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

Bill Gates Admits “Serious Mistake” Over Epstein Ties

Bill Gates acknowledged he made a “serious mistake” by associating with convicted sex offender Jeffrey Epstein, telling employees at his philanthropic organization that he regretted the relationship and its impact on the foundation’s work. He also admitted to having had affairs with two Russian women but denied any involvement in Epstein’s criminal activities.

The Microsoft co-founder is among several high-profile figures mentioned in documents from the so-called Epstein files released by the U.S. Department of Justice. The records reference personal associations, financial dealings and private communications involving Epstein’s network.

During a staff-wide meeting at the Bill & Melinda Gates Foundation on Tuesday, a recording of which was reviewed by The Wall Street Journal, Gates said he regretted spending time with Epstein and arranging meetings between foundation executives and the financier.

“It was a big mistake to spend time with Epstein,” Gates told employees, adding that the association had harmed the foundation’s reputation.

In a draft email released by the Justice Department, Epstein claimed that Gates had engaged in extramarital relationships. The message alleged that their interactions ranged from assisting Gates in obtaining drugs to cope with personal matters to facilitating meetings with married women.

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Gates, 70, acknowledged during the internal meeting that he had two affairs but firmly denied any connection to Epstein’s crimes.

The revelations come amid renewed scrutiny over Epstein’s network of prominent contacts following the public release of investigative files.

International

Stephen Hawking Photo Appears in Newly Released Epstein Documents

A previously unseen image of renowned theoretical physicist Stephen Hawking has surfaced among documents recently released by the U.S. Department of Justice as part of its investigation into financier Jeffrey Epstein.

The photograph shows the British scientist, who died in 2018 at age 76, smiling while seated between two women wearing swimsuits in what appears to be a beach setting. In the image, Hawking appears to be holding a drink while reclining on a sun lounger.

The exact context of the photo — including the date and location — has not been officially confirmed. However, it is known that Hawking attended a scientific conference funded by Epstein in March 2006 in the U.S. Virgin Islands, where several academics participated in events and activities organized by the financier prior to his criminal charges.

No Allegations Against Hawking

Hawking’s appearance in the files does not imply involvement in illegal or inappropriate conduct, and there are no formal charges linking him to any criminal activity in connection with the Epstein case.

The physicist is mentioned in numerous documents, primarily in relation to his participation in academic events associated with Epstein’s efforts to build connections with prominent figures in the scientific community.

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The release of the files has prompted renewed public interest in the scope of Epstein’s network, though inclusion in the documents alone does not indicate wrongdoing.

International

Larry Summers Steps Down from Harvard Role Amid Epstein Controversy

Former U.S. Treasury Secretary Larry Summers has resigned from his academic post at Harvard University due to his ties to convicted sex offender Jeffrey Epstein, the university said Wednesday.

Summers, who led the U.S. Treasury Department under former President Bill Clinton and later served as president of Harvard in the early 2000s, appeared in Justice Department files related to Epstein as having maintained extensive exchanges with the late financier.

According to a university statement, “Harvard Kennedy School Dean Jeremy Weinstein has accepted the resignation of Professor Lawrence H. Summers from his role as co-director of the Mossavar-Rahmani Center for Business and Government,” noting that the decision was connected to the Epstein case.

Meanwhile, Clinton is scheduled to testify Friday before a congressional committee regarding the Epstein matter. Former Secretary of State Hillary Clinton is expected to appear before the panel on Thursday.

The development marks another high-profile repercussion stemming from renewed scrutiny surrounding Epstein’s network of associations.