imperfect tools like this one are useful," OpenAI said.
“We recognize that identifying AI-written text has been an important point of discussion among educators, and equally important is recognizing the limits and impacts of AI-generated text classifiers in the classroom."
Since ChatGPT debuted in November and gained wide popularity among millions of users, some of the largest US school districts, including New York City, have banned the AI chatbot over concerns that students will use the text generator to cheat or plagiarize.
Others have created third-party detection tools including GPTZeroX to help educators detect AI-generated text.
OpenAI said it is engaging with educators to discuss ChatGPT's capabilities and limitations and will continue to work on the detection of AI-generated text.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Union Budget 2023-24 will be tabled by Finance Minister Nirmala Sitharaman in the Indian Parliament today at 11 am. Just like various other sectors, the crypto market is also expecting some favourable announcements for its growth in India in the coming financial year. From tax regimes that can help the demand for cryptos to a regulatory framework on cryptos in India, there is a lot for the crypto industry to be hopeful about the last full budget of the Narendra Modi Government before the general elections in 2024.
In the Union Budget last year, the FM took some tough calls for the crypto sector, introducing 30 percent tax on profits and a 1 percent tax deducted at source (TDS) on all crypto transactions. The government's decision on including virtual assets (like cryptocurrency) under the tax regime was considered to be an indirect way to include crypto transactions in the legal ecosystem. However, it has been a year and the crypto transactions still await to be legal.
After the Economic Survey 2022-23 report presented on January 31, it looks that the government is unlikely to give any prominent thought for legalising the crypto transactions. Citing the FTX collapse, the government has highlighted how the crypto market has proved to be filled with vulnerabilities. The RBI Governor Shaktikanta Das had earlier clarified that the “RBI would like to stick to its stance of prohibiting them completely.”
One of the primary demands for the sector will be a tax cut on the crypto transactions. According to a CoinDesk report, the industry experts expect a reduce in TDS to minimum 0.1 percent from current 1 percent.
Another important announcement to look forward to is India's mention of the work on its digital currency or CBDC. An RBI official previously stated that the transactions using CBDC will remain anonymous to certain degree and will be only take place between banks in India.
Union Budget 2023-24 will be presented in the Indian Parliament by Finance Minister Nirmala Sitharaman on Wednesday, February 1. A day before the budget announcement, the finance minister tabled the Economic Survey 2022-23 in the Lok Sabha on January 31, giving a detailed report on the expenditures and earnings of the country in the ongoing financial year. As the Ministry of Finance gets all set to announce the Union Budget 2023-24 on Wednesday, here is all the information you need to watch the live screening.
Union Budget 2023-24: When to watch
Finance Minister Nirmala Sitharaman will be presenting the Union Budget 2023-24 in the Lok Sabha on February 1. The announcements will begin at 11 am IST. The budget speech is likely to last for around two hours. The longest budget speech in India's history, which continued for 2 hours and 40 minutes, was presented by FM Sitharaman in 2020.
It is to be noted that this will be the last full budget for the Narendra Modi government before the next general elections, scheduled to be held in 2024.
Union Budget 2023-24: Where to watch live telecast
Those who want to watch the live telecast of Union Budget 2023-24 on TV can tune in to Sansad TV, Doordarshan as well as other news channels.
For those who want to read the official speech of the Finance Minister for the Union Budget 2023 can go to the Union Budget mobile application), available for download on both Android and iOS. The app will upload the complete document on February 1 after FM Sitharaman concludes her speech.
Apple maintains workplace policies that unlawfully discourage employees from discussing working conditions, a US labour agency has found.
The National Labor Relations Board will issue a complaint targeting the policies and claiming Apple executives made comments that stymied worker organising unless the company settles first, an agency official said on Monday in an email reviewed by Reuters.
The official had sent the email to Ashley Gjovik, a former Apple senior engineering manager who filed complaints against the company in 2021.
The NLRB investigates charges filed by workers and unions and decides whether to issue formal complaints against companies. The agency can seek to strike down workplace policies and require employers to notify workers of legal violations.
Apple did not respond to a request for comment. The company has said it takes worker complaints seriously and thoroughly investigates them.
An NLRB spokeswoman did not immediately respond to a request for comment.
Gjovik in an email on Tuesday said she hoped the development will spur more Apple workers to speak up about working conditions and to organise.
In her complaints, Gjovik said various Apple rules, including those relating to confidentiality and surveillance policies, deter employees from discussing issues such as pay equity and sex discrimination with each other and the media.
Gjovik also cited a 2021 email from Apple Chief Executive Tim Cook that allegedly sought to stop workers from speaking to the press and said "people who leak confidential information do not belong here."
Many tech companies have strict confidentiality policies designed to protect trade secrets.
US labour law prohibits policies that could discourage workers from exercising their right to band together to improve working conditions.
Apple is facing several pending NLRB complaints, including one claiming the tech giant unlawfully required workers at an Atlanta retail store to attend anti-union meetings. Apple has denied wrongdoing.
The Michael Jackson biopic, originally announced in 2019 and revealed as titled ‘Michael', has finally cast a lead actor to play the late 'King of Pop'. Jaafar Jackson, the nephew of Michael Jackson, has been confirmed to be playing his uncle in the biopic, which currently does not have a release date. The film is being directed by Antoine Fuqua (Training Day, The Equalizer series), and is produced by Graham King, who previously helmed Freddie Mercury's biopic, Bohemian Rhapsody.
The announcement of the lead casting was made by Lionsgate, with producer Graham King saying "I met Jaafar over two years ago and was blown away by the way he organically personifies the spirit and personality of Michael,” as per a report by SlashFilm. "I am beyond thrilled that he has come on board to portray his uncle and cannot wait for the world to see him on the big screen as Michael Jackson,” continued King, who produced 2018's critical and commercial success Bohemian Rhapsody.
I'm humbled and honored to bring my Uncle Michael's story to life. To all the fans all over the world, I'll see you soon.
