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Elon Musk defends Tesla compensation in court, saying he worked hard to achieve success

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Elon Musk defends Tesla compensation in court, saying he worked hard to achieve success

The lawsuit over Tesla’s more than $55 billion (about 53.3 billion euros) compensation plan began on Monday in a Delaware court in the U.S. state.

The lawsuit alleges that the performance-based stock options were negotiated by a compensation committee and approved in 2018 by Tesla board members who had a conflict of interest due to personal and professional ties to Musk.

The lawsuit, filed almost four years ago, also alleges that the shareholder voted to approve this compensation based on an incomplete or misleading proxy statement.

The plaintiff alleges that the attorney erroneously characterized the members of the compensation committee as “independent” and characterized all of the targets that led to the acquisition of the stock options as “stretched” targets that should be difficult to achieve, even if internal projections indicated that the three were likely to be achieved within 18 months after the vote of the shareholders.

During the court hearing, Musk claimed that while production at the plant struggled to increase, his time was “almost entirely devoted to Tesla.”

“Probability of Survival [do grupo] was extremely low,” recalled the multimillionaire, who regularly says that the manufacturer was very close to bankruptcy in 2018.

The entrance to the court was discreet, after arriving in a black Tesla. In a black suit and tie, the businessman answered questions for about two and a half hours.

Plaintiff’s lawyer Greg Varallo spent most of the cross-examination trying to get Musk to admit that he controls Tesla to the point where he can influence the board of directors to do his bidding.

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Tesla’s CEO said he had no role to play in the compensation plan, did not attend meetings on the matter, and was unaware of the internal process by which the company determined the highest compensation ever recorded for a public company.

The businessman added that he does not want to be “the CEO of any company” and that such a title is not suitable to describe his work at Tesla or SpaceX, a rocket and spacecraft company.

When confronted with questions from a prosecutor, Musk admitted he did not consult Tesla’s board of directors when, in March 2021, he identified himself as the company’s “Technoking” (tech king) in white papers filed with the U.S. Securities and Exchange Commission. (SEC, in English)

The decision is the result of a lawsuit filed by Richard Thornetta, a Telsa shareholder, who believes the reward is excessive and that Musk got it because of the power he has over the company and the board of directors, as he is one of its major shareholders.

Under the plan, Musk could receive billions of dollars if the electric vehicle and solar panel maker meets certain operating and market capitalization targets.

For each time the market cap and operating target are met simultaneously, Musk, who already owned about 22% of Tesla at the time the plan was approved, would receive shares equal to 1% of the shares outstanding at the time of grant.

Musk’s stake in the company would increase to around 28% if Tesla’s market capitalization grew by $600 billion (about 581 billion euros).

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Each goal of the plan includes increasing Tesla’s market capitalization by $50 billion and achieving an aggressive target of growth in revenue or pre-tax profit.

Musk will only receive the full benefits of the $55.8 billion (€54 billion) payout plan if Tesla reaches a $650 billion (about €629 billion) market capitalization and revenue and earnings unprecedented in a decade.

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Economy

Prices for the next week (from 5 to 11 December)

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Crédito Habitação Activo Bank

Fuel price information is based on calculations that take into account quotations on international markets and other factors taken into account when pricing fuel in Portugal. This is the data that I collect weekly from my sources in the fuel market.

I remind you that despite this price indication, each filling station can set the price it considers appropriate🇧🇷 Only private label gas stations should follow brand guidelines. Dealers and each brand may or may not follow the market leaders. But in my experience they go one after the other. This is the price trend for the coming week.

PORTUGAL continental

🇧🇷 Previous weeks*: (-5)(-10)(-7)(4)(-1)(-0.5)(9.5)(11)(+2)(-7)(+1 )(-7)( 11)(5)(-2)(-9)(-1)(-6)(-7)(-9)(-3)(6)(13)(12)(2 .5 )(-2.5 )(-7)(3)(-10 ISP drop)(6)(1)(-5)(-12.5)(16)(-18)(18)(14 , 5)(2.5)(1)( 0.5)(2))(0.5)(3)(2)(2.5)(3)2022

* Order of changes from newest to oldest.

