Sign up USA
Proactive Investors - Run By Investors For Investors

TUT Report: Tesla investor talks to SEC; Uber accused of cheating drivers; Twitter faces EU fines

TUT is a summary of reports on Twitter, Uber and Tesla
Uber signage
TUT is Twitter, Uber and Tesla

Privately held Uber Technologies Inc may be saving more than US$500mln per year by misclassifying its California drivers as independent contractors, a report by Bloomberg said.

A lawsuit claims the ride-hailing company avoids paying an average of US$9.07 an hour in expenses and benefits that it would incur if drivers were properly treated as employees, according to the complaint filed in federal court in San Francisco.

The case was brought by a car delivery service that claims Uber uses its illegal labor savings to price rides below their true cost.

READ: A 'short' history of Uber’s controversies

Twitter Inc (NYSE:TWTR) is facing fines from the EU over extremist posts along with other tech giants such as Facebook Inc (NASDAQ:FB) and Alphabet Inc's Google (NASDAQ:GOOG), a report by the BBC said.

European Commission president Jean-Claude Juncker said Twitter, Google and Facebook must remove extremist content within an hour or face hefty fines. Net firms had been fiven three months in March to show they were acting faster to take down radical posts.

Twitter shares fell 3.69% to finish at US$29.75.

READ: Tesla reportedly loses another executive; largest institutional investor expresses concern about Musk’s behavior

Tesla Inc's (NASDAQ:TSLA) biggest insitutional investor said it was questioned by US securities regulators about Elon Musk's now abandoned plans to take the electric carmaker private, a report by Reuters said.

Baillie Gifford's James Anderson, the fund manager of Scottish Mortgage Investment Trust, which owns Tesla shares, said he has talked with Musk about the idea of bringing in another executive.

Tesla's shares closed on Wednesday up 3.97% at US$290.54.

View full TWTR profile View Profile

Twitter Timeline

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You understand that the Company receives either monetary or securities compensation for our services. We stand to benefit from any volume this write-up may generate.

You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

Copyright © Proactiveinvestors.com, 2018. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use