🚀 US prosecutors investigating Tesla for wire fraud

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. U.S. prosecutors are currently investigating Tesla over potential misleading statements concerning the self-driving capabilities of its vehicles. This inquiry, as reported by Reuters, focuses on whether Tesla and CEO Elon Musk made false claims suggesting their vehicles could drive themselves using the Autopilot and Full Self-Driving systems, which are in reality not fully autonomous. The Justice Department's probe encompasses potential wire fraud for deceiving consumers and securities fraud for misleading investors. The investigation could result in criminal charges, civil penalties, or possibly no action, although neither Tesla nor the Justice Department has issued any comments on the matter. Additionally, the Securities and Exchange Commission is conducting its own examination of Tesla's investor communications regarding these technologies.

2. Disney and Warner Bros. Discovery are teaming up to bundle their streaming services—Disney+, Hulu, and Max—echoing traditional cable packages. This bundled package will be available in both ad-supported and commercial-free tiers this summer, with pricing details pending but expected to be offered at a discount. Disney will handle the distribution, managing subscriber fees and compensating Warner Bros. Discovery. This collaboration broadens viewer access to a variety of content from networks like ABC, Fox, TNT, CNN, and more. Additionally, the partnership extends to a forthcoming sports-streaming service involving ESPN and Fox Corp, set to launch in the fall. This move represents an adaptation of the traditional cable model, aiming to retain customers as conventional cable services continue to lose subscribers.

3. Raise Venture Capital in 2024. Get the course helping top founders raise venture capital. The materials in this course are used by founders pitching a16z, Sequoia, YC and more while raising tens of millions! Get the course now for just $199. *

4. Headlines

   1. Rivian will reportedly soon be announcing a deal with Apple that could allow the company to access some of the technology that would have been in an Apple Car.

   2. Florida real estate is falling after years of sustained growth.

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Onwards and Upwards,

Liam Gill