The announcement was confirmed by Jaafar Jackson himself in a tweet, which also features an image of the actor in costume. Jaafar is the 26-year-old son of Jermaine Jackson, the elder brother of Michael Jackson, and his former bandmate on The Jackson 5, the singing group comprising members of the Jackson family.
The film will be directed by Antoine Fuqua, and is reportedly being made with the approval of Michael Jackson's estate. This does mean that the film will likely be able to use the late singer's original music and footage as needed, but as suggested by the Slashfilm report, this could mean that many of the controversies surrounding Jackson and his career could be washed over or underplayed. As of now, ‘Michael' does not have a confirmed release date, but is expected to start filming this year.
The Chromecast with Google TV that runs on Android TV is here. When will Google learn how to name products? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Poco had previously teased the arrival of its X5 series. Over the past few weeks, there have been several leaks and reports surrounding the phones. The series, expected to feature a base model and a Pro variant, was spotted on several certification websites indicating its impending release. It was also recently listed on a Hungarian retail website. Confirming previous leaks and speculations about the release date of the smartphones, the company has now announced the official India and global launch date for Poco X5 5G and Poco X5 Pro 5G.
The official Poco India Twitter handle (@IndiaPOCO) announced the India release date for the Poco X5 5G and Poco X5 Pro 5G via a Tweet. The launch date has been set for February 6. On the day, the online launch event will take place at 5.30pm IST. The smartphones will also launch globally the same day.
According to a previous report, the Poco X5 Pro 5G was expected to launch in India in three storage variants - 6GB RAM + 128GB, 8GB RAM + 128GB, and 8GB RAM + 256GB, and was also tipped to be priced between Rs. 21,000 - Rs. 23,000, as opposed to its predecessor Poco X4 Pro 5G, which was priced at Rs. 14,999.
Previously, the Poco X5 5G and Poco X5 Pro 5G was spotted on a Hungarian retail website that suggested a few key specifications.
Poco X5 5G specifications, features (expected)
The Poco X5 5G listing on the Hungarian retail site suggests that the phone will be available in Green, Blue, and Black colour variants. It also hints that the handsets will support nano-SIM, and run MIUI 13 for POCO based on Android 11. As per the website, the phone is said to have a 6.67-inch AMOLED full-HD+ screen with a refresh rate of 120Hz and a resolution of 1,080 x 2,400 pixels. The website hints that the phone will be equipped with a Qualcomm SM6375 (Snapdragon 695) SoC with 6GB of RAM.
Poco X5's triple rear camera setup will reportedly include a 48-megapixel primary sensor, an 8-megapixel secondary sensor, and a 2-megapixel sensor. The front camera is said to use a 16-megapixel sensor. Bluetooth 5.1, Wi-Fi, GPS, and NFC connectivity will also be reportedly available on the phone. It could have a 5,000mAh battery and fast charging support of up to 33W.
Poco X5 Pro 5G specifications, features (expected)
Expected to launch as a rebadged version of the Redmi Note 12 Pro Speed Edition, which was launched in China in December 2022, the Poco X5 Pro 5G is expected to have similar features and specifications.
The Poco X5 Pro 5G could be offered in Black, Blue, and Yellow colourways, according to the Hungarian retail website, and will run MIUI 14 for POCO, which is based on Android 12. The phone is said to come with a 6.67-inch AMOLED full-HD+ display with 16K colours and a resolution of 1,080 x 2,400 pixels. It will reportedly be equipped with a Snapdragon 778G SoC and 6GB of RAM.
A triple rear camera setup is said to be available on the Poco X5 Pro sporting a 108-megapixel primary sensor, an 8-megapixel secondary sensor, and a 2-megapixel lens, as well as a 16-megapixel lens for the front camera. The Pro model, like the base model, is said to offer Wi-Fi, GPS, NFC, and Bluetooth 5.2 support. The Poco X5 Pro could include a 5,000mAh battery with 67W fast charging support.
Samsung on Tuesday reported its lowest quarterly profit since 2014 and said persistent macroeconomic uncertainty will make for a tough first half year, though demand is likely to start recovering in the second half.
Sluggish demand and inventory adjustment will continue to impact the chip business in the first quarter, Samsung said in a statement, adding it expects "smartphone demand to decline year-on-year due to the economic slowdown in major regions".
The world's biggest maker of memory chips and smartphones reported a 69 percent plunge in fourth-quarter profit, as consumer demand for electronic devices dropped while clients spent less in a weak economy, dragging down memory chip prices.
At KRW 4.3 trillion (roughly Rs. 29,000 crore), October-December operating profit was Samsung's lowest quarterly profit in eight years. Revenue fell 8 percent to KRW 70.5 trillion won (roughly Rs. 4.7 lakh crore).
With memory chip prices falling by double-digit percentages in 2022, Samsung's chip profit likewise tumbled - to about KRW 270 billion (roughly Rs. 1,800 crore) in the fourth quarter from KRW 8.83 trillion (roughly Rs. 58,600 crore) in the same period a year prior, marking the lowest since a 2011 change in accounting standards, Samsung's website showed.
Some analysts expect the chip business to book a loss in the first quarter, pulling overall profit below that of the fourth.
Last week, chipmaker Intel said it expects to lose money in the current quarter as the personal computer industry experiences a chip glut.
Memory chip rivals Micron Technology and SK Hynix had already said they would slash investment in 2023.
Investors will be watching for whether Samsung avoids mentioning a direct chip production cut - as is its usual stance - or rather gives a clear signal of production cuts given the severity of the memory chip down-cycle.
In mobile, Samsung said fourth-quarter profit fell to KRW 1.7 trillion (roughly Rs. 11,300 crore) from KRW 2.66 trillion (roughly Rs. 18,000 crore) a year earlier, as a decline in low- and mid-end smartphone sales were greater than expected due to "continued inflation and geopolitical instability."
Samsung plans to unveil its latest Galaxy S flagship smartphones later this week.
