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Tesla, Musk Beat Shareholder Lawsuit over Self-Driving Promises

Tesla and Musk Beat Shareholder Lawsuit over Self-Driving Promises

Tesla and its CEO Elon Musk have won the dismissal of a lawsuit accusing them of defrauding shareholders by overstating the effectiveness and safety of the automaker's self-driving technology in order to boost its stock price. The U.S. District Judge ruled that shareholders failed to show Tesla and Musk should be liable for falsely promising technology that would drive safer than humans. The judge also mentioned that some of Tesla's and Musk's challenged statements were not necessarily false and that Musk's

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The U.S. District Judge ruled that shareholders failed to show Tesla and Musk should be liable for falsely promising technology that would drive safer than humans. 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and encouraged inattentiveness.</p><p>Tesla vehicles have included &#34;Autopilot&#34; software designed to enhance self-driving capabilities, and the company has sold &#34;Full Self Driving&#34; software upgrades.</p><p>Martinez-Olguin said some of Tesla&#39;s and Musk&#39;s challenged statements were not necessarily false, while others could be excused because they addressed future expectations for the technology.</p><p>She said Musk&#39;s &#34;hands-on&#34; management did not mean he knew more than he let on, while his nearly $34 billion profit from selling Tesla shares in the February 2019 to February 2023 class period did not show he was cashing out at other shareholders&#39; expense.</p><p>Shareholders said Musk, the world&#39;s richest person, received about $39.4 billion of proceeds from those stock sales, approximately the same as Vermont&#39;s gross domestic product.</p><p>Lawyers for the shareholders did not immediately respond to requests for comment. Tesla did not immediately respond to similar requests. The judge dismissed the lawsuit without prejudice, meaning that shareholders can amend it.</p><p>Tesla still faces probes by the U.S. Department of Justice and U.S. Securities and Exchange Commission, as well as a case by the California Department of Motor Vehicles, into its self-driving claims.</p><p>The case is Lamontagne v Tesla Inc et al, U.S. District Court, Northern District of California, No. 23-00869.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4574":"无人驾驶","BK4551":"寇图资本持仓","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","BK4581":"高盛持仓","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU2063271972.USD":"富兰克林创新领域基金","BK4099":"汽车制造商","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","SG9999015978.USD":"利安颠覆性创新基金A","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","BK4592":"伊斯兰概念","LU1548497426.USD":"安联环球人工智能AT Acc","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4585":"ETF&股票定投概念","TSLA":"特斯拉","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","TSLL":"Direxion Daily TSLA Bull 2X Shares","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BK4527":"明星科技股","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","BK4550":"红杉资本持仓","BK4588":"碎股","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0056508442.USD":"贝莱德世界科技基金A2"},"source_url":"https://api.rkd.refinitiv.com/api/News/News.svc/REST/News_1/RetrieveStoryML_1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2472368390","content_text":"(Reuters) - Tesla and its CEO Elon Musk on Monday won the dismissal of a lawsuit accusing them of defrauding shareholders by overstating the effectiveness and safety of the automaker's self-driving technology in order to boost its stock price.U.S. District Judge Araceli Martinez-Olguin in San Francisco said shareholders failed to show Tesla and Musk should be liable for falsely promising they were close to delivering technology that would drive safer than humans, but that was actually \"plagued with safety issues\" and encouraged inattentiveness.Tesla vehicles have included \"Autopilot\" software designed to enhance self-driving capabilities, and the company has sold \"Full Self Driving\" software upgrades.Martinez-Olguin said some of Tesla's and Musk's challenged statements were not necessarily false, while others could be excused because they addressed future expectations for the technology.She said Musk's \"hands-on\" management did not mean he knew more than he let on, while his nearly $34 billion profit from selling Tesla shares in the February 2019 to February 2023 class period did not show he was cashing out at other shareholders' expense.Shareholders said Musk, the world's richest person, received about $39.4 billion of proceeds from those stock sales, approximately the same as Vermont's gross domestic product.Lawyers for the shareholders did not immediately respond to requests for comment. Tesla did not immediately respond to similar requests. The judge dismissed the lawsuit without prejudice, meaning that shareholders can amend it.Tesla still faces probes by the U.S. Department of Justice and U.S. Securities and Exchange Commission, as well as a case by the California Department of Motor Vehicles, into its self-driving claims.The case is Lamontagne v Tesla Inc et al, U.S. District Court, Northern District of California, No. 23-00869.","news_type":1},"isVote":1,"tweetType":1,"viewCount":71,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":8,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/355376316878920"}