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Sunday Feb 05, 2023

Elon Musk Defrauded Investors | Tesla owner Elon Musk reprimanded by the court, deliberately defrauded investors, read full news


Elon Musk

file photo

San Francisco: Billionaire businessman Elon Musk appeared in court to hear a case related to a ‘misleading’ tweet made in connection with the purchase of his electric vehicle company Tesla. The matter pertains to two tweets made by Musk on August 7, 2018. Musk had said in both the tweets that he had arranged enough money to buy Tesla. However, the deal never materialized. Tesla’s shareholders then sued Musk, saying that his tweet caused them huge losses. Musk appeared in a San Francisco court wearing a black suit.

Tweeting is the most democratic way to communicate with investors

His attorney requested the case be transferred to Tesla’s headquarters in Texas, which was turned down by the court. A nine-judge jury will decide whether the tweets substantially harmed Tesla shareholders over a ten-day period. In this case, Musk has admitted that the purchase he had planned could not materialize. Musk tweeted that he had raised $72 billion to buy Tesla. At that time Tesla was struggling with production problems. After this, he had tweeted another that a deal in this regard is going to be done soon, whereas no such deal has happened. Musk, who bought Twitter last year for $44 billion, told the court on Friday that tweeting was the “most democratic way” of communicating with investors.

read this also

Jury to decide whether Musk intentionally defrauded investors

He said in response to a question asked by shareholder advocate Nicolas Porritt that I care a lot for retail investors. However, Musk also said that due to the set limit of words on Twitter, the matter cannot be said in detail on this platform. Federal court judges have already determined that both of Musk’s tweets were false. Now during the hearing, the jury will decide whether Musk intentionally defrauded investors and whether it caused them loss.



Investing rs 10000 in wipro share became the owner of rs 985 crore yet experts are advising to stay away from the stock


Multibagger Wipro: Shares of the legendary IT company, which made millionaires from billionaires or rather billionaires, have fallen by more than 45 percent in the last one year. Despite this, Wipro has made its investors almost billionaires. Especially those who had invested only Rs 10,000 in it 43 years ago and have survived till now.

Although the year 2022 was not good for the new investors of Wipro. This IT stock has given a negative return of 45.22 per cent in one year. Its 52-week high is Rs.721.50 and low is Rs.372.40. The stock is showing weakness in early trade today. It is now very close to its 52-week low at 385.80.

If we talk about the analyst opinion about this stock, then most of them are advising to stay away from it. Out of a total of 40 experts, only nine are still recommending investing in this stock, while 19 are asking to sell. For those who currently have this stock in their portfolio, here are 12 expert recommendations to hold.

patience made rich

If an investor had invested only Rs 10,000 in Wipro shares 43 years ago i.e. in 1980 and has made in this stock till date, then he is a billionaire as of today. Wipro’s share price was around Rs 100 in 1980, but is now Rs 386. The company kept on splitting the shares and also giving bonus along with it. The effect of this was that the person who had bought 100 shares in 1980 would have 25536000 shares without investing a single penny.

understand this math

In 1980, an investor who invested Rs 10,000 in Wipro shares got 100 shares of the Wipro company. 100 shares increased to 25536000 shares after Bonus Shares and Split. Now the share price of Wipro is Rs 386. That is, now the value of that 10000 rupees has become 386×25536000 = 9,856,896,000.

Year Activity Total Share
1980 Investment 100
1981 1:1 Bonus 200
1985 1:1 Bonus 400
1986 Share split to face value Rs.10 4,000
1987 1:1 Bonus 8,000

Read also: These 8 stocks including Paytm, Zomato, Wipro, Nykaa made poor, Worst performer of Nifty-100 in 2022

1989 1:1 Bonus 16,000
1992 1:1 Bonus 32,000
1995 1:1 Bonus 64,000
1997 2:1 Bonus 1,92,000
1999 Share split to FV Rs.2 9,60,000
2004 2:1 Bonus 28,80,000
2005 1:1 Bonus 57,60,000

These two shares are raining money in the new year, they gave amazing returns in 4 days, investors became rich
2010 2:3 Bonus 96,00,000
2017 1:1 Bonus 1,92,00,000
2019 1:3 Bonus 25536000
Source: economictimes, NSE, BSE, elearnmarkets.com, investinginsights.in

Made the village a ‘city of millionaires’

Wipro is a big IT company. However, Wipro is also in the business of soaps and vegetable oil. Wipro was started in 1945 in a village named ‘Alamner’ located in Maharashtra. Today everyone in this village is a millionaire. Every family has shares of Wipro company. Here some shares of Wipro company are bought for the child as soon as it is born. The village is also known as the ‘City of Millionaires’.

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