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☆ Bernard Hill death: ‘The Lord of the Rings’ and ‘Titanic’ actor dies at 79
▼ + stars: | 2024-05-05 | by ( Thom Poole | Audry Jeong | ) edition.cnn.com time to read: +2 min

CNN —British actor Bernard Hill, best known for supporting roles in “Titanic” and “The Lord of the Rings” trilogy, has died, his family announced on Sunday. “It is with the greatest sadness that we must announce that Bernard Hill, renowned actor known for his roles in ‘Titanic’ and ‘Lord of the Rings,’ passed away in the early hours of this morning at the age of 79,” his family said in a statement. In James Cameron’s 1997 multi-Oscar winning “Titanic”, Hill plays the ship’s Captain Edward Smith as a man haunted by his role in the tragedy and ultimately resigned to his fate. We last see him alone, still clutching the ship’s helm, before the rising water bursts in through the windows. Bernard Hill in The Return Of The King, 2003.

Persons: Bernard Hill, ’, ”, Alison, Gabriel, ” Hill, Thatcher, James Cameron’s, Hill, Edward Smith, Shutterstock, Peter Jackson’s, King of Rohan, “ Gandhi, ” “ Shirley Valentine ”, Lou Coulson, Lindsay Salt, “ Organizations: CNN, BBC Locations: British, New

The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, without admitting or denying the allegations, the SEC said. The agency, calling BF Borgers a "sham audit mill," said the company and its owner engaged in "deliberate and systemic failures to comply with Public Company Accounting Oversight Board ... standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023," according to a press release. BF Borgers during that same time acted as the auditor for Trump Media, which was then privately held and moving toward a planned merger with the publicly traded shell company Digital World Acquisition Corp.Trump Media and DWAC finalized that merger in late March 2024, leading to Trump Media becoming publicly traded under the DJT ticker. The SEC said the Lakewood, Colorado-based BF Borgers and its owner were charged with falsely telling clients that the auditor's work would comply with PCAOB standards, fabricating audit documents to make it seem that the work did comply with those standards, and "falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards," the release said.

Persons: Benjamin Borgers, BF Borgers, DWAC Organizations: Trump Media, Securities and Exchange Commission, SEC, BF, CPA, Company, Corp Locations: Lakewood , Colorado

☆ ISS says unions and pension funds should back Norfolk Southern activist investor
▼ + stars: | 2024-05-02 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Norfolk Southern Chief Executive Alan Shaw testifies during a Senate Commerce, Science and Transportation Committee hearing titled "Improving Rail Safety in Response to the East Palestine Derailment" in Washington, U.S., March 22, 2023. Norfolk Southern -invested unions and pension funds should back activist Ancora's full seven-director slate at the railroad's shareholder meeting later this month, two different Institutional Shareholder Services proxy advisory services said. Neuberger Berman said earlier that it would support Ancora's case for change at Norfolk Southern, while Canadian asset manager EdgePoint also reaffirmed on Thursday that it would be voting its shares with the activist. (EdgePoint was initially partnered with Ancora's campaign at Norfolk Southern but dissolved that arrangement months earlier.) Top institutional shareholders include Vanguard, BlackRock, State Street and Dodge & Cox, as well as California's pension funds, CalPERS and CalSTRS, and Colorado's public pension fund.

Persons: Alan Shaw, Ancora's, Taft, Jim Barber, Glass Lewis, Barber, investor's, Ancora, Neuberger Berman, EdgePoint Organizations: Norfolk Southern, Commerce, Science, Institutional, Hartley Advisory Services, Social Advisory Services, CNBC, UPS, ISS, Norfolk Southern's, Norfolk, Vanguard, Dodge, Cox Locations: East Palestine, Washington , U.S, Norfolk, East Palestine , Ohio, BlackRock

☆ Masimo's billionaire CEO put shares on margin to get cash while keeping ownership ahead of proxy fight
▼ + stars: | 2024-05-01 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Kiani has just under 4 million Masimo shares, or around 7.5% of the company, according to FactSet data. Masimo shares are up 15% this year, lifting the company's market cap past $7 billion. Politan controls 8.9% of Masimo shares. Kiani, 59, pledged 2.97 million Masimo shares as of April, valued at $397 million, as collateral against "personal loans." "Rather than sell his pledged shares, Mr. Kiani increased his pledge to maintain his stock ownership."

