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
Chile enters runoff campaign with Kast leading and Jara seeking a last-minute comeback
Chile’s presidential runoff campaign for the December 14 election kicked off this Sunday, with far-right candidate José Antonio Kast entering the race as the clear favorite in the polls, while left-wing contender Jeannette Jara faces an uphill scenario, hoping for a comeback that some experts describe as “a miracle.”
The final polls released in Chile—published before the mandatory blackout on survey dissemination—give Kast, an ultraconservative former lawmaker running for president for the third time, a lead of between 12 and 16 points. His opponent, the communist former minister in Gabriel Boric’s current administration, is weighed down not only by the government’s low approval ratings but also by a fragmented electorate.
Although Jeannette Jara received the most votes in the first round with 26.9%, her lack of alliances beyond the left makes it difficult for her to expand her support. Kast, who secured 23.9%, has already brought key figures on board: ultralibertarian Johannes Kaiser (13.9%) and traditional right-wing leader Evelyn Matthei (12.4%), both now backing his candidacy.
Analysts note that although Kast’s support base consolidates more than 50% of the electorate, it does not guarantee an automatic transfer of votes. Populist economist Franco Parisi, who placed third with 19.7%, emerges as the major wildcard. His party, the People’s Party (PDG), is set to decide this Sunday through an internal consultation whether to endorse one of the two finalists.
International
Trump says asylum decision freeze will remain in place “for a long time”
U.S. President Donald Trump warned on Sunday that the suspension of decisions on asylum applications—implemented as part of his order to “halt” immigration from third-world countries following Wednesday’s shooting in Washington—will remain in effect “for a long time.”
The president declined to specify how long the freeze, imposed last Friday by the U.S. Citizenship and Immigration Services (USCIS), would last. The suspension affects individuals waiting for an asylum ruling from that agency, though it does not apply to cases handled by U.S. immigration courts.
The delay is part of a series of measures enacted by the Trump Administration after a shooting on Wednesday in which an Afghan national allegedly opened fire on the National Guard in Washington, D.C., killing one officer and leaving another in critical condition.
Trump has ordered a permanent halt to immigration from 19 countries classified as “third-world.” He also indicated on Sunday that “possibly” more nations could be added to the list.
“These are countries with high crime rates. They are countries that do not function well… that are not known for success, and frankly, we don’t need people from those places coming into our country and telling us what to do,” Trump said, adding: “We don’t want those people.”
USCIS had already announced on Thursday a “rigorous review” of green cards held by migrants from 19 “countries of concern,” including Afghanistan, Cuba, Venezuela, and Haiti.
International
Sri Lanka and Indonesia deploy military as deadly asian floods kill over 1,000
Sri Lanka and Indonesia deployed military personnel on Monday to assist victims of the devastating floods that have killed more than a thousand people across Asia in recent days.
A series of weather events last week triggered prolonged torrential rains across Sri Lanka, parts of Indonesia’s Sumatra island, southern Thailand, and northern Malaysia. Indonesian President Prabowo Subianto said Monday in North Sumatra that “the priority now is to deliver the necessary aid as quickly as possible.”
“There are several isolated villages that, with God’s help, we will be able to reach,” he added. Subianto also stated that the government had deployed helicopters and aircraft to support relief operations.
Floods and landslides have claimed 502 lives in Indonesia, with a similar number still missing.
This marks the highest death toll from a natural disaster in Indonesia since 2018, when an earthquake and subsequent tsunami killed more than 2,000 people.
The government has sent three military ships carrying aid and two hospital vessels to the hardest-hit regions, where many roads remain impassable.
In the village of Sungai Nyalo, located about 100 kilometers from Padang, the capital of West Sumatra, floodwaters had receded by Sunday, leaving homes, vehicles, and crops coated in thick mud.
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