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Jeeno Thitikul makes late charge to catch Angel Yin in the LPGA finaleBy HALELUYA HADERO, Associated Press President-elect Donald Trump asked the Supreme Court on Friday to pause the potential TikTok ban from going into effect until his administration can pursue a “political resolution” to the issue. The request came as TikTok and the Biden administration filed opposing briefs to the court, in which the company argued the court should strike down a law that could ban the platform by Jan. 19 while the government emphasized its position that the statute is needed to eliminate a national security risk. “President Trump takes no position on the underlying merits of this dispute. Instead, he respectfully requests that the Court consider staying the Act’s deadline for divestment of January 19, 2025, while it considers the merits of this case,” said Trump’s amicus brief, which supported neither party in the case and was written by D. John Sauer, Trump’s choice for solicitor general. The argument submitted to the court is the latest example of Trump inserting himself in national issues before he takes office. The Republican president-elect has already begun negotiating with other countries over his plans to impose tariffs, and he intervened earlier this month in a plan to fund the federal government, calling for a bipartisan plan to be rejected and sending Republicans back to the negotiating table. He has been holding meetings with foreign leaders and business officials at his Mar-a-Lago club in Florida while he assembles his administration, including a meeting last week with TikTok CEO Shou Chew. Trump has reversed his position on the popular app, having tried to ban it during his first term in office over national security concerns. He joined the TikTok during his 2024 presidential campaign and his team used it to connect with younger voters, especially male voters, by pushing content that was often macho and aimed at going viral. He said earlier this year that he still believed there were national security risks with TikTok, but that he opposed banning it. The filings Friday come ahead of oral arguments scheduled for Jan. 10 on whether the law, which requires TikTok to divest from its China-based parent company or face a ban, unlawfully restricts speech in violation of the First Amendment. The law was was signed by President Joe Biden in April after it passed Congress with broad bipartisan support. TikTok and ByteDance filed a legal challenge afterwards. Earlier this month, a panel of three federal judges on the U.S. Court of Appeals for the District of Columbia Circuit unanimously upheld the statute , leading TikTok to appeal the case to the Supreme Court. The brief from Trump said he opposes banning TikTok at this junction and “seeks the ability to resolve the issues at hand through political means once he takes office.” In their brief to the Supreme Court on Friday, attorneys for TikTok and its parent company ByteDance argued the federal appeals court erred in its ruling and based its decision on “alleged ‘risks’ that China could exercise control” over TikTok’s U.S. platform by pressuring its foreign affiliates. The Biden administration has argued in court that TikTok poses a national security risk due to its connections to China. Officials say Chinese authorities can compel ByteDance to hand over information on TikTok’s U.S. patrons or use the platform to spread or suppress information. But the government “concedes that it has no evidence China has ever attempted to do so,” TikTok’s legal filing said, adding that the U.S. fears are predicated on future risks. In its filing Friday, the Biden administration said because TikTok “is integrated with ByteDance and relies on its propriety engine developed and maintained in China,” its corporate structure carries with it risk.
TikTok is challenging the federal government’s order to shut down its operations in Canada. The company filed in documents in Federal Court in Vancouver on Thursday. The government ordered the dissolution of TikTok’s Canadian business in November after a national security review of the Chinese company behind the social media platform. That means TikTok must "wind down" its operations in Canada, though the app will continue to be available to Canadians. TikTok wants the court to overturn the government’s order and to place a pause on the order while the court hears the case. It is claiming the minister's decision was "unreasonable" and "driven by improper purposes." The review was carried out through the Investment Canada Act, which allows the government to investigate any foreign investment with potential to harm national security. Industry Minister François-Philippe Champagne said in a statement at the time the government was taking action to address "specific national security