Shares in Samsung fell 2.1 percent in morning trade, versus a 0.2 percent drop in the wider market.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Twitter is working to introduce payments on the social media platform and has begun applying for regulatory licenses, the Financial Times reported on Monday, citing people familiar with the matter.
New boss Elon Musk is pushing Twitter to create new streams of revenue as it faces a drop in advertising income, following his $44 billion (roughly Rs. 3.6 lakh crore) takeover of the company in October.
The development of the payments feature is being led by Esther Crawford, a director of product management at Twitter, according to the report, which added that the executive was emerging to be a key lieutenant to Musk.
Twitter did not immediately respond to a Reuters request for comment.
Musk had previously said that the Twitter acquisition would be part of a master plan to create "the everything app", a service that would offer social networking, peer-to-peer payments and e-commerce shopping.
Prior to Musk's takeover, Twitter in early 2021 was exploring allowing its users to receive tips, or digital payments, from their followers.
Meanwhile, Twitter announced last week that users will be able to appeal account suspensions and be evaluated under the social media platform's new criteria for reinstatement, starting February 1.
Under the new criteria, which follow billionaire Elon Musk's purchase of the company in October, Twitter accounts will only be suspended for severe or ongoing and repeat violations of the platform's policies.
Severe policy violations include engaging in illegal content or activity, inciting or threatening violence or harm, and engaging in targeted harassment of other users, among others.
Twitter said that going forward, it will take less severe action, in comparison to account suspension, such as limiting the reach of tweets that violate its policies or asking users to remove tweets before continuing to use the account.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
The Croma Smartphone Carnival Sale is a much-awaited event for smartphone enthusiasts. This year, the sale promises to be bigger and better than ever, with exciting offers and prizes that are too good to miss. Highlights of the sale include up to 50 percent off on the latest smartphone models, assured benefit vouchers worth Rs. 10,000, and the chance to win a TataNexon EV Car and Revamp Moto Electric Bikes.
If you're planning to purchase a smartphone during the sale, here are seven options you should consider:
If you're in the market for a good 5G smartphone, then the Oppo A78 is a great choice. During the Croma Smartphone Carnival Sale, it's available at a discounted price of Rs. 18,999 (MRP Rs. 21,999). The Oppo A78 is powered by a MediaTekDimensity 700 processor and 8GB of RAM, ensuring you can multitask and run your apps smoothly. The 6.56-inch display with a 90Hz refresh rate provides a smooth and responsive experience. The dual rear camera setup includes a 50-megapixel mainsensor and a 2-megapixel secondary lens. There's an 8-megapixel front camera for selfies. CITI Bank credit and debit card users can also avail an additional 10 percent instant discount of up to Rs. 750 during the sale.
If you're on the hunt for a budget-friendly smartphone with impressive features, then the Redmi Note 11S is your ideal pick. During the Croma Smartphone Carnival Sale, it's up for grabs at a discounted price of Rs. 15,999 (MRP Rs. 19,999). The Redmi Note 11S boasts a robust MediaTek Helio A25 processor and 6GB of RAM, making it ideal for seamless multitasking and smooth app performance. The phone sports a 6.43-inch AMOLED display with 90Hz refresh rate. The quad rear camera setup is headlined by a 108-megapixel primary sensor. CITI Bank credit card users can also enjoy an additional 10 percent instant discount, up to Rs. 750, during the sale.
OPPO F19s (Rs. 16,490)
OPPO F19s is available at an reduced price of Rs. 16,490 (MRP Rs. 22,999) during the Croma Smartphone Carnival Sale. This device features a 6.43-inch AMOLED display with a 60Hz refresh rate and a Qualcomm Snapdragon 662 processor, making multitasking and running apps effortless. Additionally, CITI Bank credit and debit card users can avail an additional 10 percent instant discount up to Rs.750.
During the Croma Smartphone Carnival Sale, the OnePlus 10 Pro 5G is available at a discounted price of Rs. 61,999 (MRP Rs. 66,999). OnePlus' flagship smartphone features impressive specifications, including a powerful Qualcomm Snapdragon 8 Gen 1 processor, a stunning QHD+ AMOLED display, and a triple rear camera setup with 48-megapixel and 50-megapixel lenses. ICICI Bank credit card users can also avail an additional Rs. 6,000 instant discount during the sale.
Get the Redmi Note 12 Pro 5G at Rs. 19,999 (MRP Rs. 21,999) during the Croma Smartphone Carnival Sale. With a 6.67-inch FHD+ Super AMOLED display and a 120Hz refresh rate, this smartphone offers an immersive viewing experience. Packed with a powerful Qualcomm Snapdragon 4 Gen 1 processor and 6GB of RAM, it can easily handle demanding tasks. The triple rear camera setup and hybrid memory card slot (up to 1TB) make it ideal for capturing memories and storing media. ICICI Bank credit card holders can receive an additional instant discount of Rs. 1,000 during the sale.
During the Croma Smartphone Carnival Sale, you can get your hands on the Realme C30 at a price of Rs. 7,999 (MRP Rs.8,299). This smartphone has a 6.5-inch HD+ display with a 60 Hz refresh rate. With 3GB RAM, 32GB storage and the option to expand storage with a microSD card up to 1TB, you'll have plenty of space to store all your photos, videos, and apps. TheUnisoc Tiger T612 processor ensures smooth and seamless performance. CITI Bank credit and debit card users can also avail an additional 10 percent instant discount up to Rs.750 during the sale.
During the Croma Smartphone Carnival Sale, the Vivo V23 Pro 5G is available at heavily discounted price of Rs. 31,999, down from its MRP of Rs. 39,999. With a large 6.56-inch Super AMOLED display, 8GB RAM, and a powerful MediaTekDimensity 1200 processor, this phone is perfect for a seamless, high-quality mobile experience. The phone includes a triplerear camera setup, headlined by a 108-megapixel rear camera. It sports a 5-megapixel front camera, a 4,300mAh battery andsupports 44W fast charging.
