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

Trump orders U.S. control of Strait of Hormuz after failed Iran talks

U.S. President Donald Trump announced on Sunday that the United States will take control of the Strait of Hormuz“effective immediately,” following the collapse of negotiations with Iran held in Islamabad.

In a post on Truth Social, Trump said he had ordered the U.S. Navy to block vessels attempting to enter or exit the strategic waterway, a key route for global energy trade.

“The meeting went well, agreement was reached on most points, but the only really important one — nuclear weapons — was not approved,” Trump said, referring to the talks with Iranian representatives.

The president also stated that he had instructed authorities to intercept ships in international waters that had paid tolls to Iran to transit the strait, calling such payments “illegal.” He further accused Tehran of hindering an agreement by deploying mines in the area, describing the move as “international extortion.”

Trump added that the United States will undertake efforts to clear mines from the strait and expressed confidence that a future agreement ensuring free navigation could eventually be reached.

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The announcement came after Vice President JD Vance and special envoys Steve Witkoff and Jared Kushner briefed the president on the outcome of the negotiations, considered the highest-level contacts between the two countries since the 1979 Islamic Revolution.

While Trump acknowledged that enough progress had been made to maintain a temporary truce, he criticized Iran for remaining unwilling to abandon its nuclear ambitions, calling its position “very inflexible” on the central issue.

International

Child Found Malnourished in Van in France; Father Admits Confinement

French gendarmes discovered a child in a van in Hagenbach, in northeastern France, after a neighbor reported hearing what she described as “childlike noises” coming from the parked vehicle.

After unlocking the van, officers found the boy lying in a fetal position, unclothed and covered with a blanket, surrounded by garbage and near human waste, according to a statement from the Mulhouse prosecutor, Nicolas Heitz.

Authorities said the child appeared pale and severely malnourished. Due to prolonged confinement in a seated position, he was no longer able to walk. He was immediately taken to a hospital in Mulhouse for medical care.

The boy’s father, who lived with his partner and two daughters aged 10 and 12, admitted to keeping the child confined and depriving him of proper care.

According to the prosecutor, the man said he placed the child in the van in November 2024, claiming he wanted to “protect him” because his partner intended to have the boy admitted to a psychiatric facility.

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The suspect also stated that he allowed the child out of the vehicle in May 2025 and permitted him to enter the family apartment around mid-year, when the rest of the family was on vacation.

The man’s partner—who is not the child’s mother—also faces charges, including failure to report abuse. However, she has denied all accusations.

International

Europe Faces Jet Fuel Shortage Risk Amid Hormuz Disruption

The Airports Council International Europe has warned of a potential “systemic shortage” of jet fuel if maritime traffic through the Strait of Hormuz is not restored within the next three weeks, according to a letter reviewed by AFP on Friday.

In the document, addressed to the European Commission and first reported by the Financial Times, the European airport lobby stated that a “systemic jet fuel shortage will become a reality” in the European Union unless stable and significant transit through the strait resumes soon.

The association, which represents around 600 airports across 50 countries, called on Brussels to implement “urgent monitoring of fuel availability and supply” over the next six months.

Jet fuel prices have surged amid the conflict in the Middle East and the ongoing disruption in the Strait of Hormuz, a critical chokepoint for global energy transport.

The conflict escalated on February 28 following joint U.S. and Israeli airstrikes against Iran.

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In response, Tehran imposed several countermeasures, including blocking maritime traffic through the strait, a route through which roughly 20% of the world’s oil, jet fuel, and gas supply passes.