risks," though it didn’t specify what those risks were. TikTok’s filing says Champagne "failed to engage with TikTok Canada on the purported substance of the concerns that led to the (order.)" The company argues the government ordered "measures that bear no rational connection to the national security risks it identifies." It says the reasons for the order "are unintelligible, fail to reveal a rational chain of analysis and are rife with logical fallacies." The company's law firm, Osler Hoskin & Harcourt LLP, declined to comment, while Champagne’s office did not immediately respond to a request for comment. A TikTok spokesperson said in a statement that the order would "eliminate the jobs and livelihoods of our hundreds of dedicated local employees — who support the community of more than 14 million monthly Canadian users on TikTok, including businesses, advertisers, creators and initiatives developed especially for Canada." This report by The Canadian Press was first published Dec. 10, 2024. Darryl Greer and Anja Karadeglija, The Canadian Press
TORONTO — Canada's main stock index fell more than 100 points Friday, led by losses in base metal and telecom stocks, while U.S. stock markets were mixed ahead of next week's interest rate decision from the U.S. Federal Reserve. This week, the Bank of Canada announced another outsized interest rate cut of half a percentage point while also signalling it plans to slow the pace of cuts going forward. Allan Small, senior investment adviser at iA Private Wealth, said the central bank is juggling a lot of balls heading into the new year, including a faltering economy, a housing market that’s poised to heat up, and a U.S. Fed likely to cut much slower next year. “If (the Bank of Canada) continues to cut when the U.S. doesn’t, where does that leave our dollar?” asked Small. “They’re flying by the seat of their pants.” The S&P/TSX composite index closed down 136.41 points at 25,274.30. In New York, the Dow Jones industrial average was down 86.06 points at 43,828.06. The S&P 500 index was down 0.16 points at 6,051.09, while the Nasdaq composite was up 23.88 points at 19,926.72. The Fed has done a better job of tamping down inflation while not harming the economy too much, said Small. The Fed is expected to cut by a quarter-percentage point next week, and its path is clearer than the Bank of Canada’s, said Small. “I don’t think they have much room to cut more,” he said, noting this week saw U.S. inflation data tick up from the month before. “Most people think they’ll go 25 (basis points) and pause for a little while,” said Small. “Would I be surprised to see them not cut at all? No, but I think the market would take that negatively.” Heading into the last few weeks of the year, Small said if there’s a so-called Santa Claus rally, it may be more muted than usual. “It's quite possible we've taken some gains that we normally would have had in December, brought them forward into November, and now December might not be as strong as we normally see,” he said. On Wall St., the Nasdaq did a little better than its U.S. peers as semiconductor company Broadcom saw its stock gain more than 24 per cent after reporting earnings. “I think the commentary on the conference call really caused the stock to shoot up," said Small. The company gave a bright forecast for investors on the back of expected growth in artificial intelligence. This week, Broadcom and Apple also announced a deal to develop a chip for AI. The Canadian dollar traded for 70.27 cents US compared with 70.48 cents US on Thursday. The January crude oil contract was up US$1.27 at US$71.29 per barrel and the January natural gas contract was down 18 cents at US$3.28 per mmBTU. The February gold contract was down US$33.60 at US$2,675.80 an ounce and the March copper contract was down five cents at US$4.15 a pound. — With files from The Associated Press This report by The Canadian Press was first published Dec. 13, 2024. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) Rosa Saba, The Canadian Press
CRANFORD, N.J. , Dec. 27, 2024 /PRNewswire/ -- Citius Oncology, Inc. ("Citius Oncology" or the "Company") (Nasdaq: CTOR), a specialty biopharmaceutical company focused on the development and commercialization of novel targeted oncology therapies, today reported business and financial results for the fiscal full year ended September 30, 2024 . Fiscal Full Year 2024 Business Highlights and Subsequent Developments Achieved U.S. Food and Drug Administration (FDA) approval of LYMPHIRTM (denileukin diftitox-cxdl), an immunotherapy for the treatment of adults with relapsed or refractory cutaneous T-cell lymphoma (CTCL); Began trading on the Nasdaq exchange under the ticker symbol CTOR on August 13, 2024 , following completion of the merger of Citius Pharma's oncology subsidiary with TenX Keane to form Citius Oncology, Inc., a standalone