Persons: Joe Kiani, Joe Biden, Quentin Koffey's, Kiani, Masimo, Politan Organizations: Apple, Capital Management, CNBC

☆ Tesla stock drops as Elon Musk reportedly announces hundreds more layoffs including senior execs
▼ + stars: | 2024-04-30 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Tesla stock dropped as much as 5% on Tuesday amid reports of more layoffs at the company. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementShares of Tesla dropped as much as 5.5% on Tuesday amid reports that Elon Musk announced hundreds more layoffs, including two high-level executives. The loss eats into some of Monday's big gain following the Tesla CEO's trip to China. Tesla stock is down almost 30% since the beginning of this year, while its rating and price target were slashed by a number of Wall Street analysts.

Persons: —, Tesla, Elon, Rebecca Tinucci, Daniel Ho, Rohan Patel Organizations: Service, Elon Musk, Elon, The, Wall Street, EV Locations: China, New York

☆ ISS endorses most of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-30 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Influential proxy advisory firm ISS recommended on Tuesday that Norfolk Southern shareholders support five of activist Ancora's seven board nominees, withholding an endorsement from CEO pick Jim Barber but describing him as a "credible director and CEO candidate nonetheless." Ancora is seeking to oust both current CEO Shaw and newly appointed COO John Orr. ISS recommends shareholders support Ancora nominees William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry and John Kasich. "As board chair, Amy Miles arguably bears the most responsibility for this state of affairs," ISS' report read. WATCH: CNBC's full interview with NSC CEO Shaw on activist campaign

Persons: Jim Barber, Glass Lewis, Alan Shaw's, Barber, Amy Miles, Ancora, Shaw, John Orr, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, John Kasich, Orr, Sen, Heidi Heitkamp, Richard Anderson Organizations: Norfolk, ISS, CNBC, Vanguard, BlackRock, Norfolk Southern, Delta Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Musk lays off Tesla senior executives in fresh job cuts, The Information reports
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: +2 min

Tesla and SpaceX's CEO Elon Musk reacts during an in-conversation event with British Prime Minister Rishi Sunak in London on Nov. 2, 2023. Elon Musk has dismissed two Tesla senior executives and plans to lay off hundreds more employees, frustrated by falling sales and the pace of job cuts so far, The Information reported on Tuesday, citing the CEO's email to senior managers. Rebecca Tinucci, senior director of the electric vehicle maker's Supercharger business, and Daniel Ho, head of the new vehicles program, will leave on Tuesday morning, the report said. Musk also plans to dismiss everyone working for Tinucci and Ho, including the roughly 500 employees who work in the Supercharger group, The Information said. Tesla, which had 140,473 employees globally as of end-2023, did not immediately respond to a Reuters' request for comment.

Persons: Tesla, Elon Musk, Rishi Sunak, Rebecca Tinucci, Daniel Ho, Musk, Ho, Rohan Patel, Tinucci, — Patel, Drew Baglino — Organizations: British Locations: London, China, Beijing, India

☆ Glass Lewis endorses 6 of activist Ancora's nominees for Norfolk Southern board
▼ + stars: | 2024-04-29 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +4 min

Activist investor Ancora received a powerful endorsement in its efforts to secure a board change and to oust Norfolk Southern CEO Alan Shaw on Monday, when proxy advisor Glass Lewis recommended the railroad's shareholders vote for 6 of Ancora's board nominees. "We believe Ancora has presented a compelling case for supporting a substantial overhaul of the Company's current leadership," Glass Lewis said in its report. Furthermore, Glass Lewis said Barber, Ancora's pick for CEO, and Jamie Boychuk, the activist's pick for COO, "have compelling credentials and track records." Ancora also seeks to install former CSX executive Boychuk as Barber's chief operating officer. Their support, coupled with Glass Lewis' endorsement, gives the activist powerful ammunition as it seeks to convince shareholders.

