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
Trump announces 17-nation alliance in the Americas to “destroy” drug cartels
U.S. President Donald Trump announced on Saturday the creation of a 17-nation alliance across the Americas aimed at dismantling drug cartels, during a regional summit held at his golf club in Doral.
Speaking to a group of allied leaders at the Shield of the Americas Summit, Trump said the initiative would rely on military force to eliminate powerful criminal networks operating throughout the hemisphere.
“The heart of our agreement is the commitment to use lethal military force to destroy these sinister cartels and terrorist networks. Once and for all, we will put an end to them,” Trump told the assembled heads of state.
The Republican leader argued that large portions of territory in the Western Hemisphere have fallen under the control of transnational gangs and pledged U.S. support to governments seeking to confront them. He even suggested the potential use of highly precise missiles against cartel leaders.
Before making the announcement, Trump greeted the roughly twelve leaders attending the summit, including close allies such as Javier Milei, Daniel Noboa and Nayib Bukele, whom he described as a “great president.”
The meeting forms part of Trump’s broader regional strategy inspired by his reinterpretation of the Monroe Doctrine, which seeks to reinforce Washington’s influence in the Americas, strengthen security cooperation and counter the growing presence of powers such as China.
Trump pointed to recent U.S. actions in the region as examples of his administration’s approach, including the operation that led to the capture of former Venezuelan president Nicolás Maduro earlier this year.
The summit also takes place amid escalating international tensions following the conflict launched last week by the United States and Israel against Iran.
International
Trump replaces Homeland Security Secretary Kristi Noem with Senator Markwayne Mullin
U.S. President Donald Trump announced Thursday the departure of Kristi Noem as Secretary of Homeland Security, one of the key architects of the administration’s policy of deporting undocumented immigrants.
Noem, who has been assigned a new role as a “special envoy” to Latin America, will be replaced starting March 31 by Republican Senator Markwayne Mullin, the president said in a message posted on his social media platform Truth Social.
According to media reports, Trump made the decision after Noem’s recent hearings in Congress, during which she faced tough questions regarding the awarding of a major public contract.
International
Young Woman Will Represent Mexico at 2026 World Cup Opener, Says President Sheinbaum
Mexico’s president, Claudia Sheinbaum, announced Thursday that the young Mexican woman who proves to have the best ball control skills will receive her personal ticket to the opening match of the 2026 FIFA World Cup in Mexico City.
The left-wing leader had previously said she would not attend the tournament’s opening game on June 11 in the Mexican capital and instead planned to give away the ticket number 00001, reserved for her by FIFA.
During her morning press conference, Sheinbaum explained that women between 16 and 25 years old can participate by submitting a video through an official platform.
“What do they have to do? Keep the ball in the air for one minute,” she said, referring to the soccer juggling challenge that will determine the winner.
Among the judges selecting the winner will be Mexican striker Charlyn Corral, the world’s top female scorer who set a ball-control record in 2005, and professional referee Katia Itzel García.
Sheinbaum also revealed that she plans to watch the opening match during a large public gathering with giant screens in the Zócalo, located in the historic center near the presidential palace.
“Very few people will be able to attend the opening. So I will watch it here with the people, and a young woman will represent me and the people of Mexico,” the president said.
Sheinbaum has previously commented on the high cost of World Cup tickets, as well as the difficulty of obtaining them in a metropolitan area with more than 20 million inhabitants.
In the 2026 tournament, jointly hosted by United States, Mexico, and Canada, Mexico will stage 13 matches in Mexico City, Guadalajara, and Monterrey.
The opening match will take place at the legendary Estadio Azteca, which previously hosted World Cup opening ceremonies in 1970 and 1986, occasions when the presidents in attendance were famously booed by the crowd.
Trump announces 17-nation alliance in the Americas to “destroy” drug cartels
Trump replaces Homeland Security Secretary Kristi Noem with Senator Markwayne Mullin
Young Woman Will Represent Mexico at 2026 World Cup Opener, Says President Sheinbaum
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