publicly traded company; Advanced manufacturing, marketing and sales activities in preparation for commercial launch of LYMPHIR in the first half of 2025; key activities included: Manufactured initial inventory for launch and finalized supply chain agreements, Initiated recruitment of targeted field force with contract sales organization, Launched a marketing awareness campaign and engaged with all leading CTCL prescribers, Applied for a unique J-code within the Healthcare Common Procedure Coding System (HCPCS) to facilitate accurate reimbursement, Secured inclusion of LYMPHIR in the National Comprehensive Cancer Network (NCCN) guidelines, critical to clinical decision-making in oncology and hematology, influencing treatment practices and payor reimbursement in the U.S., and Initiated development of the patient support center to help patients access LYMPHIR expeditiously; Supported two investigator-initiated trials to explore LYMPHIR's potential as an immuno-oncology combination therapy being conducted at the University of Pittsburgh Medical Center and the University of Minnesota ; and, Shared interim trial results with the clinical community at the Society for Immunotherapy of Cancer Conference (SITC) of University of Pittsburgh Medical Center's Phase I trial of LYMPHIR with checkpoint inhibitor pembrolizumab. The combination of these two immunomodulatory agents showed clinical benefit in relapsed or refractory gynecological neoplasms, resulting in: 27% objective response rate and 33% clinical benefit rate with median progression free survival of 57 weeks (range: 30-96 weeks), and A manageable safety profile whereby the regimen was well-tolerated with reversible treatment emergent adverse events and no definitive immune-related adverse events greater than or equal to grade 3 documented. Financial Highlights R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 ; G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 ; Stock-based compensation expense was $7.5 million for the full year ended September 30, 2024 , compared to $2.0 million for the full year ended September 30, 2023 ; and, Net loss was $21.1 million , or ($0.31) per share for the full year ended September 30, 2024 compared to a net loss of $12.7 million , or ($0.19) per share for the full year ended September 30, 2023 . "Reflecting on 2024, Citius Oncology has achieved pivotal milestones that underscore our commitment to advancing cancer therapeutics," stated Leonard Mazur , Chairman and CEO of Citius Oncology. "The FDA's approval of LYMPHIR for the treatment of cutaneous T-cell lymphoma marks a significant advancement in providing new options for patients battling this challenging disease. It is the only targeted systemic therapy approved for CTCL patients since 2018 and the only therapy with a mechanism of action that targets the IL-2 receptor. Additionally, the successful merger forming Citius Oncology, now trading on Nasdaq under the ticker CTOR, strengthens our position in the oncology sector. We expect it to facilitate greater access to capital to fund LYMPHIR's launch and the Company's future growth. With a Phase I investigator-initiated clinical trial combining LYMPHIR with pembrolizumab demonstrating promising preliminary results, indicating potential for enhanced treatment efficacy in recurrent solid tumors, and preliminary results expected from a second investigator trial with CAR-T therapies in 2025, we remain excited about the potential of LYMPHIR as a combination immunotherapy." "These accomplishments reflect the dedication of our team and the trust of our investors. As we look ahead, we remain steadfast in our mission to develop innovative therapies that improve the lives of cancer patients worldwide," added Mazur. FULL YEAR 2024 FINANCIAL RESULTS: Research and Development (R&D) Expenses R&D expenses were $4.9 million for the full year ended September 30, 2024 , compared to $4.2 million for the full year ended September 30, 2023 . The increase reflects development activities completed for the resubmission of the Biologics License Application of LYMPHIR in January 2024 , which were associated with the complete response letter remediation. General and Administrative (G&A) Expenses G&A expenses were $8.1 million for the full year ended September 30, 2024 , compared to $5.9 million for the full year ended September 30, 2023 . The increase was primarily due to costs associated with pre-commercial and commercial launch activities of LYMPHIR including market research, marketing, distribution and drug product reimbursement from health plans and payers. Stock-based Compensation Expense For the full year ended September 30, 2024 , stock-based compensation expense was $7.5 million as compared to $2.0 million for the prior year. The primary reason for the $5.5 million increase was due to the amounts being realized over 12 months in the