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2024 | Tesla Attorneys Ask Judge To Vacate Decision Invalidating Massive Pay Package For Elon Musk

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Musk | AP News Image

WILMINGTON, Delaware – Attorneys for Elon Musk and Tesla’s corporate board request that a Delaware judge overturn her decision compelling the corporation to revoke Musk’s large and unprecedented compensation package.

Friday’s hearing follows Chancellor Kathleen St. Jude McCormick’s January verdict, which ruled that Musk arranged the landmark 2018 pay deal through sham agreements with non-independent directors. The compensation package initially had a possible maximum value of around $56 billion, which has changed over time but is now projected to be worth more than $60 billion.

tesla Musk

Tesla Musk | AP News image

Tesla Attorneys Ask Judge To Vacate Decision Invalidating Massive Pay Package For Elon Musk

Following the court verdict, Tesla shareholders gathered in June and overwhelmingly approved Musk’s 2018 pay package for the second time.

Defense counsel argues that the vote demonstrates that Tesla shareholders, despite being aware of the faults in the 2018 process McCormick identified in her January opinion, remain adamant that Musk is entitled to the pay deal.

“Honouring the shoulder vote would affirm the strength of our corporate system,” stated David Ross, an attorney representing Musk and the other individual defendants, to McCormick. “This was stockholder democracy working.”

Ross informed the judge that the defendants were not disputing the factual findings or legal conclusions in her ruling but rather requesting that she dismiss her order requiring Tesla to cancel the pay package.

On the other hand, McCormick was skeptical of the defense arguments, questioning counsel and pointing out that there is no precedence in Delaware law for enabling a post-trial shareholder vote to affirm adjudicated breaches of fiduciary duty by corporate directors.

“This has never been done before,” she explained.

Defense attorneys contended that, while they could not locate an identical case, Delaware law has long recognized shareholder ratification as a cure for corporate governance failures and the “sovereignty” of shareholders as the ultimate owners of the organization.

“I honestly don’t see how Delaware law can tell the owners of the company that they aren’t entitled to make the decision they did,” said Rudolf Koch, an attorney for Tesla.

Donald Verrilli, a lawyer for an individual stockholder who owns more than 19,000 Tesla shares, indicated that it would be inappropriate for the lone shareholder who launched the action to defy most Tesla stockholders’ wishes. When the complaint was filed, the plaintiff owned only nine Tesla shares.

Tesla Attorneys Ask Judge To Vacate Decision Invalidating Massive Pay Package For Elon Musk

“The majority of shareholders’ voices should be considered… “This lawsuit does not represent the interests of the shareholders,” Verrilli stated.

Thomas Grady, an attorney for a group of Florida objectors who own or manage over 8 million Tesla shares worth $2 billion, said that if McCormick rules for the plaintiff, she must “disenfranchise” all other Tesla shareholders.

Attorneys for the plaintiff, seeking extraordinary legal fees in the form of Tesla stock worth more than $5 billion, were set to plead their case Friday afternoon.

SOURCE | AP

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Trudeau Rocks to Taylor Swift While Montreal Burns

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Trudeau, Montreal

Prime Minister Justin Trudeau has come under fire yet again after a video surfaced on X, showing him dancing at a Taylor Swift performance while anti-Nato protestors ransacked downtown Montreal.

Trudeau attended Taylor Swift’s concert in Toronto on Friday night. Before Taylor Swift approached the stage, X shared a viral video of him dancing and singing along to the song “You Don’t Own Me.”

The image of Trudeau dancing amid violent protests in Montreal generated widespread indignation online. Some social media users even compared Trudeau to the ancient Roman dictator Nero, known for “fiddling while Rome burned.”

Don Stewart, a Member of Parliament (MP) representing part of Toronto, called out the prime minister in a post on X.

“Lawless protesters run roughshod over Montreal in violent protest. The Prime Minister dances,” Stewart wrote. “This is the Canada built by the Liberal government.”

“Bring back law and order, safe streets and communities in the Canada we once knew and loved,” the MP added.

On Saturday, the day after Taylor Swift’s concert, Trudeau condemned the anti-NATO protests, calling them “appalling.”

Anti-NATO activists set off smoke bombs and marched through Montreal’s streets waving Palestinian flags. According to the Montreal Gazette, rioters set fire to automobiles and battled with police.

Pro-Palestinian protests

Protesters also tossed tiny explosives and metal objects at officers. At one point, the mob torched an effigy of Israeli Prime Minister Benjamin Netanyahu. Police used tear gas and batons to disperse the gathering, and three persons were arrested for attacking officers and impeding police operations.

Masked protesters were seen burning flares and bashing storefront windows in videos and photographs shared on social media. Pro-Palestinian protests have been taking place across Canada since the Israel-Gaza conflict began late last year.