The Croma Smartphone Carnival Sale presents an opportunity to upgrade your mobile phone and get the latest and greatest smartphones at a discounted price. Offers and discounts are available on a wide range of models across different price points.the Croma Smartphone Carnival Sale also offers a chance to win a Tata Nexon EV Car and Revamp Moto Electric Bikes.
A US judge on Monday said the names of two people who helped guarantee bail for indicted FTX cryptocurrency exchange founder Sam Bankman-Fried should be made public, but put his ruling on hold pending an expected appeal.
US District Judge Lewis Kaplan in Manhattan ruled in favour of several media outlets including Reuters that sought the names.
The judge said that while the public had only a "weak" right to know who Bankman-Fried's guarantors were, it outweighed Bankman-Fried's arguments for confidentiality, including that the guarantors' safety could be imperilled.
Kaplan also said the names will remain under seal until at least February 7, because "the question presented here is novel and an appeal is likely."
A spokesman for Mark Cohen and Christian Everdell, who represent Bankman-Fried, declined to comment.
Bankman-Fried, 30, has been confined at his parents' home in California, after pleading not guilty to fraud for allegedly looting billions of FTX customer dollars.
His parents, both professors at Stanford Law School, had co-signed a $250 million (roughly Rs. 2,041 crore) bond for their son, with two other guarantors required to sign $500,000 (roughly Rs. 4 crore) and $200,000 (roughly Rs. 1.6 crore) bonds.
Bankman-Fried's lawyers said the parents had been harassed and received physical threats since FTX's November collapse and bankruptcy, and there was "serious cause for concern" the additional guarantors might suffer similar treatment.
Kaplan disagreed, noting that long before bail was posted, the parents had faced "intense public scrutiny" over their relationship with their son, who was once worth an estimated $26 billion (roughly Rs. 2 lakh crore).
"The amounts of the individual bonds -- $500,000 and $200,000 -- do not suggest that the non-parental sureties are persons of great wealth or likely to attract the attention of the types and volume of that to which defendant's parents appear to have been subjected," Kaplan wrote.
Media outlets distinguished the case from another judge's decision not to reveal who guaranteed a bond for Jeffrey Epstein's longtime associate Ghislaine Maxwell.
They said there was less "stigma" from being associated with Bankman-Fried than from being associated with the late sex offender. Maxwell was later convicted.
Other media seeking to identify Bankman-Fried's guarantors included the Associated Press, Bloomberg, CNBC, CoinDesk, Dow Jones, the Financial Times, Insider, the New York Times and the Washington Post.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
The Biden administration has stopped approving licenses for US companies to export most items to China's Huawei, according to three people familiar with the matter.
Huawei has faced US export restrictions around items for 5G and other technologies for several years, but officials in the US Department of Commerce have granted licenses for some American firms to sell certain goods and technologies to the company. Qualcomm, in 2020, received permission to sell 4G smartphone chips to Huawei.
A Commerce Department spokesperson said officials "continually assess our policies and regulations" but do not comment on talks with specific companies. Huawei and Qualcomm declined to comment. Bloomberg and the Financial Times earlier reported the move.
One person familiar with the matter said US officials are creating a new formal policy of denial for shipping items to Huawei that would include items below the 5G level, including 4G items, Wi-Fi 6 and 7, artificial intelligence, and high-performance computing and cloud items.
Another person said the move was expected to reflect the Biden administration's tightening of policy on Huawei over the past year. Licenses for 4G chips that could not be used for 5G, which might have been approved earlier, were being denied, the person said. Toward the end of the Trump administration and early in the Biden administration, officials had still granted licenses for items specific to 4G applications.
American officials placed Huawei on a trade blacklist in 2019 restricting most US suppliers from shipping goods and technology to the company unless they were granted licenses. Officials continued to tighten the controls to cut off Huawei's ability to buy or design the semiconductor chips that power most of its products.
But US officials granted licenses that allowed Huawei to receive some products. For example, suppliers to Huawei got licenses worth $61 billion (roughly Rs. 5 lakh crore) to sell to the telecoms equipment giant from April through November 2021.
In December, Huawei said its overall revenue was about $91.53 billion (roughly Rs. 7.5 lakh crore), down only slightly from 2021 when US sanctions caused its sales to fall by nearly a third.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Ant-Man and the Wasp: Quantumania is poised to kickstart Phase 5 of the Marvel Cinematic Universe in style, transporting us to the populated, urban megacity of Quantum Realm. In what feels like a redemption arc for the often ridiculed and not-so-popular Avenger that is Ant-Man (Paul Rudd), the film sets the first faceoff for the perils to come in the form of the hostile Kang the Conquerer (Jonathan Majors) — in the larger Multiverse Saga. Marking the longest runtime in the shapeshifter trilogy, Ant-Man and the Wasp: Quantumania releases February 17 in theatres worldwide. While you wait for that superhero affair, why not treat yourself to a taste of Old Hollywood with Damien Chazelle's latest epic Babylon? It's a wild ride, tracking the outsized ambition of eccentric characters, as they bask in the fame before eventually falling off. The film waltzes into cinemas on February 3.
Coming to local fare, we've got two Hindi-language remakes of South Indian movies. First up, Kartik Aaryan kicks things off with Shehzada, an action-drama that explores a young man's struggle under his scornful father's eyes, as he discovers that his real parents are millionaires. Drawing plot beats from the Allu Arjun-led Ala Vaikunthapurramuloo, the movie releases February 10 in theatres nationwide. Towards the end of the month, we've got the Selfiee, in which a superfan and a star collide in a feud, stemming from a misunderstanding with regard to obtaining a driver's license (sounds like an everyday argument at any Indian government office — if I'm being honest). A remake of the Malayalam film Driving Licence, the film stars Akshay Kumar and Emraan Hashmi as leads, and is slated to release February 24 in theatres.