Persons: Ancora, Alan Shaw, Glass Lewis, Betsy Akins, Jim Barber, William Clyburn, Sameh Fahmy, Gilbert Lamphere, Allison Landry, Shaw, Amy Miles, Barber, Ancora's, Jamie Boychuk, Boychuk, John Orr Organizations: Norfolk Southern, Teamster, UPS, CNBC, CSX, Canadian National, CN, NSC, Norfolk Locations: Norfolk Southern, East Palestine , Ohio, Norfolk

☆ Activist Ancora endorsed by second Norfolk Southern union in proxy contest
▼ + stars: | 2024-04-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

A second Norfolk Southern union said Friday it would back activist Ancora's efforts to elect seven directors and oust CEO Alan Shaw, a sign of labor dissatisfaction with management and a key endorsement for Ancora as Norfolk Southern's shareholder meeting nears. The BLET Teamsters, which represents the engineers and trainsmen who operate Norfolk Southern's locomotives, said Friday they're throwing their weight behind Ancora. "It's a privilege to receive support from the BLET Teamsters, who believe in our plan to improve performance, safety and employee relations at Norfolk Southern," Barber said. The latest endorsement, coupled with the support of the BMWED Teamsters earlier this week, means roughly half of NSC's unionized employees are supporting the activist, Ancora said. "We recognize the hard work that the BLET Teamsters members and all of the Company's employees put in every day," Boychuk said.

Persons: Alan Shaw, John Orr, Edward Hall, Jim Barber, Jamie Boychuk, Barber, Ancora, Boychuk Organizations: Norfolk Southern, Teamsters, NS, BLET Teamsters, Norfolk, Ancora . Norfolk Southern Locations: Ancora, Norfolk, Ancora . Norfolk

☆ Elliott takes $1 billion stake in Anglo American as miner faces takeover interest
▼ + stars: | 2024-04-26 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Elliott Management has built a roughly $1 billion stake in miner Anglo American in recent months, a person familiar with the matter told CNBC. Anglo American shares were up 5% on the news Thursday. News of the activist's position comes as the $43 billion, London-based miner faces takeover interest from BHP, a mining giant with worldwide operations. Anglo rejected BHP's $39 billion takeover offer Friday morning, saying BHP's offer "significantly undervalues Anglo American and its future prospects." Anglo American declined to comment.

Persons: Elliott, Stuart Chambers, BHP, CNBC's Karen Gilchrist Organizations: Elliott Management, CNBC, BHP, Bloomberg Locations: London, Australia

☆ Teamsters union endorses activist Ancora in Norfolk Southern proxy fight
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Activist Ancora on Thursday won the support of the BMWED Teamsters in the investor's efforts to oust Norfolk Southern CEO Alan Shaw and a majority of the railroad's 13-person board. The labor group said it would back the activist's seven director nominees over Norfolk Southern management, a significant endorsement in an industry unusually dependent on union support. The support from the BMWED Teamsters, whose members build and maintain the track infrastructure that keeps Norfolk Southern trains moving, amounts to a sharp rebuke of Shaw and Norfolk Southern's board. Norfolk Southern and Ancora have been locked in a proxy contest for several months. Neuberger Berman, for example, is backing the activist and said that Norfolk Southern had a history of poor governance and that a boardroom change was needed.

Persons: Ancora, Alan Shaw, Shaw, Tony Cardwell, Cardwell, Jim Barber, Jamie Boychuk, Boychuk, Barber, It's, John Orr, Glass Lewis, Neuberger Berman Organizations: Thursday, Teamsters, Norfolk Southern, Norfolk, BMWED Teamsters, Labor, American Federation of Labor, Industrial Organizations, CSX, Ancora Locations: Norfolk Southern, Norfolk, U.S, East Palestine , Ohio, Washington

☆ Alphabet issues first ever dividend, $70 billion buyback
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Alphabet said Thursday that it's issuing a 20-cent per share dividend, the company's first ever, and that its board authorized the repurchase of up to $70 billion in stock. The dividend is payable to all class of shares, including super-voting Class B shareholders, as well as nonvoting Class C shareholders. Co-founder Sergey Brin, who owns more than 730 million Class B and C shares, will receive a $146 million payout. Co-founder Larry Page, who owns 389 million Class B shares, will get a dividend payment of $78 million. Amazon's largest share repurchase, in 2022, was for up to $10 billion.

