COMPANY NEWS IN BRIEF
Musk sells R282bn worth of Tesla sharesTesla CEO Elon Musk has sold US$7.92 million Tesla shares, which is worth nearly US$7 billion. The transactions were given the go ahead between August 5 and 9 after the electric carmaker's 2022 annual shareholder meeting.
Elon Musk has sold nearly US$7 billion worth of Tesla shares, according to legal filings published Tuesday, amid a high-stakes legal battle with Twitter over a US$44 billion buyout deal.
The Tesla boss sold some 7.9 million shares between August 5 and 9, according to filings published on the Securities and Exchange Commission's website.
"In the hopefully unlikely event that Twitter forces this deal to close and some equity partners don't come through, it is important to avoid an emergency sale of Tesla stock," Musk, the world's richest man wrote on Twitter late Tuesday.
Twitter is locked in a legal battle with the mercurial Tesla boss over his effort to walk away from the April agreement to buy the company, and a judge has ordered that a trial will begin in October.
Musk has filed a countersuit, accusing Twitter of fraud and alleging the social media platform misled him about key aspects of its business before he agreed to a US$44 billion buyout. -Fin24
Former Transnet execs' properties frozen
The Special Tribunal has ordered that five luxury properties in gated estates - as well as pension benefits worth some R1.8 million – linked to former Transnet executives and their spouses must be frozen, pending the outcome of an application to have them forfeited to the state.
The order was issued by judge Lebogang Modiba on Monday.
It bars former property chief executive Thabo Lebelo, his wife Alletta Mokgoro Mabitsi, as well as former regional manager Phathutshedzo Mashamba and his wife Matlhodi Phillicia Mashamba from selling, leasing, donating or transferring title their luxury properties in Rosebank and Deinfern. The luxury properties are now under the care of a curator.
The Transnet Retirement fund may also not pay out or transfer any benefits it holds that may be owed to the respondents.
The Special Tribunal adjudicates on civil matters arising from investigations by the Special Investigations Unit. Its job is to recover public funds lost to corruption, fraud and illicit money flows.
In a statement on Tuesday, the SIU and Transnet said the properties were alleged to be funded by "unlawful activities", funded by money received from service providers contracted by Transnet. -Fin24
Berkshire Hathaway posts US$43.8 bln loss
The slide in US stock prices punished Berkshire Hathaway Inc's bottom line in the second quarter, as the conglomerate run by billionaire Warren Buffett on Saturday (August 6) reported a $43.8 billion loss.
Berkshire nevertheless generated nearly US$9.3 billion of operating profit, as gains from reinsurance and the BNSF railroad offset fresh losses at the Geico car insurer, where parts shortages and higher used vehicle prices boosted accident claims.
Rising interest rates and dividend payouts helped insurance businesses generate more money from investments, while the strengthening US dollar boosted profit from European and Japanese debt investments.
Despite the huge net loss, "the results show Berkshire's resilience," said James Shanahan, an Edward Jones & Co analyst who rates Berkshire "neutral."
"Businesses are performing well despite higher interest rates, inflation pressures and geopolitical concerns," he said. "It gives me confidence in the company if there is a recession."-Fin24
US placed sanctions on Tornado Cash
The United States placed sanctions Monday on Tornado Cash, a leading "crypto mixer" for transactions in virtual currency that US officials describe as a hub for laundering stolen funds, including by North Korean hackers.
The Treasury said Tornado Cash had been used to transfer at least US$96 million of funds stolen in June from crypto exchange service Harmony Bridge, and another US$7.8 million of the nearly US$200 million in crypto currency hacked from Nomad, a similar service.
In addition, Tornado Cash was used to transfer and mask US$455 million of the more than US$600 million worth of ethereum, a leading virtual currency, stolen in April from the Axie Infinity game via the Ronin Network.
That theft, which the Treasury called the largest known crypto heist to date, was carried out by North Korean state-backed hacking units known as the Lazarus Group and APT38, according to the US Federal Bureau of Investigation.
Tornado Cash is one of the leading mixers, also known as tumblers, which help people hide the movements of their crypto currencies like bitcoin and ethereum by blending them with the transfers by other users.-Fin24