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Economic Times
5 days ago
- Automotive
- Economic Times
Tesla, Elon Musk sued by shareholders over Robotaxi claims
Reuters Elon Musk and Tesla were sued by shareholders who accused them of securities fraud for concealing the significant risk that the company's self-driving vehicles, including the Robotaxi, were dangerous. The proposed class action was filed on Monday night, following Tesla's first public test of its robotaxis in late June in the company's Austin, Texas, hometown. That test showed the vehicles speeding, braking suddenly, driving over a curb, entering the wrong lane, and dropping off passengers in the middle of multilane roads. Tesla's share price fell 6.1% over two trading days after the test began, wiping out about $68 billion of market value. Musk and his electric vehicle maker were accused of repeatedly overstating the effectiveness of and prospects for their autonomous driving technology, inflating Tesla's financial prospects and stock price. Shareholders said this included Musk's assurance on an April 22 conference call that Tesla was "laser-focused on bringing robotaxi to Austin in June," and Tesla's claim the same day that its approach to autonomous driving would deliver "scalable and safe deployment across diverse geographies and use cases." Tesla did not immediately respond on Tuesday to requests for comment. Chief Financial Officer Viabhav Taneja and his predecessor Zachary Kirkhorn are also defendants. Expanding robotaxis is crucial for Tesla as the company faces falling demand for its aging electric vehicles and a backlash over Musk's politics. Musk, the world's richest person, wants to offer the service to half the U.S. population by year end, but must convince regulators and assure the public his technology is safe. Monday's lawsuit in Austin federal court is led by Tesla shareholder Denise Morand, and seeks damages for shareholders between April 19, 2023 and June 22, 2025. A Florida jury on August 1 found Tesla 33% responsible for a 2019 crash involving its self-driving software, which killed a 22-year-old woman and injured her boyfriend, and ordered it to pay about $243 million in damages to victims. Tesla blamed the driver and plans to appeal. The case is Morand v Tesla Inc et al, U.S. District Court, Western District of Texas, No. 25-01213. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
Economic Times
6 days ago
- Business
- Economic Times
Conversational AI platform Rifa AI raises $1.1 million from Seaborne Capital
Agencies Rifa AI, a conversational artificial intelligence (AI) platform building human-like voice AI solutions for enterprises, has raised $1.1 million in a funding round led by Seaborne Capital. Founded by IIT Bombay alumni Sameer Fulzele and Shubham Khoker in 2023, the startup's platform is used to automate customer interactions for companies across sectors like insurance, healthcare, and financial services, replacing call centres. It deploys voice AI agents at scale, integrating with an enterprise's existing systems. Rifa AI offers real-time, autonomous voice interactions. It claims to reduce the volume of calls handled by human agents by up to 70%, while enabling up to 60% of queries to be resolved end-to-end through AI voice agents. 'If you had a 500 team in a call centre in the Philippines, with Rifa, you could have a 10-person team in the US achieving the same results. Instead of 500 less-trained workers, you can work with 10 highly efficient, trained people and our network of voice agents for customer interactions,' cofounder Khoker told ET. The fresh capital will be used to scale the startup's operations in North America and enter new sectors, he said. The company currently services three clients based in the US, including health insurers, underwriters, and debt collection competes with the likes of Leena Ai, NimbusWeb, and Yellow Ai, which also operate in this space in the US. Khoker acknowledged concerns around hallucinations with the platform, especially as it works with companies in highly regulated sectors. Hallucinations are when AI models provide inaccurate or misleading information.'We offer an augmented solution. Whenever there's a hallucination, our bot tries some damage control measures. If that doesn't work automatically, the call gets routed to a human at a back office,' Khoker added. The Rifa AI team comprises over 20 members, located in Mumbai and San Francisco. Elevate your knowledge and leadership skills at a cost cheaper than your daily tea. Can Coforge's ambition to lead the IT Industry become a reality? BlackRock returns, this time with Ambani. Will it be lucky second time? Amazon is making stealthy moves in healthcare, here's why! The trader who blew the whistle on Jane Street Stock Radar: Globus Spirits breaks out from 9-month consolidation; check target & stop loss for long positions Weekly Top Picks: These stocks scored 10 on 10 on Stock Reports Plus These large-caps have 'strong buy' & 'buy' recos and an upside potential of more than 25% Stock picks of the week: 5 stocks with consistent score improvement and upside potential of up to 36% in 1 year
