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 says GOP ‘learned a lot’ after democratic election wins
U.S. President Donald Trump said that he and the Republican Party “learned a lot” from the Democratic victories in Tuesday’s state and local elections. He also compared Democrats to “kamikaze pilots” over the ongoing budget standoff.
Speaking at an event with Republican senators on Wednesday, Trump described the results as an unexpected setback.
“These were very Democratic areas, but I don’t think it was good for Republicans. In fact, I don’t think it was good for anyone. But we had an interesting night and we learned a lot,” he said during remarks broadcast by the White House.
Trump agreed with pollsters that two key factors led to Republican losses in New York’s mayoral race and the gubernatorial contests in New Jersey and Virginia.
International
Bolivia’s Jeanine Áñez freed after Supreme Court annuls her conviction
Former Bolivian interim president Jeanine Áñez was released from a women’s prison in La Paz on Thursday, where she had spent more than four and a half years for an alleged coup, after her conviction was annulled, AFP journalists confirmed.
Dozens of supporters and family members gathered outside the facility to celebrate her release. Áñez left the prison waving a Bolivian flag around 15:00 GMT.
“It is comforting to see that justice will once again prevail in Bolivia. She was the only woman who took on the role with bravery and courage,” said Lizeth Maure, a 46-year-old nurse who had come to show her support.
Áñez, a 58-year-old lawyer and conservative politician, governed Bolivia for nearly a year until November 2020, when she handed power to leftist leader Luis Arce.
She was arrested in 2021 and sentenced the following year to 10 years in prison for “resolutions contrary to the Constitution,” accused of illegally assuming the presidency after Evo Morales resigned in 2019 amid social unrest.
Her sentence was overturned on Wednesday by the Supreme Court of Justice, Bolivia’s highest judicial authority.
The court ruled that Áñez should have been subjected to a “trial of responsibilities” before Congress— a constitutional process reserved for sitting presidents, vice presidents, ministers, and top judges — rather than prosecuted in an ordinary criminal court.
As she was welcomed by relatives and supporters upon release, Áñez declared:
“I feel the satisfaction of having fulfilled my duty to my country, of never having bowed down. And I will never regret having served Bolivia when it needed me.”
International
Peru declares Mexico’s president Persona Non Grata over political asylum dispute
Peru’s Congress declared Mexican President Claudia Sheinbaum persona non grata on Thursday, accusing her of “unacceptable interference in internal affairs” after granting political asylum to former Peruvian Prime Minister Betssy Chávez.
The motion, introduced by right-wing parties, passed with 63 votes in favor, 33 against, and two abstentions. Lawmakers argue that Sheinbaum has maintained a hostile stance toward Peru since taking office.
Peru severed diplomatic relations with Mexico on Monday following the asylum decision. Chávez, who is facing charges for her alleged involvement in former President Pedro Castillo’s failed coup attempt in December 2022, remains under protection at the Mexican embassy residence in Lima.
Following the diplomatic break, interim President José Jerí said on X that Mexico’s chargé d’affaires in Peru, Karla Ornela, has been notified by the foreign ministry that she must leave the country within a strict deadline.
The Mexican government condemned Lima’s decision as “excessive and disproportionate,” asserting that offering asylum to Chávez is a legitimate act grounded in international law and does not constitute interference in Peru’s domestic matters.
Trump says GOP ‘learned a lot’ after democratic election wins
Bolivia’s Jeanine Áñez freed after Supreme Court annuls her conviction
Peru declares Mexico’s president Persona Non Grata over political asylum dispute
Tec de Monterrey honors one of its students for his contribution to nanotechnology in medicine
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