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News on Medial
Lawyers who sued Tesla for overpaying want $10,690/hr; Musk reacts
Reuters
·
1y ago
Medial
A legal team that successfully sued Tesla's directors for overpaying themselves is now seeking approval for $229 million in fees, equating to $10,690 per hour, according to a court filing. If approved, it would be one of the largest fee awards resulting from a shareholder lawsuit against a board. The fees would be divided among four law firms involved in the case. In July, the directors agreed to return more than $700 million in compensation to Tesla. The proposed fee and settlement must be approved by a Delaware judge at an October hearing.
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OpenAI hired the lawyer who helped force Elon Musk to buy Twitter
Business Insider
·
1y ago
Medial
OpenAI has hired attorneys from Wachtell, Lipton, Rosen & Katz and Morrison & Foerster to represent the company in its legal battle against Elon Musk. OpenAI's move comes after Musk sued the company and some of its cofounders earlier this year, alleging breaches in its founding agreement. OpenAI's legal team includes lawyers who previously represented Twitter in a case against Musk when he attempted to back out of a purchase. Musk, who has his own high-profile attorneys, sued OpenAI in an attempt to prevent breaches of its nonprofit mission through a partnership with Microsoft.
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Elon Musk’s Lawyers Claim He ‘Does Not Use a Computer’
Wired
·
1m ago
Medial
In a court filing for Elon Musk's lawsuit against Sam Altman and OpenAI, Musk's lawyers claimed he "does not use a computer." However, evidence and Musk's own posts suggest otherwise. Musk, who owns xAI, sued OpenAI in 2024 for breach of contract. Despite primarily using his mobile phone, Musk has referenced using laptops. Public posts show his engagement with computers for personal and professional purposes, contradicting the claims made in the court documents.
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Tesla investors sue Musk for diverting 'scarce' AI talent to xAI
Inshorts
·
1y ago
Medial
A group of Tesla shareholders has sued CEO Elon Musk for diverting "scarce talent and resources" from the automaker to his AI startup xAI. The group also accused Tesla's board of allowing Musk to start a rival AI company and plunder Tesla's resources. Earlier, it was reported that Musk diverted 12,000 NVIDIA AI chips meant for Tesla to X.
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The Tesla shareholder who denied Musk his $55 billion payday is a former heavy metal drummer
Business Insider
·
1y ago
Medial
Richard Tornetta, the Tesla shareholder who successfully sued the company over Elon Musk's $55 billion compensation plan, was revealed to be a former heavy metal drummer for the band Dawn of Correction. Tornetta's victory in court has denied Musk his massive payday, prompting the billionaire to express frustration and seek to move Tesla's incorporation to Texas. The Delaware court ruled the compensation package to be unfair to shareholders, making Tesla develop a new plan for Musk's compensation.
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Elon Musk's X says it is worth $19 billion, down from $44 billion last year
Economic Times
·
1y ago
Medial
In a recent stock grant to employees, X (formerly Twitter) indicated its value at about $19 billion, down 55% from the $44 billion Elon Musk paid to acquire the company a year ago. Employees were offered restricted stock units at $45 per share. The share price remained at $54.20, despite the valuation drop. Musk, who admitted to overpaying for Twitter, has made significant changes to the platform, leading to staff turnover and a more ambitious vision for the company.
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Elon Musk, Tesla win dismissal of lawsuit claiming they rigged dogecoin
Economic Times
·
11m ago
Medial
Elon Musk and Tesla have successfully had a federal lawsuit dismissed. The lawsuit accused Musk and Tesla of defrauding investors through the promotion of the cryptocurrency dogecoin and engaging in insider trading. The plaintiffs claimed that Musk used social media and other publicity tactics to manipulate the price of dogecoin for personal gain. However, Musk's lawyers argued that the plaintiffs had no case and there was no evidence to support the accusations. The judge agreed and dismissed the lawsuit.
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Former Twitter CEO Parag Agrawal, 3 other employees are suing Elon Musk
Livemint
·
1y ago
Medial
Former Twitter CEO Parag Agarwal and three other ex-executives have sued current CEO Elon Musk for $128 million in unpaid severance payments. The lawsuit claims that Musk has shown "special ire" towards them by refusing to pay their severance after he took over Twitter in 2022. Agarwal's lawyers also accused Musk of not paying bills and disregarding rules. Agarwal was entitled to a $60 million payment in the event of involuntary termination, while the other executives were also eligible for substantial sums. Previously, Agarwal and other former employees won a ruling that ordered Twitter to pay $1.1 million in legal fees.
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Elon Musk reacts after being thrown out of video game; ’Wasn’t even using a…’ | Mint
Livemint
·
7m ago
Medial
Elon Musk, CEO of Tesla, recently shared an experience of being kicked out of the video game 'Path of Exile' for performing too many actions too quickly. Musk clarified that he wasn't using any unfair advantages and suggested the penalty for excessive clicks per second should be patched. This incident comes after Musk has expressed his love for video games and announced his plans to start his own gaming studio under the xAI company, aiming to bring back great games through artificial intelligence. Musk has previously praised gaming for its calming effect.
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Elon Musk's growing legal challenges
Economic Times
·
1y ago
Medial
Elon Musk, the CEO of Tesla and SpaceX, is facing a series of legal challenges. The US Securities and Exchange Commission has sued Musk to testify as part of an investigation into his takeover of Twitter. Musk's companies, including Tesla and SpaceX, are involved in various legal disputes, including allegations of discrimination and workplace harassment. Musk's tweets on Twitter have also caused controversy and legal trouble. Additionally, he has been accused of insider trading and manipulating the cryptocurrency Dogecoin.
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Elon Musk may be compelled to testify again in SEC's Twitter takeover probe
Economic Times
·
1y ago
Medial
A federal judge may compel Elon Musk to testify again in the SEC's investigation into his Twitter takeover. Lawyers for Musk argued against the SEC's request for him to testify, alleging harassment with subpoenas. The judge did not make a decision during the hearing. The investigation focuses on whether Musk violated securities laws during his 2022 purchase of Twitter, now known as X. Musk has previously provided documents and testified for the SEC, but the agency seeks further testimony due to new documents. This ongoing dispute stems from Musk's 2018 tweet about taking Tesla private.
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