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Elon Musk Sued by US Markets Authority for Twitter Stake Breach

by Hassan Saheed
written by Hassan Saheed

The US Securities and Exchange Commission (SEC) has sued Elon Musk, accusing him of failing to disclose his 5% stake in Twitter within the required 10-day period, allowing him to purchase shares at “artificially low prices” and save $150 million. The lawsuit claims Musk delayed his disclosure by 21 days. In response, Musk criticised the SEC on social media, calling it a “totally broken organisation.”

Elon Musk has accused the SEC of wasting its time on his case while ignoring more serious crimes. The SEC’s lawsuit claims his delay in disclosing his Twitter stake caused significant harm to investors. Musk’s lawyer, Alex Spiro, called the lawsuit a “sham” and “harassment.” Following Musk’s public purchase of Twitter shares in April 2022, Twitter’s share price rose by over 27%. Musk later acquired the platform for $44 billion in October 2022 and rebranded it as X. The SEC is seeking to have Musk return “unjust” profits and pay a fine. This lawsuit follows previous SEC conflicts with Musk, including a 2018 charge over fraudulent claims about Tesla’s privatization.

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International News

US Market Watchdog sues Elon Musk for Buying Twitter

by iDeemlawful
written by iDeemlawful

The United States Securities and Exchange Commission (SEC) has filed a lawsuit against Elon Musk for his actions related to the acquisition of Twitter.

The U.S. Exchange Commission (SEC) has filed a lawsuit against Elon Musk over the purchase of Micro blogging, Twitter now X.

The regular alleged that his acquisition of Twitter shares in 2022 was executed in a way that violated regulations.

“Defendant Elon Musk failed to timely file with the SEC a beneficial ownership report disclosing his acquisition of more than five per cent of the outstanding shares of Twitter’s common stock in March 2022, in violation of the federal securities laws,” the agency said in a court filing.

According to the SEC, the omission enabled Musk, a close ally of President-elect Donald Trump, to continue purchasing shares at “artificially low prices.

Which implies that Musk underpaid the price at least $150 million for shares he purchased after his beneficial ownership report was due.”

Musk’s role on the social network has been marked by numerous controversies and led to various legal actions on the part of investors, former employees and companies that had contracts with Twitter, now called X.

Shareholders, for example, have filed a lawsuit against Musk, accusing him of disclosing his five per cent stake in Twitter too late, after the deadline set by the SEC.

AFP

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Technology News

‘Grok AI’ by Elon Musk Introduces Image Analysis Feature

by Hassan Saheed
written by Hassan Saheed

An artificial intelligence (AI) company owned by Elon Musk, the world’s wealthiest individual, has launched a new image analysis feature for its chatbot, Grok.

Musk revealed the development on Friday, stating that the feature enables the analysis of images ranging from medical test results to video game content.

“You can upload any image to Grok for analysis, from medical tests to video games! Simply tap the + button or paste the image into the entry bar,” Musk shared.

The latest update brings Grok in line with other top AI tools, such as OpenAI’s DALL-E 3 (which integrates ChatGPT for image generation), Meta’s AI assistant (available on WhatsApp, Facebook, and Instagram for text and image creation), and Google’s Gemini 2.0 (capable of producing images, audio, and text).

xAI previously ventured into image generation by introducing a feature called “Aurora” within Grok in November 2024. However, the feature was discontinued shortly after its launch.

Since its initial release in November 2023, Grok has experienced significant growth.

An artificial intelligence (AI) company owned by Elon Musk, the world’s wealthiest individual, has launched a new image analysis feature for its chatbot, Grok.

Musk revealed the development on Friday, stating that the feature enables the analysis of images ranging from medical test results to video game content.

“You can upload any image to Grok for analysis, from medical tests to video games! Simply tap the + button or paste the image into the entry bar,” Musk shared.

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FeaturedInternational News

Trump appoints Elon Musk as Head of ‘DOGE’, new US Govt department

by iDeemlawful
written by iDeemlawful

President-elect Donald Trump has officially appointed fellow billionaire, Elon Musk as head of a new US Department of Government Efficiency (“DOGE”) under his administration.

This was contained in a statement posted on Trump’s social media network Truth Social on Tuesday.

