(NEW YORK) — The Securities and Exchange Commission on Thursday sought to force Elon Musk to sit for a deposition as part of an ongoing investigation about his purchase of Twitter, now known as X.
The SEC said Musk failed to appear for testimony as required by a May subpoena despite agreeing to show up last month at the SEC’s office in San Francisco.
Musk waited until two days before the scheduled date to notify the SEC he would not appear, regulators said. They’re now seeking a court order to force Musk to comply.
Musk acquired the social media site in October 2022 for roughly $44 billion.
The testimony subpoena involves an ongoing investigation by the SEC into “potential violations of various provisions of the federal securities laws” regarding Musk’s purchase, as well as statements he made last year and SEC filings related to Twitter, the SEC said in a press release.
“[The] SEC seeks Musk’s testimony to obtain information not already in the SEC’s possession that is relevant to its legitimate and lawful investigation,” the press release said, noting the SEC staff to date have not determined that any person or entity has violated federal securities laws.
In response to a post on X about the SEC’s court order and other government investigations into his companies, Musk said a “comprehensive overhaul of these agencies is sorely needed, along with a commission to take punitive action against those individuals who have abused their regulatory power for personal and political gain.”
(NEW YORK) — The Powerball frenzy was in full swing Wednesday as potential billionaires were lining up at kiosks across the nation with dreams of winning the $1.2 billion jackpot up for grabs. But no one managed to clinch the prize, pushing the new Powerball estimated total to $1.4 billion in Saturday’s drawing.
The winning numbers drawn for Wednesday’s jackpot were: 9, 35, 54, 63, 64 and red Powerball 1. The power play was 2.
The grand prize, which had an estimated lump sum payout of $551.7 million, continued its ascent through billion dollar territory after no ticket matched all six numbers drawn on Monday night, Powerball said.
Wednesday night’s winning Powerball numbers were drawn for the third largest purse in the American lottery game’s history. It’s also the seventh-largest U.S. lottery jackpot ever, according to a press release from Powerball.
“The thing I would like to do is help people, help my family, and leave a legacy behind. That would be nice,” Aldren Diaz, a Providence, Rhode Island, resident told ABC News affiliate station WLNE-TV as he bought Powerball tickets Wednesday morning.
Another Rhode Island Powerball player, Ramona Perez, said she could think of a billion ways to spend the prize.
“I can help my family, go back to my country and help a lot of people to make situations for children who need help,” Perez told WLNE.
The very long shot odds of winning Wednesday’s jackpot was 1 in 292.2 million.
Drew Svitko, Powerball Product Group chair and Pennsylvania Lottery executive director, said such a big jackpot attracts a lot of new players to the game. Svitko said he anticipates the majority of ticket sales for Wednesday night’s drawing would occur in the afternoon and evening with just hours to go before the drawing.
“Whether it’s your first time buying a ticket or you’re a frequent player, please remember to sign your ticket and reach out to your local lottery if you win the jackpot. Your local lottery will continue to be the best resource for information on how to claim a prize,” Svitko said in a statement.
Lottery officials said that while the odds of winning the big jackpot may be astronomical, the chances of winning a smaller prize were much better at 1 in 24.9.
In Monday’s Powerball drawing, two tickets — purchased in Delaware and Michigan — matched all five white balls to win $1 million prizes. Two other tickets — sold in New York and South Carolina — matched all five white balls and won $2 million prizes by including Power Play, a feature that allows a winner to multiply the original amount of non-jackpot prizes for an additional $1 per play, according to Powerball.
The jackpot was previously won on July 19, when a ticket purchased in California matched all five white balls and the red Powerball to claim $1.08 billion. Since then, there have been 32 consecutive drawings without a jackpot winner, Powerball said.
Jackpot winners can either take the money as an immediate cash lump sum or in 30 annual payments over 29 years. Both advertised prize options do not include federal and jurisdictional taxes.
Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. The drawings are also livestreamed online at Powerball.com.
(NEW YORK) — Uber announced Wednesday that it will now offer customers the option to request a courier to return packages for them.
The new offering is launching ahead of the upcoming holiday season in 52 metropolitan areas — including over 4,950 cities — across the U.S. from Boston to Honolulu, according to a press release. The service requires a $5 flat fee.
Uber says the service is as easy to use as tapping a couple of buttons on the Uber and Uber Eats apps and selecting the “Return a Package” option. Customers can choose where they want their packages to be delivered — a local post office, FedEx, or UPS facility — and up to five packages can be returned at one time. After a package has been dropped off, the Uber courier then sends a photo providing visual confirmation.
