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. Targets Members of Outgoing Boric Administration With Visa Revocations
The United States government announced on Friday the revocation of visas for three Chilean officials—whose identities were not initially disclosed—citing activities that allegedly “undermined regional security,” an accusation that Chile denies.
In a statement, the U.S. Department of State did not provide specific details about the individuals involved but criticized the outgoing administration of leftist President Gabriel Boric.
“The legacy of the Boric government will be further tarnished by actions that undermine regional security to the ultimate detriment of the Chilean people,” the statement read. It was signed by U.S. Secretary of State Marco Rubio.
Chile’s Minister of Transport, Juan Carlos Muñoz, later confirmed in a video message to the press that he is among those sanctioned.
“I was recently informed that my visa to enter the United States has been revoked by that country, which I deeply regret,” Muñoz said.
The U.S. statement also noted that Washington hopes to “advance shared priorities, including those that strengthen security in our hemisphere, with the upcoming Kast government.”
The electoral victory of ultraconservative leader José Antonio Kast was welcomed in Washington, which has been building alliances with like-minded governments in the region to reinforce its diplomatic and economic agenda—particularly in response to China’s growing investment presence in Latin America.
“We remain committed to promoting accountability for Chilean individuals who deliberately work to destabilize our hemisphere,” the statement concluded.
International
Three Injured in Mail Package Explosion at Buenos Aires Gendarmerie Academy
Three people were injured on Friday after a mail package exploded at the Escuela Superior de Gendarmería in Buenos Aires, according to a statement released by Argentina’s Ministerio de Seguridad.
The explosion occurred at 1:49 p.m. local time (16:49 GMT) inside a building located less than one kilometer from the Government House, the ministry reported.
“Personnel from the force handled a parcel that had reportedly been received months earlier and was being stored at the facility. When it was opened, an explosion occurred, causing injuries to two officers,” the statement said.
The ministry added that both injured officers were transported to a hospital and are not in life-threatening condition. “A third officer remains in recovery and is out of danger,” authorities confirmed.
Following the incident, police cordoned off the surrounding area, halted traffic, and evacuated the 11-story building as well as adjacent buildings on the same block.
Mariana Bornio, an employee at a telecommunications company located in a neighboring building, said that as she was being evacuated, she saw one of the injured gendarmes leaving the scene shirtless and covered with a blue medical gown.
International
Top U.S. Military Commander Meets Interim Venezuelan Leaders After Maduro’s Capture
The commander of the United States Southern Command, Marine Francis L. Donovan, visited Venezuela on Wednesday, holding meetings with interim leaders following the recent capture of former President Nicolás Maduro by U.S. forces. The visit, confirmed by both U.S. and Venezuelan officials, marked a significant diplomatic and security engagement in Caracas.
Donovan, accompanied by senior U.S. officials including acting Assistant Secretary of Defense Joseph M. Humire and top diplomat Laura Dogu, met with acting President Delcy Rodríguez and key members of her cabinet, including Defense Minister Vladimir Padrino López and Interior Minister Diosdado Cabello.
According to official statements, discussions focused on strengthening bilateral cooperation on regional security issues, including efforts to combat illicit drug trafficking, terrorism, and migration. Both sides reiterated a commitment to pursuing diplomatic engagement and shared security goals for Venezuela and the Western Hemisphere.
The meetings also discussed progress on a three-phase plan supported by the United States to help stabilize Venezuela, following Maduro’s removal from power and subsequent detention in the U.S. on drug-related charges. This agenda reflects expanding U.S. engagement with Venezuela’s interim government amid broader efforts to restore diplomatic relations and address regional challenges.
The visit concluded on Wednesday, underscoring a growing U.S. focus on cooperation with Venezuelan authorities in the aftermath of major political developments earlier this year.
U.S. Targets Members of Outgoing Boric Administration With Visa Revocations
Three Injured in Mail Package Explosion at Buenos Aires Gendarmerie Academy
Top U.S. Military Commander Meets Interim Venezuelan Leaders After Maduro’s Capture
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
-
Central America2 days agoWashington Imposes Visa Ban on La Modelo Director Amid Crackdown in Nicaragua
-
International4 days agoFather Faces Murder Charges in Georgia School Shooting Case
-
International2 days agoTop U.S. Military Commander Meets Interim Venezuelan Leaders After Maduro’s Capture
-
International2 days agoBayly Says Trump ‘Gets Along Better With Dictators’ and Criticizes U.S.–Venezuela Policy
-
International2 days agoRubio Engages in Quiet Discussions With Castro Family as U.S. Pressures Havana
-
International2 days agoMaduro and Cilia Flores Receive Consular Visit in U.S. Jail Ahead of March 26 Hearing
-
International4 days agoSpanish Government Targets ‘Big Tech Impunity’ in AI Image Scandal
-
International12 hours agoThree Injured in Mail Package Explosion at Buenos Aires Gendarmerie Academy
-
International12 hours agoU.S. Targets Members of Outgoing Boric Administration With Visa Revocations
-
Sin categoría2 days agoFormer South Korean President Yoon Suk-yeol Sentenced to Life for Insurrection
-
Central America4 days agoGuatemala’s Attorney General Consuelo Porras Loses Bid for Constitutional Court Seat