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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
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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.

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