🇧🇷 Previous weeks*: (-5)(-9)(-4)(2)(-1)(-6)(6)(8)(2)(-0.5)(-0.5) (-7)(0.5 )(-1)(-1)(-9)(0.5)(-5)(-5)(-8)(-1.5)(-1)(- 5) (-3)(14)(1.5) (7)(2)(4.5)(-10 ISP drop)(2)(0.5)(-4)(7)(-13, 5 )(14)(7.5)(2)(1)(2)(2) (1.5)(2)(1.5)(0.5)(4.5)2022

* Order of changes from newest to oldest.

| Previous weeks*: (=)(-1)(=)(=)(-1)(=)(1)(-2)(=)(-1)(+2)(=)(=)(= )(-1)(=)(-1)(=)(=)(=)(1)(=)(-2)(1)(=)(-2)(=)(-4)(= )(=)(=)(-1)(=)(-2)(-6)(-10)(21)(=)(12)(=)(=)(1)(=)(-1 )(=)(=)(2)2022

* Order of changes from newest to oldest.

MADEIRA

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Etihad Airways A380 close to return to the skies

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Etihad Airways A380 close to return to the skies


Image: Richard Vandervoorde/CCTV 4.0, via Wikimedia


Abu Dhabi-based Etihad Airways has just resumed crew training on its Airbus A380, showing positive signs that the superjumbo is back in the sky. Like many airlines around the world, Etihad suspended flights with this model after the outbreak of the pandemic in 2020, when the number of passengers fell and the UAE closed its borders.

Last April, the airline announced it was suspending its entire A380 fleet indefinitely to prioritize operations with the Boeing 787 Dreamliner and Airbus A350-1000, which are considered more sustainable and cost-effective models.

As a result, 10 A380s were sent for long-term storage to special bases in France and Spain, where they were supposed to be on a permanent basis, then-CEO Tony Douglas said. came to warn that cannot be reactivated due to their high cost of ownership and the operator’s commitment to protecting the environment.

However, due to rising demand for passenger travel worldwide, the airline plans to bring back some of the giants very soon, according to a tweet from aviation expert Zulkarnain. In the post (below), he says that Etihad has just started training the A380 crew. He reveals that the comeback will take place next year and that the date will be confirmed soon.

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He is actively engaged in aircraft spotting and is interested in the world of aviation, with a particular focus on military aviation, currently working in the field of professional photography.


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Minister says pensions will be renewed in January

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Minister says pensions will be renewed in January

This Wednesday, the labor secretary said the government is trying to ensure that pension increases begin to be paid in January and that differentials restore the amount provided in the formula.

“We expect this to happen as soon as possible,” said the Minister of Labour, Solidarity and Social Security, Ana Méndez Godinho, when asked if pensioners would start receiving the new pension as early as January 2023. a commitment that we have made and today we had the calculations and forecasts presented by INE” according to which the government “will adjust the value to be updated in 2023 as a result of the most recent inflation data,” he said.

According to the minister, from January 2, 2023, pensions of up to 960 euros will be updated by 4.83%, which is basically the value that is the necessary differential to achieve the exact value provided in the formula. [de cálculo]in addition to the already paid half board.

For pensions from 960 euros to six AI, the increase will be 4.49%, and for pensions over six AI, the increase will be 3.89%, Ana Mendez Godinho specified, noting that “the AI ​​itself will be updated by 8.4%”. , becoming 480 euros”. That is, he gave an example, “to a pension of 500 euros there will be an increase of about 24 euros.”

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The Minister assured that “pensions are still not cut” and that “a decree will be issued to adjust these differential values ​​to ensure that the sum between the two parts, between the half pension [que já foi paga] and this update that happens in 2023 guarantees exactly the same value [que] will give when applying the formula.

Ana Méndez Godinho spoke in Santarém on the sidelines of the Qualification Centers meeting, which takes place at the National Center for Agricultural Exhibitions and Markets under the motto “Transforming the PRR Program for Qualifications”.

IAS to be updated by 8.4% in 2023

The value of the Social Assistance Index (IAS) will be updated to 8.4% instead of 8% in 2023, increasing to 480.43 euros, the Ministry of Social Affairs announced today.

These adjustments, whether when updating IFRS or pensions, are based on inflation data released today by the National Institute of Statistics (INE), which shows that the average inflation over the past 12 months, excluding housing (which usually serves as a benchmark for IAS and pension updates) was 7.46% in November, accelerating from 6.83% in the previous month.

The Ministry of Labour, Solidarity and Social Protection said in a statement that the IAS – an index used to differentiate the renewal of pensions depending on their monthly value – will have “an increase of 8.4% in 2023, from 443.20 euros to 480.43 Euro. “.

Initially, the Government mentioned that IAS would be updated by 8%, recognizing that the value would be adjusted if the resulting inflation was higher than estimated.

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