DIRS.INFO The most relevant business & tech news

☆ FTX Lawyer Says ‘Substantial Amount’ of Crypto Firm’s Assets Stolen or Missing
▼ + stars: | 2022-11-22 | by ( Alexander Saeedy | Jonathan Randles | ) www.wsj.com time to read: 1 min

A “substantial amount” of failed crypto exchange FTX’s assets is missing and may have been stolen as a run on customer deposits and a liquidity crunch precipitated a crisis of leadership and led the firm to collapse, its lawyer said in court on Tuesday. “FTX was in the control of inexperienced and unsophisticated individuals, and some or all of them were compromised individuals,” said James Bromley, counsel to FTX’s new management, at its debut appearance at the Delaware bankruptcy court after the failed exchange filed for the largest-ever crypto bankruptcy case earlier this month.

☆ Potbellied Pigs Are Running Amok in Delaware
▼ + stars: | 2022-11-19 | by ( Joseph De Avila | ) www.wsj.com time to read: 1 min

Potbellied pigs can weigh up to 200 pounds and live up to 20 years. Potbellied pigs are running wild in Delaware, alarming agricultural officials and raising the risk of damage and disease. There has been a significant increase in the number of potbellied pigs roaming free in residential and rural parts of the state, the Delaware Department of Agriculture said Thursday.

[1/2] Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives for a trial about his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. "The amount of pain, no words can express," Musk testified on Wednesday. The package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. "It wasn't a knock-down, drag-out affair," Todd Maron testified about the pay talks in 2017 when he was general counsel. You could almost make an argument they didn't pay him enough because he ran off after Twitter."

☆ Elon Musk’s $50 billion trial comes to an end today
▼ + stars: | 2022-11-18 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The trial for the Tesla shareholder lawsuit examining CEO Elon Musk’s unprecedented compensation package will wrap up this afternoon. The net value of the compensation package is $50.9 billion today, after Tesla’s valuation soared more than 1,000% at its peak since shareholders approved the package. Several corporate governance experts told CNN Business that it’s clear Tesla’s board of directors lacks independence from Musk. At the time of the 2018 compensation package, Kimbal said it was “very unlikely” that Elon would walk away from his role of CEO at Tesla. That’s just not how Elon operates,” Kimbal Musk said.

☆ Bahamas regulators confirm they're holding some of FTX's assets
▼ + stars: | 2022-11-18 | by ( Rohan Goswami | ) www.cnbc.com time to read: +1 min

FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users. Securities regulators in the Bahamas conceded that they ordered the transfer of FTX digital assets from company wallets into their own custody, citing the authority granted to them by the Supreme Court of The Bahamas and challenging FTX's assertion that the U.S. Chapter 11 bankruptcy processes applied to them. In a press statement Thursday evening, the Securities Commission of the Bahamas (SCB) said that it had exercised "its powers as a regulator" and directed the transfer of "all digital assets" of FTX Digital Markets, a Bahamian subsidiary of the FTX empire. Crypto research firm Elliptic, however, believes that the $477 million theft reported over this weekend was tied to moves by Bahamian regulators. Statements from both the Bahamas and U.S attorneys suggest "that the "hack" was actually the seizure of FTX assets by the Bahamian government," Elliptic wrote.

☆ Elon Musk says his vacations are like 'email with a view'
▼ + stars: | 2022-11-17 | by ( Kate Duffy | ) www.businessinsider.com time to read: +2 min

Elon Musk has described his vacations as "email with a view." Musk is known for his hardcore work ethic and often sleeps where he works. download the app Email address By clicking ‘Sign up’, you agree to receive marketing emails from Insider as well as other partner offers and accept our Terms of Service and Privacy PolicyTesla CEO Elon Musk, famed for his hardcore work ethic, has described his vacations as "email with a view." According to Bloomberg, Musk was questioned by the plaintiff's lawyer about vacations he and James Murdoch, a Tesla director, had reportedly taken together. Earlier this week, Musk told Twitter workers in a late-night email that they had to commit to his "extremely hardcore" vision for the social-media company or be laid off.

