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winner 777 slot Advertisement A Delaware judge again struck down Elon Musk's $55 billion pay package. Legal experts walked BI through what the appeal process could look like for Tesla. Tesla may also reintroduce the package in Texas, a strategy that could end up costing shareholders more. Elon Musk's battle over his Tesla pay is entering a new phase. A Delaware judge ruled on Monday that Tesla's shareholder vote wasn't enough to pass Elon Musk's $55 billion compensation package. Related Video Tesla called the decision "wrong" and said it would appeal. "This ruling, if not overturned, means that judges and plaintiffs' lawyers run Delaware companies rather than their rightful owners — the shareholders," Tesla wrote in a post on X. So what happens next? Advertisement If Tesla files an appeal, Delaware's Supreme Court will review the decision of Delaware Chancery Court Judge Kathaleen St. J. McCormick , who maintained her earlier ruling that struck down the pay package on the grounds that Musk could have influenced Tesla's board members, to whom he had close ties. Mathieu Shapiro, Obermayer's managing partner and a member of its litigation department, told Business Insider that appeals processes often take a year or longer. Shapiro, who focuses on business and commercial litigation, said the case will ultimately have to balance Delaware's freedom for companies to self-govern with concerns about excessive payouts and Musk's status as one of the most successful businessmen. Advertisement While appeals are generally difficult to win, Shapiro said Musk's case is "novel" and contains unpredictable elements. One issue that may come up is whether Musk influenced the negotiations over his Tesla pay package, as the trial judge suggested in her initial ruling, he said. "Little law addresses executive compensation, let alone what seems to be the largest-ever compensation deal at a US public company," Shapiro said. Given that Musk's pay package was set to be the largest ever for a CEO, there aren't many cases to turn to for direct precedent. Advertisement Anat Alon-Beck, a business law professor at Case Western Reserve University, told BI that one case that stands out is the 2015 Delaware Chancery Court decision ruling against Mark Zuckerberg's attempt to ratify board actions related to Facebook's 2010 acquisition of Instagram. Alon-Beck, who used to work as a merger and acquisition attorney for tech companies and also specializes in Delaware deal law, said Zuckerberg didn't follow the proper procedural requirements mandated by state law. The case demonstrates that even controlling shareholders need to comply with the legal procedures for ratifying board decisions, he added. "When you know Delaware law, you know that stuff like that is just not going to fly," Alon-Beck said. Advertisement Columbia law professor Dorothy Lund used to clerk for a Delaware Supreme Court justice and US Court of Appeals judge. She told BI that Delaware is also "in a weird spot" because Tesla reincorporated from Delaware to Texas in June, and Musk has repeatedly spoken out about Delaware courts (he called the ruling "absolute corruption" on Monday). While these decisions aren't supposed to be influenced by concerns around public perception, Lund said Musk's behavior hasn't been the most strategic. "Delaware now has to worry about looking like, well, if we reverse, do we just look like we got cowed by Elon Musk?" Lund said. Advertisement Reintroducing the pay package in Texas Prior to the shareholder vote, Tesla board chair Robyn Denholm said in June that the board had considered introducing a new pay plan if the shareholder vote didn't pass — an option she said would cost shareholders. Related stories If Tesla created a new plan with the same stock grants, it would cost tens of billions in stock-based compensation today. That's because the compensation tied to the original package was worth an estimated $2.3 billion in stock, and it's already been paid out. Alon-Beck told BI that a new compensation package in Texas would make the most sense. Advertisement "I would do a new vote in Texas, under Texas law, and I would authorize a new compensation package," Alon-Beck said, adding that the old package wouldn't be able to be authorized because of a conflict of laws. Shapiro said he thinks it would be "very difficult" to draft the same package in Texas, noting that the original plan goes back to 2018 and was based on specific targets as well as Tesla's stock price in 2018. Shapiro said Musk's decision to appeal or reintroduce the package in Texas depends on multiple factors — and underlying motivations. Advertisement While it may be all about the money, the case may also signify more about public companies in the US and the way in which shareholders and courts can interfere with management's plans. "Or is it about his public persona and his reputation and how those things are understood in future business dealings," Shapiro said. "If he were my client, I would have a discussion about all of those things before deciding what path forward was best for him."Syria's Assad Flees To Moscow, Reportedly Granted Asylum

