International
Musk to testify at trial over his $50 bn Tesla compensation
| 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.
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”.
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.
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
Tehran airports resume operations as Iran lifts airspace closure
Iran announced on Thursday the full reopening of its airspace, including over the capital Tehran, after it was closed on June 13 — the first day of the war with Israel.
According to the official IRNA news agency, international airports in Tehran (Mehrabad and Imam Khomeini), as well as airports in the north, east, west, and south of the country, have resumed operations and are ready to handle flights.
Iran had completely shut down its airspace on June 13 following Israel’s unprecedented airstrikes. On June 25, one day after a ceasefire was declared, flight operations had resumed gradually, though only in the eastern regions.
On June 28, Iran further expanded the reopening of its airspace to include foreign airlines flying over its territory.
As of Thursday, only the airports in Isfahan (central Iran) and Tabriz (northwest) remain closed, as both cities were repeatedly targeted in Israeli airstrikes and their infrastructure is still under repair, IRNA said.
International
Man attacks passengers with axe on german ICE Train
A man attacked several passengers with an axe aboard an ICE train in the southern German state of Bavaria on Thursday.
According to police, four people sustained minor injuries during the incident, and the suspect was taken into custodyshortly afterward.
The attack occurred shortly before 2:00 p.m. (local time) on ICE train number 91, which was traveling from Hamburg-Altona to Vienna, Austria, according to German newspaper Bild.
Authorities have not yet released further details regarding the motive or the identity of the attacker.
International
Trump to decide soon on deportation exemptions for construction and farm workers
U.S. President Donald Trump stated on Tuesday in Florida that he will make a decision in the coming weeks regarding exemptions from deportations for workers in the construction and agriculture sectors.
Trump made these remarks to the media during a visit to the new migrant detention center, ‘Alligator Alcatraz,’ located in the middle of a wetland in Florida, the White House reported.
ICE (Immigration and Customs Enforcement) raids have targeted many of these workers, sparking fear among them and threatening to slow down two sectors that are vital to the U.S. economy.
In construction, 25.7% of workers are immigrants, and 14.1% of the total workforce nationwide is undocumented, according to the American Immigration Council.
In agriculture, the percentage of undocumented employees rises to 42%, according to data from the Department of Agriculture cited by the New York Times.
Tehran airports resume operations as Iran lifts airspace closure
Man attacks passengers with axe on german ICE Train
Trump to decide soon on deportation exemptions for construction and farm workers
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
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