The president-elect revealed that “the Great Elon Musk” would work with pharmaceutical and financial millionaire Vivek Ramaswamy to lead the new department.

DOGE will partner with and advise the White House’s preexisting Office of Management and Budget to “drive large scale structural reform, and create an entrepreneurial approach to Government

According to Trump, DOGE’s purpose is to “pave the way for [his] Administration to dismantle Government Bureaucracy, slash excess regulations, cut wasteful expenditures, and restructure Federal Agencies — Essential to the ‘Save America’ Movement.’

“DOGE will aim to complete its work by July 4, 2026, resulting in “A smaller Government, with more efficiency and less bureaucracy.”

“DOGE will soon begin crowdsourcing examples of government waste, fraud, & and abuse,”

Ramaswamy posted to X, also announcing his withdrawal from contention for vice president-elect J.D. Vance’s imminently vacant Ohio Senate seat. “Americans voted for drastic government reform & they deserve to be part of fixing it.”

“This will send shockwaves through the system, and anyone involved in Government waste, which is a lot of people!” Musk claimed in Trump’s statement, which he also shared via his X account.

As such, the U.S. may soon see sweeping mass layoffs impacting thousands of government workers.

Ramaswamy previously promised “large scale mass layoffs” during his own presidential campaign in 2023, stating that he would cut 75 percent of civilian federal workers — 50 percent within the first year.

His proposed plan would begin by eliminating the Federal Bureau of Investigations (FBI); the Bureau of Alcohol, Tobacco, Firearms, and Explosives; the Nuclear Regulatory Commission; the Department of Education; and the Department of Agriculture’s Food and Nutrition Service.

“I will fire 1 million federal employees in 2025,” Ramaswamy posted on X in December last year. “SHUT IT DOWN.”

There are approximately 2.25 million civilian federal employees in the U.S. If Ramaswamy, Musk, and Trump execute their vision, around 1.7 million Americans could be out of a jo

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International News

Elon Musk’s transgender Daughter considers leaving US after Trump’s victory

by iDeemlawful
written by iDeemlawful

Vivian Wilson, the estranged transgender daughter of billionaire X owner, Elon Musk, has expressed intentions to leave the United States following Donald Trump’s election win.

Wilson had spoken out against Trump and her father, who threw weight behind the President-elect and played a vital role in getting him back into the White House.

“I’ve thought this for a while, but yesterday confirmed it for me. I don’t see my future being in the United States,” Wilson said on Threads on Wednesday.

“Even if he’s only in office for 4 years, even if the anti-trans regulations magically don’t happen, the people who willingly voted this in are not going anywhere anytime soon.”

The 20-year-old Wilson was born to Musk and his first wife, Justine Wilson in 2004.

Originally named Xavier, she came out as transgender in April 2022 and requested to legally change her gender and name to Vivian Jenna Wilson, adopting her mother’s maiden name.

Musk, who has 12 children from three different relationships, has openly criticised Wilson, labelling her a “communist” with an anti-wealth stance.

Musk, who once claimed that Vivian was “killed by the woke mind virus,” said that he was “tricked” into signing documents allowing her to start puberty blockers, alleging that he was unaware of the situation’s depth amid COVID-19 disruptions.

Wilson who has been estranged from her father since 2022, accused him of transphobia, “cruelty,” and “serial” cheating.

She said Musk would berate her for being more in touch with femininity as a child, urging her to make her voice deeper.

“I was in fourth grade. We went on this road trip that I didn’t know was actually just an advertisement for one of the cars, I don’t remember which one, and he was constantly yelling at me viciously because my voice was too high,” she told NBC in July.

“It was cruel. I no longer live with or wish to be related to my biological father in any way, shape or form,” Wilson told a court in 2022.

Musk has repeatedly deadnamed Wilson, meaning that he calls her by her male, birth name rather than recognising the full and independent trans person that she is.

In an interview with right-wing pseudo-intellectual Jordan Peterson, Musk stated that “I lost my son, essentially. My son Xavier is dead, killed by the woke mind virus, so I vowed to destroy the woke mind virus after that.”

Musk has also referred to his daughter as a “full communist” who thinks that “anyone rich is evil.”

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