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What’s your mobile phone usage ? Where do you intend to travel? These are some of the questions that you may face as India rolls out quarterly surveys starting next year to eliminate seasonality effects and capture the demand in various sectors. Over 5,000 top companies are also being tapped, an official said. Companies are being assessed on their investment plan for the next three years. The official said the inaugural edition of ‘Forward looking survey on Private Corporate Sector’, which started in October and is currently underway, will be released in March next year. 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This survey will comprehensively assess internet penetration and mobile phone usage in the country, the official said, adding that the results of the survey would be released within 1-1.5 months after the completion of the survey. In India, 59.8% of individuals aged 15 and above can use the internet, according to the Comprehensive Annual Modular Survey 2022-23 released in October. ‘ACCURATE PICTURE OF TRENDS’ Quarterly surveys are expected to mitigate the effects of seasonality. Providing an example, the official explained that school admissions typically conclude at a specific time. “The idea is to get robust data that can be updated on a regular basis for a more accurate picture of the economic trends,” the official said. The Domestic Tourism Expenditure Survey (DTES) and the National Household Travel Survey (NHTS) will be conducted from July 2025 to June 2026 to assess travel spending of Indian households. The official said these surveys were requested by the ministries of tourism and railways and their results are expected to be released around September-October. The DTES, initially scheduled for 2020 as part of the NSS 78th round, was postponed due to the pandemic. The NHTS aims to evaluate the classwise demand for various types of coaches and analyse the price elasticity of travel demand. (You can now subscribe to our Economic Times WhatsApp channel )

People gather to demand South Korean President Yoon Suk Yeol to step down in front of the National Assembly in Seoul, South Korea, Wednesday, Dec. 4, 2024. (Associated Press Photo/Ahn Young-joon) South Korea’s President Yoon Suk Yeol on Tuesday said he would lift martial law just hours after he imposed it , in a brief and confusing episode in which he blasted the opposition as “anti-state forces” threatening the country’s democracy. The unexpected move from Yoon — the first time martial law has been declared in South Korea in more than four decades — alarmed the United States and the country’s other allies. READ: South Korea lifts martial law decree after lawmakers vote against it What do we know about the imposition, its lifting and what might come next? In a dramatic, late-night emergency television address to the nation, Yoon announced that he was imposing martial law in South Korea, as he accused the opposition of paralysing the government with “anti-state activities”. A six-point decree from the new martial law commander, army chief General Park An-su swiftly followed, banning political activities and parties, “false propaganda”, strikes and “gatherings that incite social unrest”. The order also brought all media outlets under the authority of martial law and directed all medical staff, including striking doctors, to return to work within 48 hours. Security forces sealed the National Assembly, helicopters landed on the roof and troops entered the building for a short time, seemingly in a bid to prevent lawmakers from getting inside. READ: South Korean parliament defies president, lifts martial law declaration But 190 lawmakers managed to enter and voted unanimously to reject Yoon’s declaration and call for martial law to be lifted. Outside, hundreds of protesters gathered, many raising chants calling for Yoon to be arrested. Following the lawmakers’ vote, Yoon backed down. His cabinet additionally approved the motion to lift the order, Yonhap news agency reported. “Just a moment ago, there was a demand from the National Assembly to lift the state of emergency, and we have withdrawn the military that was deployed for martial law operations,” Yoon said in a televised address around 4:30 am (1930 GMT Tuesday). Under South Korea’s constitution, the parliamentary vote to lift martial law has to be respected. Yoon said he was acting to safeguard his country’s liberal democracy from “anti-state elements” and “threats posed by North Korea” — but gave little detail. While unexpected, the announcement came in the context of a festering budget row between Yoon and the opposition Democratic Party. The opposition has slashed around 4.1 trillion won ($2.8 billion) from Yoon’s proposed 677 trillion won budget for next year, prompting the president to complain that “all key budgets essential to the nation’s core functions” were being cut. “What is clear is that Yoon has been a deeply unpopular, ineffectual leader and he is having a hard time getting any kind of public support for anything he’s trying to do,” said Alan Yu, a former US diplomat in Asia now at the Center for American Progress. “The use of martial law feels almost like a desperation move to try to break out, both in a political and policy sense, but it is really poorly played on both fronts.” South Korea is a key Western ally in Asia, seen as an important democratic bulwark in a region dominated by authoritarian regimes, and the drama is being watched with concern. Washington had voiced “grave concern” about the situation and called for it to be resolved “peacefully and in accordance with the law”, while Britain and Germany both said they were closely following developments. Subscribe to our daily newsletter By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy . China, a key ally of nuclear-armed North Korea, urged its citizens to exercise caution, while Russia — itself increasingly close to Pyongyang — called the situation “alarming”.Montana transgender lawmaker on Capitol Hill's bathroom ban: 'Do not cede ground'

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Akola: Five persons suffered minor injuries after a private bus carrying 49 persons fell off a bridge into a dry riverbed in Akola district of Maharashtra on Thursday evening, police said. The incident occurred around 7 pm on the bridge over Bhikund river in Balapur taluka, they said. “The private bus was going from Bhusawal (in Jalgaon district) to Washim when it fell off the bridge. A total of 49 passengers were travelling in it and five of them suffered minor injuries. Fortunately, there was no loss of life in the incident,” a police official said. The driver lost control and the vehicle fell into the dry riverbed due to the absence of a guardrail on the bridge. Soon after being alerted, local citizens rushed to the spot. The police and other authorities carried out a rescue operation with their help, he said. The injured passengers were later admitted to a government hospital in the district, the official said.

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