The month of February is a little dry on the OTT front, with theatrical releases coming back to form after a long time. That said, you can still check out our Entertainment hub to keep track of new releases that might be suited to your taste. On the streaming side, Apple TV+ leads the pack with Sharper, A24's latest, in which a small, wealthy family gets torn apart by secrets and lies. Also, let's not forget that Black Panther: Wakanda Forever arrives on Disney+ Hotstar on February 1 — 82 days after its theatrical release in November.
For your convenience, we have curated the biggest February 2023 releases coming to theatres and Apple TV+, which you can check out below:
Babylon
When: February 3
Where: Cinemas
Writer-director Damien Chazelle doubles down on his love for jazz music in this loud and boisterous take on golden-age Hollywood. Boasting a heavy runtime of 3 hours and 9 minutes, this Oscar nominee plays like a montage, charting the lives of several offbeat characters in Tinseltown as they make it in the film business, struggling to keep up with changing times, and ultimately succumb to the depravity that comes with overindulgence of fame. Babylon plays host to a drug addict played by Margot Robbie and a pompous silent-film star played by Brad Pitt, who reunite since 2019's Once Upon a Time in Hollywood.
Driving the story forward is Diego Calva's Manuel Torres — the one who manages to smoothly adapt and transition into the soundtrack-loaded talkies era, growing from a meagre film assistant taking cocaine breaks with love interest Nellie (Robbie), to attaining directorial jobs. It shines a light on the fetid exploitative aspect of the industry, whilst being a chaos-fuelled love letter to the art, adorned with dramatic dance set pieces with luxurious amber lighting.
Babylon's ensemble lineup also stars Tobey Maguire as mob boss James McKay, aimed at making Nellie's life hell, although she brings it upon herself with reckless gambling habits. Jean Smart plays sensational journalist Elinor St. John, Jovan Adepo as jazz trumpeter Sidney Palmer, Olivia Wilde as Jack Conrad's ex-wife Ina, and Li Jun Li as cabaret singer Lady Fay Zhu.
Brad Pitt and Diego Calva in a still from Babylon Photo Credit: Paramount Pictures
The Fabelmans
When: February 10
Where: Cinemas
Steven Spielberg's The Fabelmans is another Oscar contender heading to Indian theatres in February. In what's billed as a semi-autobiographical film, loosely drawn from the celebrated director's childhood, exploring the coming-of-age tale of a young Sammy Fabelman (Gabriel LaBelle) growing up in a post-war Arizona and aspiring to become a filmmaker. However, when a family-shattering secret about infidelity alters plans, he is forced to consider his love for the craft and how the power of movies can help him see the truth.
The Fabelmans sees Spielberg reuniting with scribe Tony Kushner, after collaborating in critical darlings such as the musical West Side Story and the biopic Lincoln. While initially nervous about spewing personal details in a film of his, the director confessed last year that his parents had actually been 'nagging' him to reinterpret that story before their deaths. Paul Dano (The Batman) as Burt Fabelman signifies the on-screen representation of the father, while Michelle Williams (Synecdoche, New York) plays the mother Mitzi Schildkraut-Fabelman.
Seth Rogen is also enlisted in the lineup as Bennie Lowey, a co-worker of Burt's, who later becomes a surrogate uncle to Sammy. Meanwhile, Julia Butters (The Gray Man) plays Sammy's bitter sister Regina Fabelman, whereas Chloe East (The Wolf of Snow Hollow) plays his love interest. Surrealistic filmmaker David Lynch also stars as the famous filmmaker John Ford, whose work heavily influences Sammy's.
Kartik Aaryan steps into the shoes of Allu Arjun in this Hindi-language rendition of the Tamil film Ala Vaikunthapurramuloo. In it, he plays Bantu Jindal, a young man constantly criticised by his father since childhood, whose life takes an unexpected turn upon discovering that he is, in fact, the rightful heir to a millionaire's empire. Going back in time to the emergency room where he was born, his foster father Valmiki Upadhyay (Paresh Rawal) swapped his actual son with rich colleague Randeep Jindal's (Ronit Roy) baby, so the former could live a lavish life. This explains his contempt and disgust for Bantu, who isn't his actual child.
Bantu then sets out on a mission to reunite with his real parents, explaining his situation to the well-spoken Raj (Ankur Rathee), who was in the dark about the incident as well. Adding some excitement to Shehzada are the action sequences, which see Bantu vowing to protect his true family from the external threats they face — all the while hoping to carve a place for himself.
Kriti Sanon and Aaryan's on-screen chemistry is rekindled with them playing lovers yet again, following 2019's Luka Chuppi. Manisha Koirala plays Bantu's biological mother, while comedic legend Rajpal Yadav portrays Inspector Satish Yadav, who gets tangled in the familial affair.
A Man Called Otto
When: February 10
Where: Cinemas
Stop me if you've heard this one before: a grumpy old man forms an unlikely friendship with a lively new neighbour, resulting in tumultuous, positive changes to his outlook and a new lease on life itself. That's because this plot device has been used numerous times, albeit with varying results. Having given up on his life after his wife's death, a suicidal, cantankerous, and elderly Otto Anderson (Tom Hanks) runs into a very pregnant Marisol's (Mariana Treviño) family. With not much 'fun' stuff happening in his day-to-day affair, he is roped in to form new alliances with her nitwit husband, give her driving lessons, and babysit her jovial kids, acting as a grandparent of sorts.
A Man Called Otto frequently goes into flashback territory, examining his relationship with his deceased wife Sonya (Rachel Keller), and giving some insight into his own heart condition, which he internally grapples with. In what feels like a heartwarming course of events, Otto is seen transforming from a male Karen of sorts, to becoming a healthy, inclusive member of the community — going from a gruff voice tone to a softspoken one. In time, he even lets a stray cat in, though he's unsure of letting the feline take up bed space.
The cast also includes Manuel Garcia-Rulfo (The Lincoln Lawyer) and Mindhunter breakout star Cameron Britton in supporting roles. Marc Forster, best known for the chaotic zombie thriller World War Z, directs from a script penned by David Magee (Finding Neverland).
