International

Musk to testify at trial over his $50 bn Tesla compensation

Photo: Hoy Dinero

| By AFP | Juliette Michel |

Tesla tycoon Elon Musk will take the stand on Wednesday as part of a trial over his $50 billion pay package as CEO of the electric car giant.

Musk will testify in the same Delaware court where he faced a lawsuit by Twitter to make sure he went through with his buyout of the social platform.

The $44 billion purchase of Twitter has put Musk under a deluge of scrutiny after he conducted massive layoffs, scared advertisers and opened the platform to fake accounts.

The unrelated Tesla case is based on a complaint by shareholder Richard Tornetta, who accused Musk and the company’s board of directors of failing in their duties when they authorized the pay plan.

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Tornetta alleges that Musk dictated his terms to directors who were not sufficiently independent from their star CEO to object to a package worth around $51 billion at recent share prices.

The Tesla shareholder accuses Musk of “unjustified enrichment” and asked for the annulment of a pay program that helped make the entrepreneur the richest man in the world.

According to a legal filing, Musk earned the equivalent of $52.4 billion in Tesla stock options over four and a half years after virtually all of the company’s targets were met.

When the plan was adopted it was valued at a total of $56 billion.

The non-jury trial began Monday with testimony from Ira Ehrenpreis, head of the compensation committee on Tesla’s board of directors, who said the targets set were “extraordinarily ambitious and difficult”.

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Ehrenpreis argued that the board wanted to spur Musk to focus on Tesla at a time when the company was still struggling to gain traction.

‘Highly unusual’

The trial will run through Friday and is being presided over by Judge Kathaleen McCormick, the same judge who was to preside over the Twitter case.

There is no deadline for her decision which could take months.

It’s “highly unusual” for this kind of case to be brought to trial, Jill Fisch, Law professor at the University of Pennsylvania, told AFP.

“There aren’t all that many successful challenges to executive compensation (as) the courts have typically treated this as a business decision,” she added.

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But the court found in this case that Musk’s ownership of about 22 percent of Tesla and his role as CEO “could have an undue impact” on the board and other shareholders, she noted.

Musk canceled an in-person appearance on Sunday at an event on the sidelines of the G20 in Bali to be in court.

Asked why he had not traveled to the tropical Indonesian island, the new Twitter boss joked that his “workload has recently increased quite a lot” after his takeover of the social media giant.

International

Artemis II crew prepares for Earth return and splashdown recovery

Astronauts from the Artemis II mission are expected to be extracted from the Orion spacecraft approximately two hours after splashdown, scheduled for 20:07 UTC this Friday (6:07 p.m. in San Salvador), according to NASA.

Following recovery, a rescue team will transport the crew by aircraft to the USS John P. Murtha. Once onboard, they will undergo medical evaluations before boarding another flight to the Johnson Space Center.

On Thursday, NASA astronauts Reid Wiseman, Victor Glover, and Christina Koch, along with Canadian astronaut Jeremy Hansen from the Canadian Space Agency, continued preparations for their return to Earth.

Their activities include stowing equipment used during the mission, securing cargo and storage compartments, and installing and adjusting crew seats to ensure all items are properly fastened. The crew will also review the latest weather updates, recovery operations status, and reentry timeline, while preparing for post-landing procedures.

At 21:53 UTC (9:53 p.m. in San Salvador), Orion’s thrusters are scheduled to perform a second trajectory correction maneuver, refining the spacecraft’s path back to Earth. During this operation, Hansen will monitor guidance, navigation, and propulsion systems.

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NASA explained that during Friday’s reentry, the service module will separate about 20 minutes before Orion reaches the upper atmosphere southeast of Hawaii. If necessary, a final trajectory adjustment will fine-tune the flight path before the capsule begins a series of roll maneuvers to safely distance itself from jettisoned components.

Just before atmospheric interface, Orion will reach a peak speed of approximately 3,800 km/h. As it descends to about 400,000 feet (around 121.9 km), communications will be interrupted for approximately six minutes due to plasma formation around the capsule during peak heating.

NASA expects the crew to experience up to 3.9 G during a nominal reentry profile. After exiting the blackout phase, the capsule will jettison its forward bay cover. Drogue parachutes will deploy at around 22,000 feet (6.7 km), followed by the three main parachutes at approximately 6,000 feet (1.8 km).

Artemis II marks NASA’s first crewed flight test of the Space Launch System (SLS) rocket and Orion spacecraft around the Moon. The mission aims to validate capabilities for deep space human exploration and lay the groundwork for future long-term scientific missions on the lunar surface.

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International

Flooding in Dominican Republic leaves child dead and thousands affected

A two-year-old girl died after a wall of her home collapsed amid severe flooding that struck Dominican Republic on Wednesday. The heavy rains also caused power outages, school closures, and reduced working hours across affected areas.

Authorities issued preventive alerts in 15 of the country’s 31 provinces due to intense rainfall accompanied by thunderstorms that began Tuesday night.

Juan Méndez, director of the Center of Emergency Operations (COE), confirmed the child’s death to the press. The incident occurred in Santo Domingo Oeste, part of the capital region.

According to Red Cross officials, the girl died when a wall in her home collapsed following a landslide triggered by hours of heavy rain.

President Luis Abinader provided an update from the COE, stating that government agencies had been mobilized since early morning, particularly in Greater Santo Domingo, to protect lives and minimize material damage.

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Floodwaters left several vehicles submerged, while others were swept away by strong currents. Authorities estimate that around 250,000 families have been affected by the flooding.

Earlier, Public Administration Minister Sigmund Freund announced reduced working hours, encouraging remote work for those facing transportation difficulties, while maintaining in-person operations for essential services.

International

Bill Gates to testify before Congress over Epstein connections

Bill Gates is set to testify on June 10 before a congressional committee in United States investigating links connected to the late sex offender Jeffrey Epstein, a source familiar with the matter told AFP on Tuesday.

The Microsoft co-founder is among several high-profile figures named in documents released by the Department of Justice, which detail alleged close associations, questionable financial dealings, and private photographs involving Epstein.

According to a spokesperson cited by Politico, Gates “welcomes” the opportunity to appear before the committee. The representative emphasized that Gates “never attended or participated in any illegal activities with Epstein” and is prepared to answer questions to support the investigation.

The Bill & Melinda Gates Foundation did not immediately respond to AFP’s request for comment.

In late February, Gates told members of his foundation’s board that his association with Epstein was a “huge mistake.” He has consistently denied any involvement in the financier’s criminal activities. Epstein died by suicide in prison in 2019 while awaiting trial on charges of sex trafficking minors.

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“I did nothing illegal. I saw nothing illegal,” Gates said, according to a recording obtained by The Wall Street Journal.

Gates acknowledged that his relationship with Epstein began in 2011, three years after Epstein pleaded guilty to soliciting prostitution from a minor.

A draft email written by Epstein and released by the Department of Justice referenced alleged extramarital relationships involving Gates. The message, which was apparently never sent, claimed that Epstein had helped “Bill” obtain medication related to encounters with Russian women.

Gates admitted to having had two extramarital affairs but denied any involvement with Epstein’s victims.