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Tesla, Musk Beat Shareholder Lawsuit over Self-Driving Promises

(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 te

Tesla, Musk Beat Shareholder Lawsuit over Self-Driving Promises

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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":{"LU0097036916.USD":"贝莱德美国增长A2 USD","BK4527":"明星科技股","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","BK4550":"红杉资本持仓","BK4588":"碎股","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU1548497426.USD":"安联环球人工智能AT Acc","BK4574":"无人驾驶","BK4551":"寇图资本持仓","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1861558580.USD":"日兴方舟颠覆性创新基金B","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","BK4581":"高盛持仓","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","BK4099":"汽车制造商","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","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","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","BK4592":"伊斯兰概念","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","LU0056508442.USD":"贝莱德世界科技基金A2","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","BK4585":"ETF&股票定投概念","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) 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","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","TSLL":"Direxion Daily TSLA Bull 2X Shares","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU2063271972.USD":"富兰克林创新领域基金","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","SG9999015978.USD":"利安颠覆性创新基金A","TSLA":"特斯拉","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC"},"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. 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