Persons: Sundar Pichai, Pichai, Sergey Brin, Larry Page Organizations: Google, Investors, Meta, Amazon Locations: Washington ,

On Wednesday the Microsoft -backed company priced shares at $32 each, above its expected range of $28 to 31 per share. In selling 23.5 million shares, it raised $752 million. Rubrik shares are trading under the ticker "RBRK." Many technology companies appeared on public markets in the 2010s as central banks kept interest rates low. Rubrik, founded a decade ago, reported a $354 million net loss in the latest fiscal year, compared to a $278 million loss in the year prior.

Persons: Rubrik, It's, Bipul Sinha Organizations: New York Stock Exchange, Microsoft, Astera Labs

☆ Former Tesla SVP Drew Baglino is selling $181.5 million worth of stock, SEC filing says
▼ + stars: | 2024-04-25 | by ( Lora Kolodny | In Lorakolodny | ) www.cnbc.com time to read: +3 min

Former Tesla executive Drew Baglino, who announced his resignation earlier this month, sold shares in the electric vehicle company worth around $181.5 million, according to a filing on Thursday with the SEC. Baglino, who joined Tesla in 2006, is selling about 1.14 million of his shares, the filing said, listing an "approximate date of sale" of April 25, and describing it as an exercise of stock options. Tesla announced on April 15 that it's laying off 10% of its global workforce, following a drop in first-quarter deliveries and a steep slide in the stock price. Baglino announced his departure in a statement posted to X. Prior to the latest sale, Baglino had unloaded about $4 million worth of shares in two transactions this year — one in late February and the other in early April, filings show.

Persons: Drew Baglino, Baglino, Tesla, Rohan Patel, Baglino's, Musk, doubters Organizations: Fremont Factory, SEC, Tesla Locations: Fremont , California

☆ Mark Zuckerberg 's net worth plummets by more than $18 billion from Meta stock drop
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg's net worth plunged by $18 billion Thursday after comments from the Meta CEO on the earnings call sent his company's stock price to its steepest decline since October 2022. Meta said it plans to spend $35 billion to $40 billion Meta on capital expenditures this year, an increase from its prior forecast. Zuckerberg's fortune has swung up and down through the years, as his company's stock has been particularly volatile. His net worth fell by around $100 billion in 2022. In early 2022, he lost almost $30 billion in a single day, when his company's stock price tumbled 26% on weak earnings and disappointing guidance.

Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Meta Organizations: Facebook, Paley Center For Media, Meta, Harvard, Reality Labs Locations: New York

☆ Spotify reports record quarterly profit after a year marked by deep layoffs and activist attention
▼ + stars: | 2024-04-23 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Spotify reported first-quarter earnings on Tuesday, notching record quarterly profit and beating estimates on the top and bottom lines, after a year of deep cost cutting and streamlining. The company expects net new MAUs of 16 million, for a total of 631 million monthly active users. Spotify attributed the slowed growth to "moderated marketing activity" — driven by cost cutting — resulting in "more normalized growth." ValueAct, which manages nearly $12 billion in assets, has a 0.5% Spotify stake valued at $280 million. When the activist investor first disclosed the position in 2023, it owned around 1.2% of Spotify.

Persons: Daniel Ek, Joe Rogan, MAUs, Mason Morfit's ValueAct Organizations: Spotify, LSEG, StreetAccount Spotify Locations: Tokyo, Swedish

☆ Activist investor Jana discloses 'significant' stake in Wolfspeed, urges semiconductor manufacturer to consider sale
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Activist investor Jana Partners disclosed in a letter Monday that it has built a "significant" position in semiconductor manufacturer Wolfspeed and urged the company to resolve what it called a "staggering erosion of shareholder value," up to and including a sale. In the letter to Wolfspeed's board, viewed by CNBC, Jana wrote that the semiconductor company's "differentiated manufacturing capabilities" and status as an "American supplier supporting the energy transition" gave it significant intrinsic value. Jana also wrote that management's missteps around capital allocation, execution and strategy had depressed the stock. Wolfspeed, formerly known as Cree, is a supplier of electronic components and semiconductors used to manage electricity, often in cars. Jana said Wolfspeed's board should "promptly" begin a comprehensive review of the business, up to and including a sale.