year ended September 30, 2024 , as compared to three months post-plan adoption in the year ended September 30, 2023 . Net loss Net loss was $21.1 million , or ($0.31) per share for the year ended September 30, 2024 , compared to a net loss of $12.7 million , or ($0.19) per share for the year ended September 30, 2023 . The $8.5 million increase in net loss was primarily due to the increase in our operating expenses. About Citius Oncology, Inc. Citius Oncology specialty is a biopharmaceutical company focused on developing and commercializing novel targeted oncology therapies. In August 2024 , its primary asset, LYMPHIR, was approved by the FDA for the treatment of adults with relapsed or refractory CTCL who had had at least one prior systemic therapy. Management estimates the initial market for LYMPHIR currently exceeds $400 million , is growing, and is underserved by existing therapies. Robust intellectual property protections that span orphan drug designation, complex technology, trade secrets and pending patents for immuno-oncology use as a combination therapy with checkpoint inhibitors would further support Citius Oncology's competitive positioning. Citius Oncology is a publicly traded subsidiary of Citius Pharmaceuticals. For more information, please visit www.citiusonc.com Forward-Looking Statements This press release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements are made based on our expectations and beliefs concerning future events impacting Citius Oncology. You can identify these statements by the fact that they use words such as "will," "anticipate," "estimate," "expect," "plan," "should," and "may" and other words and terms of similar meaning or use of future dates. Forward-looking statements are based on management's current expectations and are subject to risks and uncertainties that could negatively affect our business, operating results, financial condition and stock price. Factors that could cause actual results to differ materially from those currently anticipated, and, unless noted otherwise, that apply to Citius Oncology are: our ability to raise additional money to fund our operations for at least the next 12 months as a going concern; our ability to commercialize LYMPHIR and any of our other product candidates that may be approved by the FDA; the estimated markets for our product candidates and the acceptance thereof by any market; the ability of our product candidates to impact the quality of life of our target patient populations; our dependence on third-party suppliers; our ability to procure cGMP commercial-scale supply; risks related to research using our assets but conducted by third parties; our ability to obtain, perform under and maintain financing and strategic agreements and relationships; uncertainties relating to preclinical and clinical testing; market and other conditions; risks related to our growth strategy; patent and intellectual property matters; our ability to identify, acquire, close and integrate product candidates and companies successfully and on a timely basis; government regulation; competition; as well as other risks described in our Securities and Exchange Commission ("SEC") filings. These risks have been and may be further impacted by any future public health risks. Accordingly, these forward-looking statements do not constitute guarantees of future performance, and you are cautioned not to place undue reliance on these forward-looking statements. Risks regarding our business are described in detail in our SEC filings which are available on the SEC's website at www.sec.gov , including in Citius Oncology's Annual Report on Form 10-K for the year ended September 30, 2024 , filed with the SEC on December 27, 2024 , as updated by our subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and we expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in our expectations or any changes in events, conditions or circumstances on which any such statement is based, except as required by law. Investor Contact: Ilanit Allen ir@citiuspharma.com 908-967-6677 x113 Media Contact: STiR-communications Greg Salsburg Greg@STiR-communications.com -- Financial Tables Follow – CITIUS ONCOLOGY, INC. CONSOLIDATED BALANCE SHEETS SEPTEMBER 30, 2024 AND 2023 2024 2023 Current Assets: Cash and cash equivalents $ 112 $ — Inventory 8,268,766 — Prepaid expenses 2,700,000 7,734,895 Total Current Assets 10,968,878 7,734,895 Other Assets: In-process research and development 73,400,000 40,000,000 Total Other Assets 73,400,000 40,000,000 Total Assets $ 84,368,878 $ 47,734,895 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 3,711,622 $ 1,289,045 License payable 28,400,000 — Accrued expenses — 259,071 Due to related party 588,806 19,499,119 Total Current Liabilities 32,700,429 21,047,235 Deferred tax liability 1,728,000 1,152,000 Note payable to related party 3,800,111 — Total Liabilities 38,228,540 22,199,235 Stockholders' Equity: Preferred stock - $0.0001 par value; 10,000,000 shares authorized: no shares issued and outstanding — — Common stock - $0.0001 par value; 100,000,000; 71,552,402 and 67,500,000 shares issued and outstanding at September 30, 2024 and 2023, respectively 7,155 6,750 Additional paid-in capital 85,411,771 43,658,750 Accumulated deficit (39,278,587) (18,129,840) Total Stockholders' Equity 46,140,339 25,535,660 Total Liabilities and Stockholders' Equity $ 84,368,878 $ 47,734,895 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Revenues $ — $ — Operating Expenses: Research and development 4,925,001 4,240,451 General and administrative 8,148,929 5,915,290 Stock-based compensation – general and administrative 7,498,817 1,965,500 Total Operating Expenses 20,572,747 12,121,241 Loss before Income Taxes (20,572,747) (12,121,241) Income tax expense 576,000 576,000 Net Loss $ (21,148,747) $ (12,697,241) Net Loss Per Share – Basic and Diluted $ (0.31) $ (0.19) Weighted Average Common Shares Outstanding – Basic and Diluted 68,053,607 67,500,000 CITIUS ONCOLOGY, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED SEPTEMBER 30, 2024 AND 2023 2024 2023 Cash Flows From Operating Activities: Net loss $ (21,148,747) $ (12,697,241) Adjustments to reconcile net loss to net cash provided by operating activities: Stock-based compensation expense 7,498,817 1,965,500 Deferred income tax expense 576,000 576,000 Changes in operating assets and liabilities: Inventory (2,133,871) - Prepaid expenses (1,100,000) (5,044,713) Accounts payable 2,422,577 1,196,734 Accrued expenses (259,071) (801,754) Due to related party 14,270,648 14,805,474 Net Cash Provided By Operating Activities 126,353 - Cash Flows From Investing Activities: License payment (5,000,000) - Net Cash Used In Investing Activities (5,000,000) - Cash Flows From Financing Activities: Cash contributed by parent 3,827,944 - Merger, net (2,754,296) - Proceeds from issuance of note payable to related party 3,800,111 - Net Cash Provided By Financing Activities 4,873,759 - Net Change in Cash and Cash Equivalents 112 - Cash and Cash Equivalents – Beginning of Year - - Cash and Cash Equivalents – End of Year $ 112 $ - Supplemental Disclosures of Cash Flow Information and Non-cash Activities: IPR&D Milestones included in License Payable $ 28,400,000 $Bunnings hardware store was the most trusted brand in Australia in the 12 months to September, according to a new survey from research company Roy Morgan. The first six places in the most trusted list remained unchanged from the June results, with Aldi at number two, then Kmart (3), Toyota (4), Apple (5) and Australia Post (6). Big W climbed from eighth to seventh most trusted, and the NRMA went up from ninth to eighth. The final two Top 10 spots for most trusted brands went to Myer (which fell from seventh most trusted to ninth) and Samsung, unchanged at 10. JB Hi-Fi is knocking on the door of the Top 10 most trusted brands, rising from 12 to 11. The latest Roy Morgan charts. The most distrusted brand in Australia was again Optus – for the sixth consecutive quarter. The second most distrusted brand was Woolworths (up three spots) followed by Coles (up one spot). “The rapid slide down the rankings for both major supermarkets – which have each slid more than 200 spots in the rankings this year – shows how quickly distrust can gain momentum and devalue a brand’s reputation,” said Roy Morgan CEO Michele Levine. “The high trust ratings for Aldi, and independent grocer IGA (13 th ), show that the distrust for the two majors is not industry-wide, as it is their brands specifically which have become associated with ‘price gouging, high profits and corporate greed’ over the last year whereas as their closest competitors haven’t.” Three social media platforms and one media company were among the Top 10 most distrusted brands in Australia. Facebook went from the third most distrusted brand to the fifth; Temu climbed from the tenth most distrusted to the eighth; X dropped from the eighth most distrusted to the ninth; and TikTok went from ninth most distrusted to tenth. News Corp remained stable as the seventh most distrusted brand in Australia.