☆ Tesla’s close-knit leadership team goes under the spotlight in court
▼ + stars: | 2022-11-17 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +6 min

Tornetta accuses Tesla’s board of breaching its duties to shareholders. The pay package from Tesla’s board granted Musk large sums of shares every time Tesla hit certain milestones, including earnings and share price targets. In this sketch, former Tesla board member Antonio Gracias testifies in court. Ehrenpreis also had the rights to the first Model 3, Tesla’s breakout product, but gave it to Elon Musk as a birthday gift. Ehrenpreis is also the Tesla board member who asked consultants if hypothetically Tesla could lower the disclosed costs of Musk’s compensation plan.

☆ Musk says he was focused on reviving Tesla, defends $56 billion pay
▼ + stars: | 2022-11-16 | by ( Tom Hals | Hyunjoo Jin | ) www.reuters.com time to read: +4 min

Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives to a trial regarding his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. Tesla shareholder Richard Tornetta sued Musk and the board in 2018 and hopes to prove that Musk used his dominance over Tesla’s board to dictate terms of the package, which did not require him to work at Tesla full-time. Musk, the world’s richest person, described how the automaker was struggling to survive in 2017, when the pay package was developed. The legal team for Musk and the Tesla directors have cast the pay package as a set of audacious goals that worked by driving 10-fold growth in Tesla’s stock value, to more than $600 billion from around $50 billion. The disputed Tesla package allows Musk to buy 1% of Tesla’s stock at a deep discount each time escalating performance and financial targets are met.

☆ Elon Musk takes the stand in lawsuit over his Tesla pay
▼ + stars: | 2022-11-16 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Tesla CEO Elon Musk is testifying this morning in a shareholder lawsuit examining the massive compensation package that helped make him the world’s richest person. Musk was awarded the compensation package in 2018, and shareholders approved the deal at the time. They’ve also contrasted Musk’s compensation with the average Tesla salary, which they’ve said is $40,000. Musk’s compensation package goals were characterized t as lofty and incredibly difficult to achieve. This is a developing story and will be updated throughout Musk’s testimony.

Nov 15 (Reuters) - FTX Trading's new CEO John J. Ray III, a lawyer tapped to lead the collapsed crypto exchange's restructuring, previously oversaw the $23 billion bankruptcy of energy firm Enron Corp and has a reputation for boosting creditor recoveries. Ray, 63, on Monday declined to comment on his initial priorities as FTX's CEO. Serving as Enron's CEO throughout its years-long bankruptcy, Ray's work resulted in major settlements with banks accused of helping Enron deceive investors, including a $1.66 billion settlement with Citigroup in 2008. Mark Lichtenstein, an attorney who worked on Enron's bankruptcy, saw many parallels between FTX and that case. "You’ve got such a meltdown, similar to Enron, sort of a run on the bank," Lichtenstein said.

☆ Tesla’s board chair says Musk needed money for space travel
▼ + stars: | 2022-11-15 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +2 min

Washington, DC CNN —Elon Musk said that he needed to receive what amounted to the largest compensation package in history so that he could fuel his goals around “inter-planetary travel,” Tesla board chair Robyn Denholm testified Tuesday. Musk has long claimed that he intends to use his vast wealth in pursuit of space travel and colonization. “Quite honestly, I don’t know how much it costs to do any inter-planetary travel. The company’s driving interest in awarding Musk such an enormous compensation package was to keep his focus on Tesla, as opposed to his other companies. Denholm said Tuesday that Musk’s previous compensation package before the 2018 plan wasn’t adequate to keep him engaged at Tesla.

☆ Tesla heads to court to defend Elon Musk’s pay
▼ + stars: | 2022-11-14 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +9 min

Washington, DC CNN —Tesla headed to court today to defend the huge compensation package that helped make CEO Elon Musk the richest person on Earth. Even in the rarified air of CEO pay, Musk’s compensation plan stood apart. The Tornetta complaint alleges that the board of directors that created Musk’s compensation plan lacked sufficient independence from him. “This is a huge package,” Hayn said of the compensation plan. Tesla leadershipHayn noted that Musk’s close relationships with the board members could be problematic for Tesla in the case.

Hedge fund Farallon Capital, for instance, bought nearly 7.8 million shares of Twitter during the quarter that ended Sept. 30, while Franklin Resources, the parent company of mutual fund firm Franklin Templeton, added nearly 2.6 million shares to an existing position of less than 100,000 shares. Shares of Twitter fell to as low as $33 during the third quarter before ending September near $44. The value of Twitter shares jumped 23.2% in October when Musk completed the deal on Oct. 27 by paying $54.20 per share. While some funds reaped short-term rewards, other investors left some potential gains on the table by selling before the October rally in Twitter shares. Wells Fargo & Co (WFC.N) sold 3.7 million shares of the company, while ClearBridge Investments LLC sold 1.9 million shares.