Critics have lambasted Trudeau for doing nothing to stop the violent pro-Palestinian marches, with some claiming he has fueled anti-Israel sentiment in Canada.

On Friday, Trudeau stated that Canada would respect the orders of the International Criminal Court (ICC), which issued an arrest warrant for Mr Netanyahu, even if it meant arresting the Israeli prime leader on Canadian soil.

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Calgary Zoo Admits Human Error in Death of Baby Gorilla

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Baby Gorilla, Calgary Zoo
The zookeeper's negligence caused the death of a 2-year-old baby gorilla

The Calgary Zoo has admitted in a public statement that a zookeeper’s negligence caused the death of a 2-year-old baby gorilla. Eyare, a newborn gorilla, died last week after being slammed in the head by a hydraulic door.

The accident occurred when a zoo worker attempted to separate Eyare from the rest of the gorilla tribe for a solitary training session.

The gorilla died from significant head injuries, according to the zoo’s statement.

“This tragedy has struck us all in the deepest way imaginable,” Colleen Baird, director of animal care at the Calgary Zoo, said during a news conference. “Eyare’s brief but meaningful existence gave so much joy to our community, and all will sorely miss her. We will do everything possible to prevent repeat accidents.”

According to Baird, the staff member involved was immediately removed from the workplace and will be reassigned to another area of the zoo. The Calgary Zoo stated that it would take preventive steps, such as specialist personnel training and animal behavioral training, to avoid a similar incident.

Calgary Zoo Questioned

It is not the first time an animal at the zoo has died from negligence at the Calgary Zoo. A capybara was accidentally crushed by a hydraulic door similar to the one that killed Eyare in 2019.

An otter died in 2016 after being entangled in an “unauthorized” pair of jeans that a zookeeper had dropped in its enclosure. In 2013, a penguin died in “a freak accident” after swallowing a stick.

Animal Justice, a Canadian group that promotes animal welfare, has called for an independent investigation of animal safety and oversight at the Alberta facility.

“The Calgary Zoo appears to have a higher rate of animal deaths compared to other zoos, and in light of Eyare’s death there should be a systematic review of the zoo’s operations and practices, conducted transparently by the government or another outside party,” according to Camille Labchuk, the executive director of Animal Justice.

The Calgary Zoo refuted that it has more animal deaths than other zoos, emphasizing that it adheres to operating requirements and has maintained accreditation by the Association of Zoos and Aquariums’ independent Accreditation Commission since 1978.

“We love and care for more than 4,000 animals representing over 100 species that call our zoo home,” stated a Calgary Zoo representative.

“Human error-related deaths in animals are quite infrequent. We have lost two animals in the last ten years: a North American river otter in 2016 and ‘Eyare’ this week.

While rare, even one human-caused death is too many. These unfortunate instances have served as vital learning experiences, prompting us to examine and tighten protocols to provide the greatest level of care.”

Baird said at the news conference that using hydraulic doors is “common practice with accredited zoos,” adding that the facility will consider switching to alternate doors to improve safety.

The Calgary Zoo, which established the Wilder Institute in 2021, caters to nearly 4,000 creatures, including six more western lowland gorillas.

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Canada’s Lotto Max Jackpot Climbs to $80M

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Lotto Max in Canada has reached $80 million for only the second time in Canadian lottery history. Friday’s draw sought a winner for a $75 million pool, but the top reward remained unclaimed as of Saturday, increasing the jackpot.

Only once did the jackpot reach $80 million in September, when it broke the previous record. Before that, the prize was $75 million, a record.

The Lotto Max prize maximum was boosted earlier this year, enabling for jackpots of more than $70 million. The cap is now at $80 million.
While a greater fee may encourage more people to play, the odds of winning the lottery remain extremely low.

According to the Ontario Lottery and Gaming Corporation, the odds for a $5 ticket are around one in 33,294,800.

While there was no jackpot winner in Friday’s draw, someone did match six of the seven winning numbers, plus a bonus, earning them a payout of more than $320,000.

Lotto Max History

Lotto Max is one of three national lottery games in Canada, overseen by the Interprovincial Lottery Corporation. The game was introduced on September 19, 2009, and its inaugural draw occurred on September 25, 2009. It replaced Lotto Super 7.

The odds of winning the Lotto Max are 1 in 33,294,800. This is correct to a point but misleading.

Let’s have a look at the rules:

  1. Players choose 7 numbers out of 50
  2. Numbers cannot be repeated
  3. Numbers are automatically sorted into ascending order
  4. Each play buys 3 lines
  5. Each play costs $5

Seeing that players choose 7 out of 50 non-repeating numbers, the equation for the total number of possible combinations (this is different from permutations where the order in which the numbers appear is significant) when playing the Lotto Max is 50! / (7! x 43!)

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