Uber customers who are paid Uber ONE members get a $2 discount on the flat fee rate and only need to pay $3 for the service. The new service follows other existing Uber features that let app users send a package and receive a package via an Uber driver.
According to the National Retail Federation, consumers returned over 16% of purchases in 2022 and 2021.
Uber’s new feature comes after online retailers expanded their package return processes for customers in recent years. Companies like Amazon and Walmart now offer options like at-home pickups for some package returns.
(NEW YORK) — Powerball frenzy was in full swing Wednesday as potential billionaires were lining up at kiosks across the nation with dreams of what they’ll do if they’re lucky enough to hit the estimated $1.2 billion jackpot up for grabs.
The drawing Wednesday night will be the third-largest purse in the American lottery game’s history and the biggest so far this year. It’s also the seventh-largest U.S. lottery jackpot ever, according to a press release from Powerball.
The grand prize, which has an estimated lump sum payout of $551.7 million, continued its ascent through billion dollar territory after no ticket matched all six numbers drawn on Monday night, Powerball said.
“The thing I would like to do is help people, help my family, and leave a legacy behind. That would be nice,” Aldren Diaz, a Providence, Rhode Island, resident told ABC News affiliate station WLNE as he bought Powerball tickets Wednesday morning.
Another Rhode Island Powerball player, Ramona Perez, said she could think of a billion ways to spend the prize.
“I can help my family, go back to my country and help a lot of people to make situations for children who need help,” Perez told WLNE.
The very longshot odds of winning the jackpot is 1 in 292.2 million.
Drew Svitko, Powerball Product Group Chair and Pennsylvania Lottery Executive Director, said such a big jackpot attracts a lot of new players to the game. Svitko said he anticipates the majority of ticket sales for Wednesday night’s drawing would occur in the afternoon and evening with just hours to go before the drawing.
“Whether it’s your first time buying a ticket or you’re a frequent player, please remember to sign your ticket and reach out to your local lottery if you win the jackpot. Your local lottery will continue to be the best resource for information on how to claim a prize,” Svitko said in a statement.
Lottery officials said that while the odds of winning the big jackpot may be astronomical, the chances of winning a smaller prize are much better at 1 in 24.9.
In Monday’s Powerball drawing, two tickets — purchased in Delaware and Michigan — matched all five white balls to win $1 million prizes. Two other tickets — sold in New York and South Carolina — matched all five white balls and won $2 million prizes by including Power Play, a feature that allows a winner to multiply the original amount of non-jackpot prizes for an additional $1 per play, according to Powerball.
The jackpot was previously won on July 19, when a ticket purchased in California matched all five white balls and the red Powerball to claim $1.08 billion. Since then, there have been 32 consecutive drawings without a jackpot winner, Powerball said.
Jackpot winners can either take the money as an immediate cash lump sum or in 30 annual payments over 29 years. Both advertised prize options do not include federal and jurisdictional taxes.
Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. The drawings are also livestreamed online at Powerball.com.
(NEW YORK) — The trial of Sam Bankman-Fried, FTX founder and former crypto billionaire, is set to begin Tuesday with jury selection after federal prosecutors accused him of orchestrating one of the largest financial frauds in U.S. history.
Jury selection is expected to take place Tuesday, and the trial could last as long as six weeks.
Bankman-Fried faces seven counts of fraud, conspiracy and money laundering centered on his alleged use of customer deposits on the crypto trading platform FTX to cover losses at his hedge fund, Alameda Research, and to buy lavish real estate, among other personal expenses.
He has pleaded not guilty to all counts. If convicted, he could face a sentence of up to 110 years in prison.
Bankman-Fried stepped down from his role at FTX in November 2022 amid a rapid collapse that ended with the company declaring bankruptcy. Prosecutors charged Bankman-Fried the following month with an array of alleged crimes focused on a scheme to defraud investors.
In an interview with ABC News’ George Stephanopoulos that November, Bankman-Fried denied knowing “there was any improper use of customer funds.”
“I really deeply wish that I had taken like a lot more responsibility for understanding what the details were of what was going on there,” Bankman-Fried told Stephanopoulos at the time. “A lot of people got hurt, and that’s on me.”
Bankman-Fried is being held in the Metropolitan Detention Center in Brooklyn, a federal prison, where he will remain throughout the proceedings.
After months spent under house arrest at his parents’ home in Palo Alto, California, Bankman-Fried was sent to jail in August after a federal judge revoked his $250 million bail.
