Three things for November 9
1. Ye to pay nearly $1 million in Yeezy lawsuit settlement
Ye, formerly known as Kanye West, will pay $950,000 in a lawsuit over his clothing company Yeezy allegedly slow shipping products to customers.
The lawsuit was filed last month by four California attorneys. They claimed Yeezy had falsely advertised expedited shipping and did not follow the state’s law of shipping online orders within 30 days of purchase.
The brand Yeezy is designed by Ye and produced by Adidas. The first shoe design was released in 2007. Adidas was not a part of the lawsuit.
For more of the story, visit the AP News website.
2. Elon Musk sells Tesla stock
On Monday, Elon Musk, Tesla Inc. chief executive, sold some of his stock in the company after tweeting to ask followers if he should do so.
The tweet polled followers if they supported him selling 10% of his stock in Tesla to pay his taxes.
Of Musk’s almost 63 million followers on Twitter, over three million responded to the poll, which resulted in almost 53% voting yes.
Tesla Inc. lost 4.8% of their share price after their largest stockholder, Musk, tweeted this poll.
As of Friday, Musk was the largest stockholder in the company, with 17% of owned shares.
Musk is legally obligated to get internal Tesla Inc. approval before talking about matters that could affect the company’s stock prices.
In selling around $21 billion worth of stock, Musk is the world’s richest person, according to AP News.
This was not the first time Musk gave a statement that affected the company’s stock.
An incident in 2018 of similar proportions occurred when Musk tweeted he had enough funds to make Tesla a private stock company. He was forced to step down as Tesla’s chairman in the settlement.
Tesla Inc. had reached a third consecutive profit record for their third quarter finances in benefiting from globally accessible distributions.
For more information about Tesla’s products, visit their website.
3. Satellite discovers replica U.S. aircraft in China desert
Satellite footage has shown a replica U.S. Navy aircraft carrier and destroyer in Ruoqiang, China, a northwest desert.
According to AP News, this could be used in the future as tensions grow between the nations.
Maxar Technologies, based out of Colorado, captured the images of the U.S. aircraft and one destroyer on Sunday.
A Chinese Foreign Ministry spokesperson claimed not to be aware of the situation.
To learn more about the story, visit the AP News website.