Persons: Scott Ostfeld, Jana Partners, Jana, Wolfspeed, Barry Rosenstein, Kif Leswing Organizations: JANA Partners, CNBC, Reuters, TSR, Qualcomm, Trimble Locations: New York City, U.S, Mohawk Valley, Siler City, Freshpet ,

☆ Informatica says it's not for sale, following Salesforce's reported interest in $10 billion deal
▼ + stars: | 2024-04-22 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +1 min

Enterprise data management company Informatica is not currently in talks to be acquired, the company said Monday, after earlier reports suggested that Salesforce was interested in a roughly $10 billion deal. Informatica shares slumped more than 7% on the news, while Salesforce shares rose around 1%. The acquisition would have been Salesforce's largest since the 2021 deal to purchase Slack. Salesforce's investors also reacted negatively to the idea of the deal, sending shares down more than 7% when news of the potential purchase first broke. Salesforce CEO Marc Benioff's voracious appetite for mergers and acquisitions was one of the factors that drew a flurry of activists in 2023 seeking to rein in the company's spending.

Persons: Salesforce, Slack, Amit Walia, Marc Benioff's Organizations: Informatica, Street

☆ Tech's earnings bonanza this week shines spotlight on growing troubles at Tesla, Google
▼ + stars: | 2024-04-22 | by ( Hayden Field | ) www.cnbc.com time to read: +10 min

Justin Sullivan | Getty ImagesAs tech's behemoths get set to report earnings this week, they do so facing a mountain of drama. Tesla kicks off tech earnings season after the close of trading on Tuesday, with shares of the electric vehicle maker trading at their lowest since January 2023. When it comes to AI, Meta debuted its assistant — Meta AI — on WhatsApp, Instagram, Facebook and Messenger last week. Loren Elliott | Bloomberg | Getty ImagesOn a busy Thursday for tech earnings, Alphabet is likely to capture the most attention. On Thursday, Alphabet CEO Sundar Pichai announced a consolidation of the company's AI teams, including responsible AI and related research teams, under the Google DeepMind umbrella.

Persons: Sundar Pichai, Justin Sullivan, tech's behemoths, Tesla, Microsoft's, Lip, CNBC's, we've, Brandon Bell, Drew Baglino, Rohan Patel, Musk, John Murphy, Meta, Mark Zuckerberg, Wall, OpenAI's ChatGPT, Joe Biden, Republican Donald Trump, Loren Elliott, Ruth Porat, Thomas Kurian's, livestreamed, Pichai, that's, Satya Nadella, Sam Altman, Altman, OpenAI, chatbot, MSFT Organizations: Inc, Government, Society, Google, Big Tech, Nvidia, BakerAvenue Wealth Management, Tech, Meta, Microsoft, Getty, Elon Musk's EV, Bank of America, Reality Labs, Facebook, Republican, Bloomberg, CNBC, Google Cloud, Union, Apple, Guggenheim Locations: Stanford , California, Austin , Texas, New York, Sunnyvale , California, Sunnyvale, Seattle, San Francisco , California, OpenAI, Mistral, U.S

☆ Tesla's Elon Musk postpones India trip, aims to visit this year
▼ + stars: | 2024-04-20 | by ( ) www.cnbc.com time to read: +2 min

Elon Musk postponed a planned trip to India where he was to meet Prime Minister Narendra Modi, citing obligations at his Tesla automaker and saying he aimed to reschedule the visit for later this year. m"Unfortunately, very heavy Tesla obligations require that the visit to India be delayed, but I do very much look forward to visiting later this year," Musk posted on his X social media platform. The CEO and the prime minister are both at critical junctures. Musk posted that "Reuters is lying" after the report, without citing any inaccuracies. After Reuters reported Musk's India trip plans on April 10, he posted on X that he was "Looking forward to meeting with Prime Minister Narendra Modi in India!"