A federal judge in New York on Thursday denied Bankman-Fried temporary release from custody during his trial, deciding he is too great a flight risk to let free.
Prosecutors had balked at Bankman-Fried’s sharing with The New York Times excerpts from the personal documents of Caroline Ellison, Bankman-Fried’s former girlfriend, who led his Alameda Research hedge fund and who has pleaded guilty and agreed to cooperate.
The judge ultimately lent credence to concern over Bankman-Fried’s alleged attempt to improperly influence Ellison, who is potentially set to testify at his trial.
Before his sudden downfall, Bankman-Fried had ascended to the top of the cryptocurrency sector, garnering goodwill as a philanthropist and leading proponent of industry regulation. The cover of Fortune Magazine in August 2022 asked readers whether Bankman-Fried, known by some as “SBF,” was “the next Warren Buffett.”
As a pandemic-era crypto boom faded in the fall of last year, concerns of financial instability at FTX — a top platform where users buy and sell crypto — triggered a wave of customer withdrawals totaling billions of dollars.
Within days, FTX filed for Chapter 11 bankruptcy protections as it assessed the value of its remaining assets, a company announcement said.
Bankman-Fried resigned as CEO in November 2022 and was replaced with John J. Ray III, who steered disgraced energy company Enron through bankruptcy proceedings in the 2000s.
Meanwhile, Bankman-Fried’s net worth plummeted from $16 billion to $0 in less than a week, according to an estimate from Bloomberg.
Days after FTX declared bankruptcy, the company’s collapse became the subject of an investigation by federal prosecutors in New York, sources familiar with the matter had told ABC News.
Roughly a month later, in December 2022, Bankman-Fried was arrested in the Bahamas after federal prosecutors in New York filed criminal charges, according to the Royal Bahamas Police Force.
(NEW YORK) — Millions of Americans rely on the Supplemental Nutrition Assistance Program, or SNAP, for benefits to supplement their grocery budget to afford nutritious foods. As of Oct. 1, the program received a much-needed boost to help meet the increased cost of living and inflation.
The program, overseen by the United States Department of Agriculture’s Food and Nutrition Service arm in accordance with the Food and Nutrition Act of 2008, adjusted the maximum allotments starting this month for the year ahead, based on the Consumer Price Index from the Bureau of Labor Statistics for June 2022.
Work eligibility requirements for the program, previously known as food stamps, were set to become more strict after President Joe Biden signed the Fiscal Responsibility Act in June.
One group specifically, able-bodied adults without dependents between ages 51-52 — labeled as ABAWDs by the agency — will now need to prove they are actively working, training or in school in order to qualify for SNAP benefits.
Work requirements expanded up to age 52 starting Oct. 1. Requirements will expand to age 54 starting in October 2024.
What’s changed with SNAP benefits and eligibility?
Starting this month, SNAP benefits are increasing by 12.5% compared to last year, as reported by Forbes Advisor.
According to the updates, maximum allotments have increased at various increments for the 48 contiguous states and the District of Columbia, Alaska, Guam and the U.S. Virgin Islands.
A family of four in the continental U.S. and Washington, D.C., will now be allowed a maximum of $973. Maximum allotments for a family of four in Alaska would range from $1,248 to $1,937; in Guam it would be $1,434 and in the U.S. Virgin Islands, $1,251.
The only location with a decreased maximum allotment is in Hawaii, where a family of four would now see a maximum payment of $1,759.
Additionally, the shelter cap value has increased to $672 for the 48 contiguous states and D.C.
People looking to qualify for SNAP benefits must apply in the state in which they currently live and must meet certain requirements, including resource and income limits, outlined by the USDA here.
(NEW YORK) — An estimated $1.04 billion jackpot is up for grabs in the next Powerball drawing on Monday night.
It’s the fourth-largest purse in the American lottery game’s history and the second-largest this year, according to a press release from Powerball.
The grand prize, which has an estimated cash value of $478.2 million, ballooned above the $1 billion mark after no ticket matched all six numbers drawn on Saturday night.
However, five tickets — purchased in Maryland, Michigan, Pennsylvania and Florida, where there were two — matched matched all five white balls to win $1 million prizes. Two other tickets — sold in Indiana and North Carolina — matched all five white balls and won $2 million prizes by including Power Play, a feature that allows a winner to multiply the original amount of non-jackpot prizes for an additional $1 per play, Powerball said.
The jackpot was previously won on July 19, when a ticket purchased in California matched all five white balls and the red Powerball to claim $1.08 billion. Since then, there have been 32 consecutive drawings without a jackpot winner.
