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
At Least Eight Dead and 19 Injured in Deadly Bus Crash in Veracruz, Mexico
A tragic bus accident in the eastern state of Veracruz left at least eight people dead and 19 others injured on Wednesday afternoon, according to local authorities.
The vehicle was traveling through the town of Zontecomatlán when it crashed near a ravine, state Civil Protection officials reported late Wednesday night. “Regrettably, the prosecutor’s office has confirmed eight fatalities,” the agency stated in an official release.
Emergency Response and Medical Care Rescue teams worked into the night to assist the survivors. The 19 injured passengers were stabilized at the scene before being transported to hospitals in the nearby municipalities of Chicontepec and Huayacocotla. While the identities of the victims have not yet been released, Mexican press reports indicate the bus was en route from Mexico City to Chicontepec.
A Recurring Issue on Mexican Highways Road accidents involving long-haul passenger buses and freight transport are a frequent occurrence in Mexico. Experts often cite excessive speed, mechanical failure, or driver fatigue as the primary catalysts for these tragedies.
This latest incident follows another major disaster in late November, where 10 people were killed and 20 injured in a similar bus crash in the western state of Michoacán. The recurring nature of these accidents continues to spark national debate regarding the enforcement of stricter safety regulations for commercial transport units.
International
Jair Bolsonaro Hospitalized for Inguinal Hernia Surgery While Serving Sentence for Attempted Coup
Former Brazilian President Jair Bolsonaro, currently serving a 27-year prison sentence for an attempted coup, underwent surgery this Thursday for an inguinal hernia. The procedure took place at the DF Star Hospital in Brasilia, according to his wife, Michelle Bolsonaro.
The 70-year-old former leader left prison on Wednesday for the first time since his incarceration in late November to prepare for the operation. “My love has just gone to the surgical center,” Michelle Bolsonaro posted on Instagram, where she has been documenting her accompaniment during his hospitalization.
Surgical Expectations and Health History Medical professionals treating the far-right ex-president (2019-2022) anticipate the operation will last approximately four hours. His recovery period in the hospital is expected to extend between five and seven days.
Dr. Claudio Birolini explained on Wednesday that while the surgery is standardized, it remains complex due to the patient’s history. Bolsonaro continues to suffer from the long-term effects of a 2018 campaign rally stabbing, an injury that required several major abdominal surgeries in the years following the attack.
“There is no such thing as a simple surgery. However, this is a scheduled and standardized procedure, so we expect it to be carried out without major complications,” Dr. Birolini stated.
Potential Additional Procedures Following the hernia repair, the medical team will evaluate whether Bolsonaro can undergo a second procedure: an anesthetic block of the phrenic nerve. This nerve controls the diaphragm, and the intervention would aim to resolve a chronic case of recurrent hiccups that has plagued the former president for years.
Bolsonaro remains under heavy security at the medical facility as he serves his lengthy sentence related to the events surrounding the January 2023 institutional crisis in Brazil.
International
Trump Orders Construction of New ‘Golden Fleet’ to Revitalize U.S. Naval Superiority
President Donald Trump issued an executive order this Monday for the immediate construction of two new warships that will bear his name. These vessels will be the pioneers of what he described as the “Golden Fleet,” a future generation of “Trump-class” battleships that he claimed would be “100 times more powerful” than those currently in service.
The announcement took place at his private residence in Mar-a-Lago, Florida. The President indicated that following the initial two ships, the administration aims to commission up to 25 additional vessels. He is scheduled to meet with Florida-based contractors next week to expedite production, criticizing existing defense firms for failing to deliver results efficiently.
This naval expansion is a cornerstone of Trump’s goal to revitalized the American shipbuilding industry and address the strategic gap between the U.S. and competitors like China.
The move comes amid heightened geopolitical tension. Just last week, Trump ordered the seizure of all sanctioned tankers involved with Venezuela’s “ghost fleet” to cripple the country’s crude oil industry. Since December 10, the U.S. military—deployed in the Caribbean under the guise of counter-narcotics operations—has already detained two tankers linked to Venezuelan oil transport.
At Least Eight Dead and 19 Injured in Deadly Bus Crash in Veracruz, Mexico
Jair Bolsonaro Hospitalized for Inguinal Hernia Surgery While Serving Sentence for Attempted Coup
Trump Orders Construction of New ‘Golden Fleet’ to Revitalize U.S. Naval Superiority
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
-
International3 days agoU.S. Judge Blocks ICE from Re-detaining Salvadoran Erroneously Deported Under Trump Administration
-
International4 days agoCristina Kirchner recovering after appendicitis surgery in Buenos Aires
-
International2 hours agoAt Least Eight Dead and 19 Injured in Deadly Bus Crash in Veracruz, Mexico
-
International4 days agoFire at substation triggers major blackout in San Francisco
-
International3 days agoTrump Orders Construction of New ‘Golden Fleet’ to Revitalize U.S. Naval Superiority
-
International2 hours agoJair Bolsonaro Hospitalized for Inguinal Hernia Surgery While Serving Sentence for Attempted Coup