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

Japan reopens Kashiwazaki-Kariwa Plant despite public concerns

La centrale nucléaire japonaise de Kashiwazaki-Kariwa, la plus grande au monde, a repris ses activités mercredi pour la première fois depuis la catastrophe de Fukushima en 2011, malgré les inquiétudes persistantes d’une partie de la population.

La remise en service a eu lieu à 19h02 heure locale (10h02 GMT), a indiqué à l’AFP Tatsuya Matoba, porte-parole de la compagnie Tokyo Electric Power (Tepco).

Le gouverneur de la préfecture de Niigata, où se situe la centrale, avait donné son feu vert à la reprise le mois dernier, en dépit d’une opinion publique divisée. Selon une enquête menée en septembre par la préfecture elle-même, 60 % des habitants se déclaraient opposés au redémarrage, contre 37 % favorables.

Mardi, plusieurs dizaines de manifestants ont bravé le froid et la neige pour protester près de l’entrée du site, sur les rives de la mer du Japon.

« L’électricité de Tokyo est produite à Kashiwazaki. Pourquoi seuls les habitants d’ici devraient-ils être exposés au danger ? Cela n’a aucun sens », a déclaré à l’AFP Yumiko Abe, une riveraine de 73 ans.

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La centrale de Kashiwazaki-Kariwa avait été mise à l’arrêt lorsque le Japon a fermé l’ensemble de ses réacteurs nucléaires à la suite du triple désastre de mars 2011 — un séisme, un tsunami et un accident nucléaire — survenu à Fukushima.

International

Markets rise as Trump halts Europe tariffs and floats Greenland agreement framework

U.S. President Donald Trump on Wednesday lifted his threat to impose new tariffs on several European countries and said he had outlined the framework of a future agreement on Greenland during a meeting in Davos with NATO Secretary General Mark Rutte.

“Based on this understanding, I will not impose the tariffs that were scheduled to take effect on February 1,” Trump wrote on his social media platform Truth Social, without providing details about the proposed “framework.”

The announcement boosted financial markets. Wall Street, which had been trading slightly higher, extended its gains following Trump’s message, while the U.S. dollar strengthened against the euro.

Trump has repeatedly insisted that Greenland, rich in mineral resources, is ‘vital’ to the security of the United States and NATO, particularly as Arctic ice melts and global powers compete for strategic advantage in the region amid rising tensions with China and Russia.

Last week, the U.S. president threatened to impose tariffs of up to 25% on eight European countries for supporting Denmark and sending a military exploratory mission to Greenland. All of the targeted countries are NATO members, including the United Kingdom, Germany, and France, Europe’s largest economies.

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Trump said on Wednesday that additional discussions are underway regarding the “Golden Dome” missile defense system, specifically in connection with Greenland.

He assigned Vice President JD Vance, Secretary of State Marco Rubio, and special envoy Steve Witkoff to lead the negotiations.

Hours before his post, Trump ruled out the use of force to seize Greenland for the first time, but demanded “immediate negotiations” for its acquisition, reiterating his view that only the United States can guarantee the security of the Arctic island.

International

Venezuela’s interim president predicts 37% increase in revenues for 2026

Venezuela’s interim president, Delcy Rodríguez, said Wednesday that the country’s revenues are expected to increase by about 37% in 2026, in a statement made during a session of the Federal Government Council at the Miraflores Presidential Palace in Caracas.

Rodríguez said the projected rise in foreign currency income comes as agreements on Venezuelan oil sales with the United States are being implemented, including deals in which Washington will trade Venezuelan crude and manage the proceeds before transferring funds to Caracas.

“This year, revenues expressed in foreign currency will increase by 37%,” Rodríguez declared, according to EFE. She noted that the increase will also benefit regional governments and local authorities. “You will have more resources for your management, which I know you need,” she added.

Rodríguez said the distribution formula for revenues will remain the same as in 2025: 53% for communes, 29% for state governments, 15% for municipalities, and 3% for institutional strengthening. She also said the government would intervene to “correct imbalances” in how funds are allocated, particularly among some municipal and regional authorities.

The announcement follows reporting that Venezuela received at least $300 million from oil revenues tied to a U.S.–Venezuela deal that could involve up to 50 million barrels of crude. Washington officials have said the interim government met U.S. requirements under the agreement.