Elon Musk vows to fight as his record-breaking £80bn Tesla pay deal is rejected again By CALUM MUIRHEAD Updated: 22:00, 3 December 2024 e-mail View comments Elon Musk has vowed to continue his fight for a record-breaking £80billion pay cheque from Tesla that has again been blocked by a judge. In a ruling that infuriated the billionaire chief executive of the electric car giant, a Delaware court rejected the pay deal for a second time – despite shareholders approving it. Judge Kathaleen McCormick’s decision, which upheld a similar ruling from January, sparked a furious outburst from Musk, the world’s richest man with a fortune of £279billion. ‘Shareholders should control company votes, not judges,’ he wrote on the social media site X, which he owns. ‘Absolute corruption,’ he said in a separate post. Tesla said it would appeal the ruling, with a spokesman adding: ‘This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners – the shareholders.’ The mammoth pay deal was drawn up in 2018 and was initially valued at £44billion. Backed by shareholders, it was tied to a series of milestones, including company profits and the Tesla share price. Pay deal: In a ruling that infuriated Tesla boss Elon Musk a Delaware court rejected the pay deal for a second time – despite shareholders approving it But it was struck down by the court in January in a case brought by a disgruntled investor, with McCormick ruling that the board which approved the deal was too heavily influenced by Musk. The judge described it as the ‘biggest compensation plan ever – an unfathomable sum’. Since then, the pay deal has soared in value – in part due to the rise in the Telsa share price since Donald Trump’s election victory last month – and is now worth £80billion. But despite being backed by 75 per cent of shareholders in a fresh vote in June, the judge again ruled Musk, 53, was not entitled to the payout. RELATED ARTICLES Previous 1 Next Reeves must unlock the magic of AI if she wants to meet her... Listing on the London stock market is 'not rational', says... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account She argued Tesla had failed to prove the package was fair and that Musk did not exert heavy influence over its board. As well as slapping down the pay award, McCormick ordered Tesla to pay legal fees of £273million. The row comes as Musk prepares to join President-elect Trump’s administration, having spent hundreds of millions of dollars backing his campaign. Musk has been put in charge of the Department of Government Efficiency alongside fellow tycoon and former Republican presidential candidate Vivek Ramaswamy. The commission, which will not be an official government department, has said its mission is to ‘dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies’. Dan Coatsworth, investment analyst at broker AJ Bell, said: ‘It’s somewhat ironic that Musk now has an influential role with government efficiency. He’s looking for ways to save money and stop unnecessary spending, yet he continues to think that Tesla should line his pockets. ‘It’s an obscene amount of money and will be seen as insulting to the tens of thousands of workers at Tesla who probably earn a tiny fraction of that amount.’ Despite the defeat in Delaware, Musk could try to secure his bumper pay packet by constructing a similar award in the state of Texas, the location of one of its giant ‘gigafactories’. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Elon Musk vows to fight as his record-breaking £80bn Tesla pay deal is rejected again e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top storiesElon Musk vows to fight as his record-breaking £80bn Tesla pay deal is rejected again By CALUM MUIRHEAD Updated: 22:00, 3 December 2024 e-mail View comments Elon Musk has vowed to continue his fight for a record-breaking £80billion pay cheque from Tesla that has again been blocked by a judge. In a ruling that infuriated the billionaire chief executive of the electric car giant, a Delaware court rejected the pay deal for a second time – despite shareholders approving it. Judge Kathaleen McCormick’s decision, which upheld a similar ruling from January, sparked a furious outburst from Musk, the world’s richest man with a fortune of £279billion. ‘Shareholders should control company votes, not judges,’ he wrote on the social media site X, which he owns. ‘Absolute corruption,’ he said in a separate post. Tesla said it would appeal the ruling, with a spokesman adding: ‘This ruling, if not overturned, means that judges and plaintiffs’ lawyers run Delaware companies rather than their rightful owners – the shareholders.’ The mammoth pay deal was drawn up in 2018 and was initially valued at £44billion. Backed by shareholders, it was tied to a series of milestones, including company profits and the Tesla share price. Pay deal: In a ruling that infuriated Tesla boss Elon Musk a Delaware court rejected the pay deal for a second time – despite shareholders approving it But it was struck down by the court in January in a case brought by a disgruntled investor, with McCormick ruling that the board which approved the deal was too heavily influenced by Musk. The judge described it as the ‘biggest compensation plan ever – an unfathomable sum’. Since then, the pay deal has soared in value – in part due to the rise in the Telsa share price since Donald Trump’s election victory last month – and is now worth £80billion. But despite being backed by 75 per cent of shareholders in a fresh vote in June, the judge