They argued the pay package did what it aimed to do -- ensure the entrepreneur successfully guided Tesla through a critical period which helped drive the stock 10-fold higher. The Tesla shareholder lawsuit argues that the pay package should have required Musk to work full time at Tesla. In all, 19 witnesses are scheduled, including directors and executives from 2018, compensation experts and advisors who helped craft the pay package. Tesla has hit 11 of the 12 targets as its value ballooned briefly to more than $1 trillion from $50 billion, according to court papers. A decision will likely take around three months after the trial and could be appealed to the Delaware Supreme Court.

☆ Elon Musk heads to court over Tesla pay that made him the world’s richest person
▼ + stars: | 2022-11-13 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +8 min

Washington, DC CNN —Tesla and CEO Elon Musk will spend this week in court to defend the massive compensation package that helped make him the world’s richest man. The week-long trial in Delaware Court of Chancery will examine the 2018 compensation plan that the automaker’s board of directors created for Musk. Even in the rarified air of CEO pay, Musk’s compensation plan stood apart. The Tornetta complaint alleges that the board of directors that created Musk’s compensation plan lacked sufficient independence from him. “This is a huge package,” Hayn said of the compensation plan.

☆ These mutual funds are planning to hit investors with capital gains distributions. How to decide the right move for you
▼ + stars: | 2022-11-11 | by ( Michelle Fox | ) www.cnbc.com time to read: +6 min

There may be some pain ahead for mutual fund investors in the form of capital gains taxes. "That means funds that have suffered steep falls this year could still distribute capital gains to investors," Welch said. John Hancock will pay double-digit capital gains distributions on several of its funds. Almost a dozen Nuveen funds will make 5% to 10% capital gains distributions, while twice that number of T. Rowe price funds will pay out between 4% and 21%. Passively managed funds may have distributions but they tend to be smaller than actively managed funds, Benz pointed out.

☆ The future of FTX and Sam Bankman-Fried is now in the hands of these 3 lawyers who have worked for Enron, Michael Milken, and Elon Musk
▼ + stars: | 2022-11-11 | by ( Jack Newsham | ) www.businessinsider.com time to read: +7 min

A senior Paul Weiss lawyer has been hired to defend FTX founder and ex-CEO Sam Bankman-Fried. FTX said on Twitter that a sprawling group of companies founded by Bankman-Fried, known as SBF, filed for Chapter 11 bankruptcy in Delaware. The new CEO of FTX is John J. Ray III, a lawyer-turned-executive with a colorful past leading troubled companies, most notably Enron. The firm Paul Weiss and its lawyer Martin Flumenbaum, who represented the junk-bonds king Michael Milken, are representing Bankman-Fried personally. John J. Ray IIIRay joined FTX as CEO just in time to sign its bankruptcy filing.

National Democrats were fairly happy on Election Day as they dodged a predicted trouncing at the polls, but state Democrats might have even more to celebrate. And Democrats appear on track to flip the state House in Michigan, as well as in Pennsylvania and Minnesota, according to the National Conference of State Legislatures (NCSL), the nonpartisan organization that represents legislative chambers. Democratic wins this cycle signals a shift in state legislative priorities that could have major ramifications on contentious issues. The Republican-controlled state legislatures in Pennsylvania and Michigan had entertained election denial conspiracies after the 2020 election, for example. "Success does beget success," she said, noting that many state legislative candidates outperformed those competing at the federal level.

☆ Delaware woman hits back-to-back lotto wins, claims $400,000 in single day
▼ + stars: | 2022-11-08 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Dennis-Romero-Circle-Byline-Template.Jpg | Dennis Romero | ) www.nbcnews.com time to read: +1 min

A Delaware woman won state lottery games twice last month, claiming her $400,000 in winnings in a single day, lottery officials said. The woman wasn't identified, as winners are allowed to remain anonymous under a law regulating state lottery play in Delaware, one of at least six states that allow anonymity for some or all winners. "It’s great to see our players bring home six-figure prizes," state lottery acting director Helene Keeley said in the statement. Monday night's estimated Powerball jackpot reached a world-record $1.9 billion. The jackpot ballooned after there were no six-number winners in Saturday night's drawing, Powerball officials said.