Inadvertently warped into the Quantum Realm, due to an oversight by Cassie Lang (Kathryn Newton), our Ant-Family now finds themselves surrounded by exotic wildlife and a hugely populated megacity, ruled by the multiversal overlord Kang the Conqueror (Jonathan Majors). Scott Lang/ Ant-Man (Paul Rudd), who was always treated as a side character of the Avengers' group, receives a warm welcome from the ruler, in addition to the promise of lost time — the five years lost during the infamous Blip event.
Coaxed by the idea of a second chance at connecting with his estranged daughter, our shapeshifting hero agrees to help him accomplish an undisclosed, sinister task. Somewhere along the line, the deal falls through, putting him at odds with Kang, who serves as a formidable opponent. Ant-Man and the Wasp: Quantumania also has the added responsibility of introducing the mechanical guns-wielding MODOK, who is canonically known for undergoing mutagenic medical experimentation, causing him to develop a freakishly large head.
Corey Stoll, who previously appeared as Darren Cross/ Yellowjacket in the first Ant-Man film returns to voice MODOK. Michelle Pfeiffer reprises her role as matriarch Janet Van Dyne, who is suspicious of Kang's larger goals, whereas Evangeline Lilly returns as daughter Hope/ Wasp. As per a Fandango listing, Ant-Man 3 clocks in at 2 hours and 5 minutes.
Taking note of this, Max teams up with Sandra (Brianna Middleton), in a master plan to pull Tom into a romantic trap and pretend to be in love with him — presumably to extract money. What follows next is a web of secrets and lies, where characters start competing for riches and power, promising to keep audiences guessing till the end.
Selfiee
When: February 24
Where: Cinemas
RTO Inspector Om Prakash Aggarwal (Emraan Hashmi) is a diehard fan of Bollywood superstar Vijay Kumar (Akshay Kumar), with the ultimate dream of getting a selfie with his idol. Opportunity comes knocking at his door when the actor needs to obtain a new driver's license, with the officer promising to go to the utmost lengths to get the task done in time. However, a misunderstanding stemming from external forces at play causes Kumar to believe that the cop has been taking unfair advantage of him, resulting in a feud that immediately gets media coverage.
It's a battle of egos essentially, serving as a fun-filled experiment of what could happen when the biggest fan becomes the biggest hurdle in an actor's life. Selfiee also stars Nushrratt Bharuccha (Ram Setu) as Om's wife Minty Aggarwal and Diana Penty as Kumar's girlfriend in supporting roles. Raj Mehta, best known for 2019's Good Newwz directs the film.
The Chromecast with Google TV that runs on Android TV is here. When will Google learn how to name products? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Samsung is known for its innovation in smartphones and has continued to amaze us with its Galaxy S series smartphones. This year is no different as the electronics giant is ready to take an epic leap with the next-generation Galaxy S series smartphones.
So, what is this article about? Well, it's about an event that all you Samsung fans are eagerly awaiting - the epic Samsung Galaxy Unpacked event. This highly anticipated event is famous for showcasing the company's latest technological advancements, pushing the limits of what's possible with a smartphone.
In the past, Samsung introduced groundbreaking innovations at the event that have transformed how users interact with their smartphones.
When and where will the Galaxy Unpacked event be held this year?
Samsung's upcoming Galaxy Unpacked event is set to take place on February 1 in San Francisco. The tech giant is expected to unveil new additions to its popular Galaxy S series. The event, which begins at 11:30 PM IST, will be the first in-person Unpacked event in three years, and we know that you are eagerly waiting to see what the new devices have in store. For those who want to watch the complete launch, it will be streamed live on samsung.com and its social handles, including YouTube channel at 11:30 PM IST. If you want to watch the teaser, watch it here.
What can you expect from the event?
At this annual event, Samsung will unveil its latest and greatest smartphone line-up, the highly-anticipated Galaxy S Series. It will feature an advanced camera technology, sleek design, and powerful performance that will take your mobile photography to new heights.
While talking about the upcoming Galaxy Unpacked event, Samsung Electronics President & Head of MX Business, Dr. TM Roh said, "On February 1 at Unpacked, we'll show how innovation and sustainability bring the ultimate premium experience. At a time when the stakes are higher than ever, we've raised the bar by pushing boundaries for the mobile experience — delivering our most powerful mobile experiences you'll continue to love for years to come. I can't wait to share what's next with you."
He also talked about setting new performance standards and innovation that last. "Performance is not just about more power. It's also about innovation that lasts with less environmental impact," he says.
Mark your calendar and pre-reserve your Galaxy S Series right now!
Elevate your excitement for the new Samsung Galaxy S Series by pre-reserving your device through Samsung's official Indian website. E. So don't wait. Secure your place in line today and be among the first to experience cutting-edge technology. A small deposit of Rs 1,999 (refundable) is required, which will be applied towards the final cost. Plus, enjoy exclusive benefits worth Rs. 5,000 by pre-reserving now
What epic features the Galaxy S Series may bring to the table?
Epic Camera
The Samsung Galaxy S Series is known for its epic camera capabilities. So, there's no doubt that this year's Galaxy S Series lineup will take photography to a new level again. But, according to the breathtaking teasers released by Samsung, it's clear that something epic is sure to come, and that will leave us flabbergasted.
The Samsung teaser also tells us that the Galaxy S Series may come with a powerful high-resolution sensor that captures stunningly clear and detailed photos. The teaser hints that the upcoming Galaxy S Series devices will feature 'Epic Zoom'. Last year, we saw the 'Zoom in' feature in the Galaxy S22 Series and were impressed by it. Now the teaser speaks of something more epic coming our way this time, and we couldn't be more excited.
The teaser also says that "Epic nights are coming", which is nothing but a hint that Samsung will again take the nightography feature to newer heights. So, get ready to do epic Moonlight photography and astrophotography.
Epic performance
It is expected that the Galaxy S Series devices will be equipped with the latest edition of the Snapdragon chipset. If this is true, we expect the Galaxy S Series devices to provide a better smartphone experience and outperform its predecessors.