again ruled Musk, 53, was not entitled to the payout. RELATED ARTICLES Previous 1 Next Reeves must unlock the magic of AI if she wants to meet her... Listing on the London stock market is 'not rational', says... Share this article Share HOW THIS IS MONEY CAN HELP How to choose the best (and cheapest) stocks and shares Isa and the right DIY investing account She argued Tesla had failed to prove the package was fair and that Musk did not exert heavy influence over its board. As well as slapping down the pay award, McCormick ordered Tesla to pay legal fees of £273million. The row comes as Musk prepares to join President-elect Trump’s administration, having spent hundreds of millions of dollars backing his campaign. Musk has been put in charge of the Department of Government Efficiency alongside fellow tycoon and former Republican presidential candidate Vivek Ramaswamy. The commission, which will not be an official government department, has said its mission is to ‘dismantle government bureaucracy, slash excess regulations, cut wasteful expenditures and restructure federal agencies’. Dan Coatsworth, investment analyst at broker AJ Bell, said: ‘It’s somewhat ironic that Musk now has an influential role with government efficiency. He’s looking for ways to save money and stop unnecessary spending, yet he continues to think that Tesla should line his pockets. ‘It’s an obscene amount of money and will be seen as insulting to the tens of thousands of workers at Tesla who probably earn a tiny fraction of that amount.’ Despite the defeat in Delaware, Musk could try to secure his bumper pay packet by constructing a similar award in the state of Texas, the location of one of its giant ‘gigafactories’. DIY INVESTING PLATFORMS AJ Bell AJ Bell Easy investing and ready-made portfolios Learn More Learn More Hargreaves Lansdown Hargreaves Lansdown Free fund dealing and investment ideas Learn More Learn More interactive investor interactive investor Flat-fee investing from £4.99 per month Learn More Learn More Saxo Saxo Get £200 back in trading fees Learn More Learn More Trading 212 Trading 212 Free dealing and no account fee Learn More Learn More Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. Compare the best investing account for you Share or comment on this article: Elon Musk vows to fight as his record-breaking £80bn Tesla pay deal is rejected again e-mail Add comment Some links in this article may be affiliate links. If you click on them we may earn a small commission. That helps us fund This Is Money, and keep it free to use. We do not write articles to promote products. We do not allow any commercial relationship to affect our editorial independence. More top storiesCortland, N.Y., Dec. 03, 2024 (GLOBE NEWSWIRE) -- Guthrie was thrilled to cut the ribbon today on the next stage of state-of-the-art health care in the Cortland community. The Guthrie Cortland Renzi Health Campus opens to patients on Monday, Dec. 9. The 32,000 square foot health campus will initially offer imaging, lab, walk-in and expanded primary care services in a primary care clinic named in honor of Deborah and Stephen Geibel. “We understand that a primary care provider is important on many fronts,” said Marie Darling, Sr. Director, Guthrie Medical Group, Northern Region. “The relationship that is built with a primary care provider assists in achieving health goals and is the gateway to preventative screenings and specialty care services needed along the way. We respect the importance of this relationship and are actively recruiting more primary care providers to this region to support the community’s engagement in their overall health.” Beginning in the spring of 2025, the new space will welcome multiple specialty care services, including orthopedics, general surgery, plastic surgery, obstetrics and gynecology, and pain management. Additionally, in Guthrie’s ongoing efforts to expand care in rural communities, this health campus will be home to a tele-medicine hub, expanding virtual access to Guthrie experts from across our health system. The opening of this new health campus is the fulfillment of continued investment in the Cortland community by Guthrie, in our ongoing mission to be the most trusted local health care partner. It’s a vision shared by valued community partner and donor, Nicholas Renzi. “At Guthrie, we invest when and where there is a need, and we will continue to do so, because we understand the challenges of accessing health care in rural communities,” said Edmund Sabanegh, President and CEO, The Guthrie Clinic. “Through generous gifts such as Nick’s, we’re able to set the standard for rural health care across the nation by delivering innovative, compassionate, and accessible medical services tailored to the unique needs of rural communities.” “It has been a privilege and a pleasure to support this new health campus project,” said