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
U.S. strike in Caracas killed 32 cuban security officers, experts say surprise was crucial
Two days after a U.S. military attack on a military complex in Caracas, Havana confirmed that 32 members of its security forces were killed in the operation, some of whom were likely responsible for protecting Venezuelan leader Nicolás Maduro. The Venezuelan government also reported that 23 of its own military personnel died during the assault.
Of the Cuban dead, 21 belonged to the Ministry of the Interior, which oversees intelligence services, and 11 were from the Revolutionary Armed Forces. No official information has been released regarding potential injuries.
Experts consulted by AFP agreed that the element of surprise was the key to the success of the U.S. military operation, which was meticulously prepared over months and kept entirely secret. “Cuban intelligence … convinced the Maduro regime and its security agencies that the United States would never attack Venezuelan territory,” explained José Gustavo Arocha, a former Venezuelan army officer and expert at the Center for a Secure Free Society, a U.S. defense think tank.
Fulton Armstrong, a former U.S. intelligence officer and Latin America researcher at American University in Washington, also highlighted the failure to anticipate the attack and to detect U.S. helicopters entering Venezuelan airspace, noting that even a five- to ten-minute warning could have made a significant difference for the guards and for Maduro.
U.S. forces additionally benefited from “incredible” real-time intelligence provided by stealth drones to monitor movements of the Venezuelan leader, according to experts. A highly sophisticated combat team was deployed, and analysts believe the order to “fire to kill” was likely given.
Paul Hare, former British ambassador to Cuba and Venezuela, added that Cuban intelligence also underestimated the extent of U.S. access to internal cooperation within Venezuela’s security apparatus, contributing to the operation’s success.
International
Report: Vatican mediation included russian asylum offer ahead of Maduro’s capture
The Vatican reportedly attempted to negotiate an offer of asylum in Russia for Venezuelan President Nicolás Maduro before his capture by U.S. forces last Saturday, according to The Washington Post.
The U.S. newspaper reported that Vatican Secretary of State Cardinal Pietro Parolin spoke with U.S. Ambassador to the Holy See Brian Burch about a supposed Russian proposal to grant Maduro asylum. A source familiar with the offer said that what was proposed “was that he would leave and be able to enjoy his money,” and that part of the plan involved Russian President Vladimir Putin guaranteeing Maduro’s security.
Despite these diplomatic efforts, the United States carried out a military operation that resulted in Maduro’s capture and detention, along with his wife Cilia Flores, who are now being held in New York on narcoterrorism charges.
The Washington Post also noted that U.S. President Donald Trump may have invited Maduro to Washington for in-person discussions about safe conduct, an offer that Maduro reportedly declined.
International
Pope Leo XIV warns of rising “war enthusiasm” in global politics
“War is becoming fashionable again, and war enthusiasm is spreading.” Pope Leo XIV delivered a somber assessment of international politics on Friday, sharply criticizing the growing reliance on force by nations at a time when his country of birth is increasing military displays.
While offering New Year’s greetings to the diplomatic corps, the U.S.-born pope — who also holds Peruvian nationality — delivered one of his strongest speeches to date, denouncing the “worrying weakening of multilateralism” and the emergence of what he described as “war enthusiasm.”
From the outset of his address to ambassadors accredited to the Holy See, delivered in English, the pontiff lamented the rise of a “diplomacy of force, by individuals or groups of allied states,” at the expense of dialogue, warning that such trends threaten the global order established after World War II.
“Peace is no longer sought as a gift or as a good desirable in itself, or as the pursuit of ‘the establishment of an order willed by God, one that entails greater justice among human beings.’ Instead, it is pursued through weapons as a condition for asserting one’s own dominance,” the head of the Catholic Church said, without directly naming any country.
His remarks come amid ongoing conflicts between Ukraine and Russia and in the Gaza Strip, and against a broader international backdrop marked by European concerns over a potential U.S. takeover of Greenland, the autonomous Danish territory, a scenario that could threaten the cohesion of NATO.
U.S. strike in Caracas killed 32 cuban security officers, experts say surprise was crucial
Report: Vatican mediation included russian asylum offer ahead of Maduro’s capture
Pope Leo XIV warns of rising “war enthusiasm” in global politics
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
Defense Minister commends salvadoran soldier for Central American Cross Country victory
Extension of the state of emergency approved in southern Chile
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