☆ Live Election Results: Delaware State Legislature
▼ + stars: | 2022-11-08 | by ( Madison Hall | ) www.businessinsider.com time to read: +1 min

Polls close in the state at 8 p.m. Eastern Standard Time. It symobilizes the 2022 Election. Election 2022 Delaware Results Explore more election results Alaska Arizona California Colorado Connecticut Florida Georgia Illinois Indiana Iowa Kansas Maine Maryland Massachusetts Michigan Minnesota Nevada New Hampshire New Mexico New York North Carolina Ohio Oregon Pennsylvania Rhode Island Texas Virginia Washington WisconsinThis cycle, 11 out of 21 of the seats in the Delaware State Senate are up for election, and Democrats currently control the chamber by a margin of 7 seats. The Delaware House and Senate are currently under Democratic control and are not seen as particularly competitive. Delaware State House of Representatives election results:Delaware State Senate election results:

☆ Dr. Oz claimed Pennsylvania is on the Atlantic coast, botching the geography of the state where he hopes to be senator
▼ + stars: | 2022-11-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +2 min

Pennsylvania senate candidate Mehmet Oz appeared to claim the state was on the coast. The race for the crucial senate seat has been marked by gaffes and mishaps by the candidates. "This is important: We do not have a Republican senator north of North Carolina on the Atlantic coast until you get to Maine, if I don't hold this seat," Oz told Sean Hannity. "And there's been a Republican senator in Pennsylvania most of my life. Oz's geography was wrong: Pennsylvania is not on the Atlantic coast, unlike its neighboring states of Delaware or New Jersey, where Oz lived for years.

☆ Gerald Stern, prize-winning and lyrical poet, dies at 97
▼ + stars: | 2022-10-30 | by ( The Associated Press | ) www.nbcnews.com time to read: +6 min

Stern, New Jersey’s first poet laureate, died Thursday at Calvary Hospice in New York City, according to his longtime partner, Anne Marie Macari. He regarded “The One Thing in Life,” from the 1977 collection “Lucky Life,” as the poem that best defined him. Stern studied political science at the University of Pittsburgh and received a master’s in comparative literature from Columbia University. They had two children, Rachael Stern Martin and David Stern. Or get laid.”Besides Macari and his children, Stern is survived by grandchildren Dylan and Alana Stern and Rebecca and Julia Martin.

☆ Frackers Jockey With Potash Miners for Space to Grow in Top U.S. Oil Field
▼ + stars: | 2022-10-30 | by ( Collin Eaton | ) www.wsj.com time to read: 1 min

A drilling island designed for the extraction of oil and gas while ensuring the safety of potash miners. Frackers in America’s busiest oil field are butting heads with miners working to boost production of a vital crop nutrient in short supply following Russia’s invasion of Ukraine. Relentless drilling in the Delaware basin has pushed New Mexico’s oil production up faster than in any other state over the past 10 years. But the Delaware, part of the Permian oil field that straddles West Texas and southeastern New Mexico, also contains vast deposits of potash, a key fertilizer ingredient for corn, cotton, sugar, wheat and many other commodities.

☆ Elon Musk is now officially Twitter's new owner, ending months of costly litigation
▼ + stars: | 2022-10-28 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +3 min

Twitter and Musk fought for months over his attempt to back out of the acquisition. A Delaware judge gave the two parties an October 28 deadline to come to a deal outside of court. Musk made a U-turn on the offer in October, after spending months trying to pull out of the agreement. Representatives for Twitter and Musk did not immediately respond to Insider's request for comment. Twitter promptly sued him in Delaware Court of Chancer.

☆ Elon Musk posted a video of himself entering Twitter's headquarters carrying a bathroom sink
▼ + stars: | 2022-10-26 | by ( Grace Kay | Kali Hays | ) www.businessinsider.com time to read: +2 min

Elon Musk shared a video of himself carrying a bathroom sink into Twitter's headquarters. Twitter staff were notified on Wednesday that the Tesla CEO would be in the office during the week. ET to close his $44 billion Twitter deal or face a trial. Musk captioned the video: "Entering Twitter HQ — let that sink in!" I'll be in the SF office shortly too, excited to see all of you!

Search resuls for: "The Delaware"

25 mentions found