Epic security
What more? Well, security is another key feature of the new Galaxy S Series. The devices will feature Samsung's trusted Knox security technology, which ensures that users' data is kept secure at all times.
Epic design
Beyond the camera, sustainability, and security features, it is expected that the upcoming Galaxy S series lineup may feature a dynamic AMOLED 2X display. In addition, you can also expect a more impressive battery life.
What else?
Samsung is expected to launch the Galaxy Book 3 Series laptops alongside the Galaxy S Series smartphones. These laptops will feature top-of-the-line hardware & software .
Samsung's upcoming Galaxy Unpacked event is significant and will bring many new products to you. So stay tuned to make your life epic.
The Last of Us episode 4 trailer is out. HBO has dropped a preview for next week's episode of the post-apocalyptic drama based on the eponymous PlayStation video game, teasing a new character in the form of Kathleen, a ruthless leader of a revolutionary movement in Kansas City. Melanie Lynskey, best known for her run on Yellowjackets, will portray the role — signifying big trouble for our survivor duo Joel (Pedro Pascal) and Ellie (Bella Ramsey). Titled 'Please Hold My Hand', the episode will be directed by Jeremy Webb (The Umbrella Academy) and will reportedly be only 50 minutes long — significantly shorter than the 75-minute runtime of episode 3. The Last of Us episode 4 premieres February 6 at 8:30am IST/ February 5 at 9pm ET on Disney+ Hotstar and HBO Max, respectively.
The trailer for The Last of Us episode 4 kicks off by introducing Ellie's (Ramsey) new pet peeve - a disgust for the smell of coffee, as the pair take a break, out in the woods. “It smells like burnt sh-t,” she tells Joel (Pascal), who unbothered by her comments, instantly takes a loud slurp from the flask. While not explicitly mentioned, to Ellie's credit, the coffee must have been strained using some smelly rag or his sock — seeing as they've been travelling for a while. Episode 3 introduced our unlikely greasy-haired ally Bill (Nick Offerman), who was given a surprising love story spin with his partner Frank (Murray Bartlett) in the TV series.
The Last of Us episode 4 trailer puts Joel and Ellie on the road, as they continue their journey to Wyoming. Ellie, who isn't familiar with being in a car, struggles to help with map navigation, causing the duo to halt at a hostile territory. “This is my second day in a f--king car, man. Stop,” she says, upon noticing an injured survivor begging them for help. Believing that he's probably bitten and infected, Joel resumes driving the car, crashing into some debris. “This has gone too far. It has to stop,” an unseen hostage tells the new character Kathleen (Lynskey), who is seen holding a gun to his head. “Where is he?”, she asks with tears in her eyes, presumably referring to Joel. The Last of Us episode 4 trailer then cuts to display some action sequences of our duo stealthily navigating their way across the dilapidated town, and engaging in combat with the last surviving citizens.
“We'll get through this,” Joel assures Ellie at the end of the Last of Us episode 4 trailer, before heading out onto the streets. Circling back to the new character Kathleen, over on Twitter, writer Neil Druckmann commended her performance in the series. “OMG! You crushed your episodes! Can't wait for people to see your character!”, he said, confirming that Lynskey will appear in multiple episodes.
Last week, HBO renewed The Last of Us series for a second season, with Druckmann adding that it will explore the events of the award-winning video game sequel, The Last of Us Part II. Craig Mazin, showrunner and director on episode 1 of the Last of Us also suggested that the continuation might end up being a two-parter, claiming that the story is 'more than a season's worth of television'.
New episodes of The Last of Us stream every Monday on Disney+ Hotstar, at 8:30am IST in India, and Sunday at 9pm ET on HBO Max wherever available. Season 1 comprises of nine episodes.
The Chromecast with Google TV that runs on Android TV is here. When will Google learn how to name products? We discuss this on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
OnePlus has announced that it will launch the OnePlus 11R smartphone in India on February 7. At the Cloud 11 launch event, the OnePlus 11 5G and OnePlus Buds Pro 2 TWS earphones will also be unveiled. There have been several reports and leaks surrounding the OnePlus 11R and its release over the past few months. Some reports suggest that OnePlus 11R is the same model that is likely to launch in China as the OnePlus Ace 2. A recent leak shows a design render of the model ahead of its launch.
According to a tweet by tipster Ice universe (@UniverseIce), the design for the OnePlus Ace 2 has been leaked and it is quite similar to the OnePlus 11 that was launched in China earlier this month. The phone is expected to be the successor of the OnePlus 10R 5G in India.
The design reveals that the OnePlus 11R will feature a circular camera module with a part of it extending to the side panel. The handset lacks the Hasselblad branding that is unique to the OnePlus 11 5G. The phone also seems to have no telephoto camera sensor. However, the phone is seen having the alert slider.
According to previous reports, the OnePlus 11R is expected to get an 8GB RAM + 128GB storage variant and a 16GB RAM + 512GB storage option. The price for the former is expected to be around Rs. 35,000 to Rs. 40,000, while the latter could be priced at around Rs. 45,000 in India.
The OnePlus 11R 5G is expected to have a 6.7-inch full-HD+ (1,080 x 2,412 pixel) AMOLED display with a refresh rate of 120Hz. It is said to be powered by a Qualcomm Snapdragon 8+ Gen 1 SoC with up to 16GB of RAM and up to 256GB of internal storage.
OnePlus's upcoming smartphone could feature a triple rear camera setup with a 50-megapixel main sensor. An 8-megapixel ultra-wide angle lens and a 2-megapixel macro lens are also expected. It could also have a 16-megapixel selfie camera. The OnePlus 11R 5G is said to have a 5,000mAh battery with 100W SuperVOOC fast charging support.
The Infinix Zero Ultra has a decent set of specifications on paper, but does the phone justify its high asking price? We discuss this and more on Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Elon Musk's enigmatic personality and unconventional tactics are emerging as key exhibits in a trial revolving around one of his most polarizing pursuits — tweeting.
