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Porsche board members facing another ˆ1.8B lawsuit over VW takeover bid

Back in 2008, Porsche got the bright idea that it could take over Volkswagen in the midst of the worst economic slump since the Great Depression. Ignoring that this was a catastrophic move for the Stuttgart sports car manufacturer that that eventually resulted in it nearly going bankrupt and eventually being taken over by the same company it sought to control, the aftermath has left Porsche Chairman Wolfgang Porsche and board member Ferdinand Piëch in the crosshairs of seven hedge funds that lost out during the takeover and are now seeking €1.8 billion - $2.43 billion US - in damages from the two execs, according to the BBC.
See, investors bet on Volkswagen's share price going down, partially because Porsche said it wasn't going to attempt a takeover. But Porsche was attempting to take over VW, having bought up nearly 75-percent of VW's publicly traded shares. When word broke that Porsche owned nearly three-quarters of VW (which indicated an imminent takeover attempt), rather than go down like the hedge funds bet it would, VW's share price skyrocketed to over 1,000 euros per share, according to Reuters.
Naturally, when you bet that a company's share price is going to drop and it in turn (temporarily) becomes the world's most valuable company, you lose a lot of money, unless you're able to buy up shares before prices jump too much. This led to a squeeze on the stock, which the hedge funds accuse Porsche and Piëch (who are both members of the Porsche family and supervisory board) of organizing.

Alfa Romeo 33 Stradale revealed, Dodge Challenger Black Ghost driven | Autoblog Podcast #796

In this episode of the Autoblog Podcast, Editor-in-Chief Greg Migliore is joined by Senior Editor John Beltz Snyder. John has been driving the 2024 Jeep Wrangler Rubicon 392, while Greg has been making noise in another last call from Dodge, the 2023 Challenger Black Ghost. John, along with Associate Editor Byron Hurd, recently tested the 2023 Honda CR-V and Kia Sportage hybrids for an upcoming comparison review. In the news, Felipe Massa seeks to overturn the 2008 F1 Championship in his favor through legal means; Ford might return to the street-performance truck scene with the F-150 Lobo; Volkswagen has been hinting at something interesting at the Munich show by tweeting a mysterious video of a rabbit (the animal); and while the podcast recording was underway, Alfa Romeo unveiled its beautiful 33 Stradale supercar. Send us your questions for the Mailbag and Spend My Money at: Podcast@Autoblog.com. Autoblog Podcast #796 Get The Podcast Apple Podcasts – Subscribe to the Autoblog Podcast in iTunes Spotify – Subscribe to the Autoblog Podcast on Spotify RSS – Add the Autoblog Podcast feed to your RSS aggregator MP3 – Download the MP3 directly Rundown Cars we're driving 2024 Jeep Wrangler Rubicon 392 2023 Dodge Challenger Black Ghost Additional reading: 1970 Dodge Challenger Black Ghost hammers for $975,000 at Mecum Spring Classic 2023 Honda CR-V Sport Touring Hybrid vs. 2023 Kia Sportage Hybrid SX Prestige Massa vows to fight for Hamilton's 2008 Formula 1 title Ford F-150 Lobo reportedly coming as street-oriented performance truck Volkswagen teases Rabbit in mysterious video Alfa Romeo 33 Stradale supercar revealed with gas and EV versions, gorgeous either way Additional reading: Alfa Romeo 33 Stradale is a fast Alfa, developed fast Feedback Email – Podcast@Autoblog.com Review the show on Apple Podcasts Autoblog is now live on your smart speakers and voice assistants with the audio Autoblog Daily Digest. Say “Hey Google, play the news from Autoblog” or "Alexa, open Autoblog" to get your favorite car website in audio form every day. A narrator will take you through the biggest stories or break down one of our comprehensive test drives. Related video: Green Podcasts Alfa Romeo Dodge Ford Honda Jeep Kia Volkswagen Truck Coupe Crossover SUV Electric Hybrid Luxury Off-Road Vehicles Supercars

Jay Leno takes a ride in Gabriel Iglesias' classic 1966 VW bus

We've seen Jay Leno driving all manner of vehicles, many of them epically fast. But few (this is side of his steamers, anyway) have been as slow – or quite as beautiful – as this classic 1966 Volkswagen Samba. While many of the vehicles featured on episodes of Jay Leno's Garage have actually been from Jay Leno's own garage, the former talk-show host has been known to feature some interesting rides from fellow comedians. A couple of weeks ago it was Adam Carolla's '68 Lamborghini Islero, and this vintage, pristine VW bus belongs to Gabriel Iglesias. It's in beautiful condition and is a sight to see, even if it has a little trouble making its way down the highway. Or starting up again after a quick snack break.