Thursday February 21, 2019
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Elon Musk Steps Down As Chairman Of Tesla

Musk has courted several controversies in recent times by making a series of unusual public comments or appearances.

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Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

Coming under pressure from his lawyers and investors of Tesla, tech billionaire Elon Musk has agreed to step down as chairman of the company for three years and pay a $20 million fine in a deal with the US stock market regulatory authority, Securities and Exchange Commission (SEC), to resolve securities fraud charges.

The SEC announced the deal on Saturday — two days after it sued Musk in federal court for misleading investors over his post on Twitter last month that he was considering taking Tesla into private ownership.

Musk said that he had “funding secured” for a buyout of the electric-car company at $420 a share, reports The New York Times.

Under the settlement, which requires court approval, Musk will be allowed to stay as CEO but must leave his role as chairman of the board within 45 days. He cannot seek re-election for three years, according to court filings.

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Musk faces lawsuits for ‘paedo’ remark, Tesla tweet. (Wikimedia Commons)

He accepted the deal with the SEC “without admitting or denying the allegations of the complaint”, according to a court document.

“As a result of the settlement, Elon Musk will no longer be Chairman of Tesla, Tesla’s board will adopt important reforms — including an obligation to oversee Musk’s communications with investors — and both will pay financial penalties,” Steven Peikin, Co-Director of the SEC’s Enforcement Division, said in a statement.

“The resolution is intended to prevent further market disruption and harm to Tesla’s shareholders,” Peikin added.

Musk’s tweet about taking his company private, along with attacks on critics on social media, raised concerns with investors about whether Musk has become too focused on criticism from so-called short-sellers who had been making bets against him and Tesla.

According to the SEC’s complaint, Musk’s misleading tweets caused Tesla’s stock price to jump by over six percent on August 7, and led to significant market disruption.

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Tesla has become the most valuable American carmaker, with its stock worth more than $50 billion. Pixabay

Tesla in recent years has become one of the most valuable American car maker, with its stock worth more than $50 billion.

But its shares have been hit hard since the SEC filed the lawsuit. On Friday, its stock dropped almost 14 per cent.

Musk, a co-founder of Tesla, is the company’s largest stockholder, owning approximately 22 per cent of its outstanding shares.

Also Read: Elon Musk Apologises To UK Driver For Calling Him a ‘Pedo’

The company has recently been struggling to meet audacious production goals for its Model 3 sedan.

Musk has courted several controversies in recent times by making a series of unusual public comments or appearances, including an Internet interview in which he appeared to smoke marijuana. (IANS)

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Microsoft Claims Spurt Adoption of Artificial Intelligence In India

According to Microsoft, the company is busy democratising AI and is making the technology available on Azure Cloud to empower developers and institutions in solving difficult problems.

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India is digitally ready for a comprehensive AI framework aligned to industries' long-term strategy. Pixabay

There has been a spurt in the adoption of Artificial Intelligence (AI) across industries in India and cloud infrastructure and rapid deployment of intelligent Cloud services will further drive AI adoption in the country, Microsoft India said on Wednesday.

In a white paper titled “Age of Intelligence,” Microsoft said the focus is to create modern mobile infrastructure, skill up the workforce and reduce data costs and cross-industry collaboration, thus extending information connectivity and digital services to the underserved segments of the population.

“Our ambition is to enable a human-centered approach to AI. India is currently at an inflection point in the adoption of AI,” said Anant Maheshwari, President, Microsoft India as the company unveiled the white paper at the Nasscom Technology and Leadership Forum (NTLF) 2019 here.

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In a white paper titled “Age of Intelligence,” Microsoft said the focus is to create modern mobile infrastructure, skill up the workforce and reduce data costs and cross-industry collaboration, thus extending information connectivity and digital services to the underserved segments of the population. Pixabay

“Building on the four foundational pillars — enabling digital transformation across industries, forging coalitions for innovation, building a future-ready workforce and creating sustained societal impact — will unlock and accelerate the potential of AI,” Maheshwari added.

The white paper outlines challenges and opportunities with respect to AI and how balanced and forward looking government policies, technological advancements including growing Internet penetration and connectivity will help reap benefits of digital transformation in the years to come.

According to Microsoft, the company is busy democratising AI and is making the technology available on Azure Cloud to empower developers and institutions in solving difficult problems.

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There has been a spurt in the adoption of Artificial Intelligence (AI) across industries in India and cloud infrastructure and rapid deployment of intelligent Cloud services will further drive AI adoption in the country, Microsoft India said on Wednesday.
Pixabay

“AI enables organizations to make better informed decisions by making it easy to derive insights from data, helping them expand and improve customer engagement and experiences, optimize operations and improve offerings,” read the white paper.

Also Read: Network Service Providers Pledge To Reduce The Gender Gap Between Mobile Phone Users In India By 2020
India is digitally ready for a comprehensive AI framework aligned to industries’ long-term strategy.

“With the size of the market and opportunity for growth, it’s imperative to implement AI for India that brings economic, societal and inclusive growth,” Microsoft noted. (IANS)