The trial, centred on a pair of tweets announcing Musk had obtained the money to take Tesla private in 2018, reeled the 51-year-old billionaire into a federal courtroom in San Francisco for three days of testimony that opened a peephole into his often inscrutable mind.
Musk, who now owns the Twitter service that he deploys as his megaphone, was often a study in contrasts during his roughly eight hours on the stand. The CEO of the electric carmaker is facing a class-action lawsuit filed on behalf of Tesla shareholders after Musk tweeted about a company buyout that didn't happen.
Through both his testimony and the evidence submitted around it, Musk came across as impetuous, brash, combative and contemptuous of anyone who questioned his motives as a game-changing entrepreneur who has inspired comparisons to Apple's late co-founder, Steve Jobs.
At other times, Musk sounded like the savvy visionary that his supporters hail him to be — an intrepid rebel who by his own estimates has raised more than $100 billion from investors. They have been richly rewarded from his leadership of pioneering companies that include PayPal in digital payments, Tesla in electric vehicles and SpaceX in rocket ships.
“It is relatively easy for me to get investment support because my track record is extremely good,” Musk wryly observed.
But his confidence in his ability to get the money he wants to pursue his plans is one reason he found himself in court. The three-week trial is set to resume Tuesday and head for jury deliberations by Friday.
Here's what to know so far:
Planting the seeds
Evidence and testimony have shown Musk had started to mull taking Tesla private in 2017 so he wouldn't have to hassle with the headaches and distractions that accompany running a publicly traded company.
After a July 31, 2018, meeting with a top representative from Saudi Arabia's sovereign wealth fund, Musk sent a letter to Tesla's board outlining why he wanted to take the automaker private at a price of $420 per share — about 20 percent above its stock price at the time.
Musk was serious enough that he had already discussed the pros and cons with Michael Dell, who had gone through the public-to-private transition in 2013 when he led a $25 billion buyout of the personal computer company bearing his name, according to trial evidence.
The troublesome tweets
The crux of the case hinges on an August 7, 2018, tweet in which Musk declared “funding secured" to take Tesla private. Musk abruptly posted the tweet minutes before boarding his private jet after being alerted that the Financial Times was about to publish a story that Saudi Arabia's Public Investment Fund had spent about $2 billion buying a 5 percent stake in Tesla to diversify its interests beyond oil, according to his testimony.
Amid widespread confusion about whether Musk's Twitter account had been hacked or he was joking, Musk followed up a few hours later with another tweet suggesting a deal was imminent.
Musk defended the initial tweet as a well-intentioned move to ensure all Tesla investors knew the automaker might be on its way to ending its then-eight-year run as a publicly held company.
“I had no ill motive,” Musk testified. “My intent was to do the right thing for all shareholders.”
Guhan Subramanian, a Harvard University business and law professor hired as an expert for shareholder lawyers, derided Musk's method for announcing a potential buyout as an “extreme outlier" fraught with potential conflicts.
“The risk is that Mr. Musk timed his announcement of his (management buyout) proposal to serve his own interests rather then the interests of the company," Subramanian testified.
Where's the money?
There's another issue threatening to undermine Musk's defense. He hadn't locked up the financing for his proposed deal or even pinned down down how much would be needed to pull it off, based on testimony from Musk, other witnesses and other evidence.
That is one reason U.S. District Judge Edward Chen had decided last year that Musk's 2018 tweets were false and has instructed the jury to view them that way.
It also prompted regulators to allege Musk misled investors with the tweets, resulting in a $40 million settlement with the U.S. Securities and Exchange Commission that also required Musk to step down as Tesla's chairman.
Chen ruled that the 2018 settlement, in which Musk didn't acknowledge wrongdoing and has since lamented making, can't be mentioned to the jury.
Musk testified that he believed he had secured an oral commitment to provide wherever money was needed for a Tesla buyout during a July 31, 2018, face-to-face meeting with Yasir al-Rumayyan, governor of Saudi Arabia's wealth fund.
That was reinforced in testimony from Tesla's former chief financial officer, Deepak Ahuja, who was at the discussions and took al-Rumayyan on a half-hour tour of a Tesla factory.
But a text message al-Rumayyan sent to Musk after the “funding secured" tweets made it appear that the discussions about the Saudi fund financing a private buyout were preliminary.
“I would like to listen to your plan Elon and what are the financial calculations to take it," al-Rumayyan wrote to Musk, according to a copy submitted as evidence in the trial.
Musk framed al-Rumayyan's text as an attempt to backpedal from his previous commitment. He also insisted the Saudi fund had given an “unequivocal commitment" to financing the buyout.
Money manoeuvring
After his 2018 tweets, Musk tried to get the money needed for the Tesla buyout with the help of Egon Durban, co-CEO of the private equity firm Silver Lake, which helped finance the Dell buyout in 2013. Musk also enlisted Dan Dees, a top executive with Goldman Sachs, an investment banking firm that had worked closely with Tesla.
In testimony, both Durban and Dees discussed efforts to raise money for a Tesla buyout for a wide range of potential investors that included two Chinese companies, Alibaba and Tencent, as well as Google in documents initially code-named “Project Turbo," then “Project Titanium."
The buyout would have required anywhere from $20 billion to $70 billion, according to the documents — funding that never came close to getting raised, Durban and Dees both testified, largely because Musk scrapped the proposal to take Tesla private on Aug. 24, 2018, after consulting with shareholders.
Tesla's shares are now worth eight times what they were then, after adjusting for two stock splits.
Musk still contends he could have gotten the money had he wanted and, even if there was a shortfall, he could have covered any gap by selling some of his stock in privately held SpaceX. That is a strategy Musk used in his $44 billion purchase of Twitter, except he sold about $23 billion of his stock in Tesla.
Durban and Dees both testified that they had no doubt the money for a buyout could have been raised — echoed by former Tesla director Antonio Gracias.
“He is the Michael Jordan of fundraising," Gracias testified.