Jackpot winners can either take the money as an immediate cash lump sum or in 30 annual payments over 29 years. Both advertised prize options do not include federal and jurisdictional taxes.
The jackpot grows based on game sales and interest, but the odds of winning the big prize stays the same — 1 in 292.2 million, according to Powerball.
Powerball tickets cost $2 and are sold in 45 U.S. states as well as Washington, D.C., Puerto Rico and the U.S. Virgin Islands.
Powerball drawings are broadcast live every Monday, Wednesday and Saturday at 10:59 p.m. ET from the Florida Lottery draw studio in Tallahassee. The drawings are also livestreamed online at Powerball.com.
(LOS ANGELES) — Gasoline prices in California are skyrocketing.
The average price of a gallon of gas in California on Friday reached $6.08, up some 80 cents or 15% since a month ago, according to data compiled by AAA. At some gas stations in Los Angeles, prices are hovering around $7.00 a gallon.
In California, the average price for a gallon of gas is about 55% higher than the national average, AAA data shows.
The eye-popping prices in the nation’s most populous state owe to a surge in the cost of crude oil combined with output disruptions that have choked refinery capacity, industry analysts told ABC News.
“The fuel delivery system in California is running right up against its limits all the time,” Timothy Fitzgerald, a professor of business economics at Texas Tech University who studies the petroleum industry, told ABC News. “Even fairly small disruptions can lead to price spikes.”
On Thursday, a key measure of crude oil prices reached its highest level in more than a year. The U.S. West Texas Intermediate futures price peaked at about $95, which marked a roughly 16% increase from a month prior.
The hike traces in part to a decision made in April by the alliance of countries known as OPEC+, led by Saudi Arabia and Russia, which opted to cut oil output by 1.2 million barrels per day starting in May. The move amounted to removing roughly 1% of oil from the global market.
Earlier this month, OPEC+ extended the output cuts to the end of this year.
The decline in supply of crude oil has helped send prices upward in recent months just as California has begun to face a series of setbacks at its refineries, analysts said.
Four of the state’s 14 oil refineries are producing at substantially lower levels than normal due to slowdowns caused by weather-related damage or much-needed maintenance, Patrick de Haan, the head of petroleum analysis at GasBuddy, told ABC News.
“There has been kink after kink at some of these refineries,” de Haan said. “That’s what brought this to a head.”
Fitzgerald said the uptick in maintenance-related interruptions stems in part from an effort on the part of refineries to remain at full capacity during the busy summer driving season. At the end of that blitz, some refineries may address long-delayed repairs, he added.
“Refineries run wide open all summer making as much fuel as possible,” Fitzgerald said. “This is the time of year as we get into fall where the refineries have to say, ‘Gee, we need to fix this.'”
Drivers in California may soon get some relief.
During the summer months in California, oil refineries are required to produce a specific blend of gasoline that limits negative effects on air quality that are more pronounced in the summer heat.
California Gov. Gavin Newsom issued an order on Thursday to state regulators easing rules that forbid oil refineries from producing a cheaper, more plentiful winter-blend of gasoline until Oct. 31.
Under the waiver, refineries are immediately permitted to produce the winter blend, which should increase supply of gasoline and reduce prices, analysts said.
Prices will stop rising over the next few days and begin to fall by the end of next week, said de Haan. He expects prices to drop about 50 cents per gallon by the end of October.
Fitzgerald predicted a modest impact, saying gas prices would fall about 10 cents per gallon as result of the order from Newsom.
“At this point, I’m sure drivers would be happy to have some relief,” Fitzgerald said. “But it’s not going to bring prices in California back down to the national average.”
(SAN FRANCISCO) — The U.S. Equal Employment Opportunity Commission filed a federal lawsuit Thursday against Tesla, alleging the company engaged in racial harassment and discrimination.
The complaint, which was filed in the U.S. District Court for the Northern District of California, comes following an EEOC investigation into Tesla’s treatment of Black employees.
The lawsuit, which was obtained by ABC News, claims that since at least May 29, 2015, Tesla has violated Title VII of the Civil Rights Act of 1964 by subjecting Black employees at the company’s Fremont, California, manufacturing facilities to racial abuse, stereotyping, and hostility, including racial slurs.
The lawsuit claims that Tesla violated federal law by “tolerating widespread and ongoing racial harassment of its Black employees and by subjecting some of these workers to retaliation for opposing the harassment,” according to a statement released by the EEOC on Thursday. “The Commission also alleges that Defendant unlawfully retaliated against Black employees who opposed actions they perceived to constitute unlawful employment discrimination.”