Nicholas Renzi. “The consolidation of existing Guthrie medical services into one building together with the requisite support services is a major step in making The Guthrie Clinic a leader in the Cortland community. For a small town, we have health care facilities that are well suited to service the needs of our people in terms of the breadth of services, availability of services, and the competency of the medical professionals and staff.” We are thrilled to work on this project with a strong community partner, in The McNeil Development Company, bringing new life to the former JM Murray Center, choosing to redevelop a vacant property that holds fond memories for members of our community. “They say it takes a community to raise a child. I like to say it takes a community to raise a community,” said David McNeil, Owner, McNeil Development Company. “We have got to continue working together to provide the resources that make a community healthy. Our health care organizations need to provide a high level of quality care in our community, so our residents do not have to travel. There is no one person that can do it by themself.” The Guthrie Cortland Renzi Health Campus is a NYS Clean Heat facility, which means its design incorporates state-of-the-art technology to save energy and reduce carbon footprint. The Guthrie Clinic is a non-profit multispecialty health system integrating clinical and hospital care along with research and education. Headquartered in Sayre, Pennsylvania, The Guthrie Clinic stands as one of the nation’s longest established group practices, founded in 1910 by the visionary Dr. Donald Guthrie. The organization’s patient-centered approach revolves around a clinically integrated network of employed providers. Among The Guthrie Clinic’s more than 9,000 caregivers are close to 1,000 highly skilled physicians and advanced practice providers representing the spectrum of medical Specialties and sub-specialties. Situated across 10,000 square miles in northeastern Pennsylvania and upstate New York, The Guthrie Clinic’s comprehensive six hospital campuses also encompass an expansive network of outpatient facilities across 13 counties. Post-acute care includes acute rehabilitation, skilled nursing, personal care home, home care and hospice services, completing the continuum of care. With a commitment to shaping the future of health care, the organization offers eleven residencies and five fellowships, serving as a training ground for the next generation of leaders in the field. Visit us at www.Guthrie.org . Follow us at Twitter.com/GuthrieClinic , Facebook.com/TheGuthrieClinic , Linkedin.com/company/TheGuthrieClinic , and Instagram.com/TheGuthrieClinic . Attachments Guthrie Cortland Renzi Health Campus Ribbon Cutting Guthrie Cortland Renzi Health Campus Ribbon Cutting Kathy Cramer Guthrie 570-887-4415 kathy.cramer@guthrie.org
BARRY, Ill. -- Barry Western senior Rachel McMullen will be taking her talents to the collegiate level. McMullen signed her national letter-of-intent to the University of Illinois-Springfield softball team during a ceremony at Barry Western High School on Friday morning. "It was a long and rigorous recruitment process," said McMullen. "It was a lot of emails, a lot of going to camps and getting in touch with coaches. My mom helped out a lot." McMullen plans on majoring in speech therapy once enrolled at UIS. The decision to sign with UIS also keeps McMullen close to home. "I loved how small town it felt there," said McMullen. "It's a smaller D-II school, so I really loved how small and close to home it was. That way I'll still be able to come back and watch my younger sister play next year once she starts her high school career." McMullen's younger sister is in eighth grade and will start her high school career in the spring of 2026, but the elder McMullen has her senior season this spring to look forward to. McMullen will return as Western's leader this spring and its starting catcher. "My goal for us is to win a regional championship," said McMullen. "We have the team to do it this year. We have two really strong pitchers and we're going to have a really solid infield and outfield to back us up." During her time at Western, McMullen has also played volleyball and basketball. She was a first team All-State volleyball player this past fall. McMullen has also been a multiple-time All-Conference softball selection. Last season, she batted .396 with a .517 on-base percentage and .646 slugging percentage, while having a .984 fielding percentage behind the plate. McMullen has learned plenty from her various coaches at Western. "I learned to have fun and still be competitive with having fun," said McMullen. "Because sometimes that's something we forget about when we're in high pressure games. You just got to have fun."
U.S. District Court Upholds Validity of CINVANTI® Patents