Big business enthusiasts in California and throughout the country are known to closely monitor the news regarding court cases involving major corporations here and abroad. As 2023 continues to unfold, several business moguls focus on several issues, including one that has prompted the U.S. Supreme Court to hear a case. If you’re a CEO or top executive in a large corporation, you may want to follow these business litigation cases, especially if they are relevant to your company.
The Digital Services Act, user-created content and cryptocurrency are three primary issues that are making headlines this year. Big name moguls like Elon Musk, Sam Bankman-Fried, Amazon, Apple and Google often receive mention in connection with these topics. If you own stock in these companies or are an executive in a similar-sized business, you’ll want to learn as much as you can about the issues and lawsuits that are dominating business news in 2023.
Bankman-Fried pleaded not guilty to fraud
Sam Bankman-Fried, founder of the FTX cryptocurrency empire, recently entered a plea in a federal court regarding fraud charges filed against him following the collapse of the digital currency trading enterprise. Bankman-Fried signed off on a “not guilty” plea and will head back to court for a trial in October.
Fraud is a broad category encompassing numerous types of business practices. Penalties under conviction can be quite severe, including jail time and substantial fines, which is why you’d want to build as strong a defense as possible before heading to court if you were to face fraud charges in your business.
Does your tech company host user-generated content?
The Digital Services Act (DSA) is supposed to level the playing field for big businesses. Its intention is to protect the rights of digital platform users. The DSA is particularly relevant to online marketplaces, social networks, content-sharing platforms and app stores.
Under the DSA, an end user must be able to uninstall a pre-installed app. Such users must also be able to change default settings on operating systems. New laws also state that big businesses like Amazon or Apple cannot favor their own products over third-party products and services.
Tesla shareholders questioning Elon Musk’s Twitter acquisition
Acquisitions and takeovers are integral components of big business in California and across the country, as well as on a global scale. You may be one of millions of corporate executives who closely followed Elon Musk’s acquisition of the Twitter social media platform. Musk is also co-founder and CEO of the automotive and clean energy company, Tesla.
Tesla shareholders are reportedly concerned that Musk may be selling off stocks in the company to pay for loans he took out to make the Twitter acquisition. The U.S. Federal Trade Commission also has questions for Musk regarding whether the downsizing that occurred soon after he took over Twitter has affected the company’s ability to adhere to its agreement to protect private user data.
What to do if your business is facing similar issues
When you have a lot at stake as a large business enterprise in California or elsewhere, the single most important thing you can do to protect your interests is to seek experienced guidance and support when a legal issue arises. Such guidance increases your chances of obtaining a favorable outcome.