The EEOC was established through the Civil Rights Act of 1964 and is a federal agency that works to protect civil rights in the workplace.
Tesla did not immediately respond to ABC News’ request for comment.
Tesla said it “strongly opposes” all forms of discrimination in response to a separate discrimination lawsuit filed in 2022 against Tesla by California’s Department of Fair Employment and Housing, according to a New York Times report.
The lawsuit further alleges that various racial slurs were used against Black employees routinely and casually, often in high-traffic areas.
According to the lawsuit, employees who spoke out about the alleged harassment were allegedly retaliated against by Tesla, including instances of changes in job duties and schedules, unjustified write-ups, terminations and transfers, among other actions.
The EEOC is asking, in part, that the court order Tesla to provide victims with back pay and grant an injunction enjoining the electric car maker from its alleged discriminatory practices.
“Every employee deserves to have their civil rights respected, and no worker should endure the kind of shameful racial bigotry our investigation revealed,” said EEOC Chair Charlotte A. Burrows in a statement on Thursday. “Today’s lawsuit makes clear that no company is above the law, and the EEOC will vigorously enforce federal civil rights protections to help ensure American workplaces are free from unlawful harassment and retaliation.”
The EEOC said it investigated Tesla after Burrow submitted a commissioner’s charge alleging that Tesla violated Title VII of the Civil Rights Act of 1964 due to its alleged treatment of Black employees. The EEOC says it tried “to reach a pre-litigation settlement through conciliation” before filing the suit.
“The allegations in this case are disturbing,” EEOC San Francisco District Office Regional Attorney Roberta L. Steele said in a statement. “No worker should have to endure racial harassment and retaliation to earn a living six decades after the enactment of Title VII.”
(DETROIT) — A labor strike against the three largest motor vehicle manufacturers in the United States is expected to be expanded further on Friday amid ongoing contract negotiations.
If no deal is reached overnight, United Auto Workers President Shawn Fain will deliver remarks at 10 a.m. ET announcing new targets to strike, which will begin at noon.
A source close to the union spoke to ABC News on Thursday afternoon, describing the negotiations as being very active within the last 24 hours and having in-person, sit-down meetings with representatives from both sides, including Fain.
The UAW, which represents nearly 150,000 American autoworkers, launched a strike against General Motors, Ford and Stellantis — often called the “big three” — on Sept. 15. Almost 13,000 workers walked out of three auto plants in Michigan, Missouri and Ohio that day. The union is utilizing a “stand-up” strike method to target specific plants and add to the list if a deal isn’t reached.
After the unprecedented strike began, Ford laid off 600 workers who assemble cars at a plant in Michigan on Sept. 15. Workers in the paint department at a nearby plant are out on strike, leaving the assembly workers without adequate parts since the parts require paint before they can be put together into cars, a company spokesperson told ABC News.
On Sept. 22, Fain announced 38 new strike locations targeting GM and Stellantis, saying all parts distribution locations for the two companies at cities across 20 U.S. states will now join the walkouts. Ford was excluded at the time due to substantial progress at the bargaining table. Approximately 5,625 additional UAW members joined the picket line that day, bringing the overall total to more than 18,000.
It was unknown how many more targets would be picked for Friday, as the strike nears its fourth week. But it was clear that all three Detroit-based companies would be potential options if there was no progress.
Sticking points in negotiations were wage increases and the length of the workweek. The union is demanding a 46% pay increase combined over the four-year duration of a new contract, as well as a 32-hour workweek at 40-hour pay. So far, GM, Ford and Stellantis have each put forward proposals that offered workers a 20% pay increase over the life of the agreement but preserved a 40-hour workweek.
Economists have warned that while the U.S. has yet to see any massive effects on its economy, a prolonged strike lasting a month or more could damage the country’s GDP and increase the chances of heading into a recession. Economists previously told ABC News that a strike could result in billions of dollars in losses, disruption to the supply chain and other financial consequences.
On Thursday, Fain accused GM and Stellantis of enabling violence against striking workers, pointing to incidents that occurred in Michigan, Massachusetts and California. Both companies denied the allegations and cited an escalation in behavior on the picket line.
President Joe Biden has deployed acting Labor Secretary Julie Su and White House senior adviser Gene Sperling to Detroit to offer their support for the parties in reaching an agreement. Biden himself traveled to Michigan this week to join the picket line “and stand in solidarity with the men and women of UAW as they fight for a fair share of the value they helped create.”
