Tesla Showdown: Shareholder's Legal Team Demands $1.44 Billion Fee for Musk Pay Case

Elon Musk's strategic decisions regarding Nvidia chips are indicative of his broader vision for AI across his various enterprises. While the immediate reallocation may pose challenges for Tesla, the long-term prospects for AI advancements remain strong, driven by significant investments and ongoing developments in supercomputing capabilities.

Tesla Faces Legal Showdown Over Musk's $56 Billion Pay Package and Billion-Dollar Legal Fees

In a heated legal battle, Tesla shareholder Richard Tornetta's legal team has made a bold demand for $1.44 billion in fees after successfully challenging Elon Musk’s controversial 2018 CEO Performance Award. Initially seeking over $5 billion, the legal team now proposes an adjusted hourly rate of $73,948. Tesla fiercely contests this claim, arguing for a far lower payout. As the Delaware Court of Chancery prepares to rule, this case spotlights the high stakes and intense conflicts over executive compensation and corporate governance.

In this week's "Elon Musk Weekly News Update," we dive into the latest headlines from Tesla, SpaceX, X (formerly Twitter), and Neuralink. Discover Tesla's newest electric vehicle advancements and how they're pushing the boundaries of innovation. Get the scoop on SpaceX's ambitious missions and future plans for space exploration. Stay updated on Neuralink's groundbreaking work in brain-machine interface technology. Plus, learn about the latest developments at X. It's your go-to source for all the exciting news about Elon Musk and his groundbreaking ventures. Hey! We'll both earn $50 when you join Current and receive a qualifying Direct Deposit. Terms apply. Just use my link or code when signing up. Code: WILLIAMW243 ⁠⁠⁠⁠⁠https://current.com/get-started/?creator_code=WILLIAMW243⁠

Elon Musk recently expressed his disapproval after Melinda French Gates endorsed President Joe Biden for the upcoming election. Gates, who had never endorsed a presidential candidate before, announced her support for Biden on social media platform X, stating the election's significant consequences for women and families.

Despite past missed targets, Musk asserted that the development of autonomous technology is accelerating. He confidently predicted that Tesla’s market valuation could soar from its current $585 billion to over $5 trillion by 2029, driven primarily by the adoption of autonomous vehicles.

Starlink's Launch in Indonesia Elon Musk's SpaceX has launched its Starlink satellite internet service in Indonesia, aiming to provide high-speed internet access across the archipelago. The service promises to bridge connectivity gaps, especially in remote regions where traditional internet infrastructure is insufficient. The launch event in Bali also saw Musk participating in the 10th World Water Forum, addressing global water and sanitation challenges. This move aligns with Indonesia's Golden Indonesia 2045 Vision, which aims to position the country among the top five global economies by 2045​ . During Tesla's Q1 earnings call, Elon Musk outlined an accelerated timeline for the production of new, affordable EV models, expected to start by early 2025. Musk also revealed ongoing talks with a major automaker to license Tesla's full self-driving technology, a move that could significantly impact the autonomous vehicle industry. Additionally, Tesla plans to launch a robotaxi service, branded as "cyber cab," in August 2024, integrating autonomous vehicles into urban transportation networks. The announcements caused Tesla's stock to rebound, reflecting renewed investor confidence​

Neuralink, the brain-implant startup founded by Elon Musk, is facing legal action from a former employee, Lindsay Short, who claims she was forced to work with monkeys carrying the Herpes B virus under unsafe conditions. The complaint, filed in California state court, also alleges retaliation and wrongful termination following her announcement of pregnancy.

OpenAI is considering transitioning to a for-profit structure to give CEO Sam Altman more control, while retaining a core nonprofit mission. This change would mean the board of directors, currently part of the nonprofit structure, would lose authority over the new for-profit component.

Tesla is moving to Texas