Persons: Elon Musk, Narendra Modi, Musk, Tesla, Rohan Patel, Modi Organizations: Reuters, EV Locations: India, New Delhi

☆ Tesla layoffs continue as recruiters get cut
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla informed some of its recruiters on Friday that they'd been laid off, sources told BI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Three former Tesla workers confirmed to Business Insider that they had been informed of the layoffs via a call on Friday morning. More former Tesla recruiters have posted on LinkedIn saying they were notified their jobs had been impacted on Friday. The same day Tesla announced its initial round of cuts at least two executives resigned from the company.

Persons: Tesla, they'd, Elon Musk, —, Drew Baglino, Rohan Patel Organizations: Elon, Service, Business, LinkedIn

☆ Elon Musk apologized for 'incorrectly low' Tesla severance packages
▼ + stars: | 2024-04-18 | by ( Jyoti Mann | Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk apologized Wednesday to laid-off Tesla employees for incorrect severance packages. Some workers previously told Business Insider they were offered two months' pay as severance. AdvertisementElon Musk apologized in an email to some laid-off Tesla employees after their severance packages were found to be "incorrectly low," according to a screenshot of the email viewed by Business Insider. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk said in the brief email sent Wednesday. Other workers told BI that as of Wednesday night, they'd yet to receive any information about severance packages.

Persons: Elon Musk, —, Musk, they'd, Tesla, Drew Baglino, who'd, he'd, Rohan Patel, They're, Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett Organizations: Service, Business, CNBC, Worker, Twitter Locations: China

☆ Tesla asks shareholders to vote again on Musk's $56 billion payout
▼ + stars: | 2024-04-17 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Tesla said Wednesday it will ask shareholders to reinstate CEO Elon Musk's $56 billion pay package, which a Delaware judge voided earlier this year after ruling that the record-setting compensation deal was "deeply flawed." Tesla said the court decision created a "fundamental problem for the company." Tesla has not hired Innisfree since 2018, when it first asked shareholders to vote on Musk's pay package. Musk's pay package was invalidated after a shareholder won a lawsuit against the company earlier this year. The company also noted that "dozens of institutional stockholders" have told Tesla that they disagree with the Tornetta decision.

Persons: Elon Musk, Lola, Tesla, Elon Musk's, Musk, Innisfree, Musk's, Chancellor Kathaleen McCormick, Richard Tornetta, McCormick Organizations: Regency Bruin Theatre, Twitter, Board, Delaware Court Locations: Los Angeles , California, U.S, Delaware, Texas

☆ Elon Musk says Tesla needs a 'complete organizational overhaul' to get to 'the next level' amid mass layoffs at the company
▼ + stars: | 2024-04-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Elon Musk says Tesla has to do a "complete organizational overhaul" every once in a while. Musk's remarks come after a round of mass layoffs at Tesla, where it cut more than 10% of staff. "That said, our executive tenure is unusually high at well over 10 years at Tesla," Musk wrote in a post on X, formerly Twitter. The Tesla layoffs come at a rough time for the company, which has been grappling with declining sales and increased competition from Chinese automakers like BYD. Advertisement"The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's earnings call in January.

Persons: Elon Musk, Tesla, Musk, —, Musk's, Drew Baglino, Rohan Patel, Patel Organizations: Tesla, Service, BI, Electrical

☆ Andreessen Horowitz raises $7.2 billion, a sign that tech startup market may be bouncing back
▼ + stars: | 2024-04-16 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +3 min

Andreessen Horowitz said Tuesday that it raised $7.2 billion across five different funds, a sign of optimism in the tech startup world, which has seen a dearth of significant exits over the past two years. Deal volume for U.S. venture investments in the first quarter sank to its lowest level since 2017, according to data published earlier this month by PitchBook. The firm raised a $4.5 billion crypto fund in 2022, bringing its total amount raised for crypto and blockchain investments to $7.6 billion. Andreessen Horowitz remains on track to raise more money for its crypto fund and a separate biotechnology fund, a person familiar with the matter told Bloomberg. Andreessen Horowitz wrote a $350 million check to the company, which was just getting started and has yet to make inroads in the residential real estate market.

Persons: Andreessen Horowitz, Ben Horowitz, Marc Andreessen, Horowitz, PitchBook, bitcoin, Adam Neumann Organizations: Bloomberg, PitchBook, Astera Labs, CNBC Locations: Silicon Valley, U.S

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