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AS IT HAPPENED Wildfire reaches Jasper Wednesday night, causes 'significant loss'
One of two wildfires threatening Jasper National Park reached the townsite Wednesday night and caused 'significant loss.'
Elon Musk’s brain implant company Neuralink has moved its legal corporate home from Delaware to Nevada after a Delaware judge struck down Musk's US$55.8 billion pay package as CEO of Tesla.
Neuralink, which has its physical headquarters in Fremont, Calif., became a Nevada company on Thursday, according to state records. Delaware records also list the company's legal home as Nevada.
The move comes after Musk wrote on X, formerly Twitter, that shareholders of Austin-based Tesla would be asked to consider moving the company's corporate registration to Texas.
“Never incorporate your company in the state of Delaware,” he wrote in one post after the court ruling. He later added, “I recommend incorporating in Nevada or Texas if you prefer shareholders to decide matters.”
Legal experts say most corporations set up legal shop in Delaware because laws there favour corporations. “Delaware built its preferred state of incorporation business by being friendly to company management, not shareholders,” said Erik Gordon, a business and law professor at the University of Michigan.
On Jan. 30, Delaware Chancellor Kathaleen St. Jude McCormick invalidated the pay package that Tesla established for Musk in 2018, ruling that the process was “flawed” and the price “unfair.” In her ruling, she called the package “the largest potential compensation opportunity ever observed in public markets by multiple orders of magnitude.”
McCormick’s ruling bumped Musk out of the top spot on the Forbes list of wealthiest people.
Musk, a co-founder of the privately held Neuralink, is listed as company president in Nevada documents. Messages were left Saturday seeking comment from Neuralink and Tesla.
McCormick determined that Tesla’s board lacked independence from Musk. His lawyers said the package needed to be rich to give Musk an incentive not to leave — a line of reasoning the judge shot down.
“Swept up by the rhetoric of ‘all upside,’ or perhaps starry eyed by Musk’s superstar appeal, the board never asked the US$55.8 billion question: ‘Was the plan even necessary for Tesla to retain Musk and achieve its goals?’” McCormick wrote.
Musk’s fans argue that he shouldn’t be paid like other CEOs because he isn’t like other CEOs. He and Tesla are practically inseparable, so keeping him as CEO is key to the company’s growth. He built the company from an idea to the most valuable automaker in the world, last year selling more electric vehicles than any other company. His star power gets free publicity, so the company spends little on advertising. And he has forced the rest of the auto industry to accelerate plans for electric vehicles to counter Tesla’s phenomenal growth.
McCormick's ruling came five years after shareholders filed a lawsuit accusing Musk and Tesla directors of breaching their duties and arguing that the pay package was a product of sham negotiations with directors who were not independent of him.
The defense countered that the pay plan was fairly negotiated by a compensation committee whose members were independent and had lofty performance milestones.
Musk wrote on X last month that the first human received an implant from Neuralink. The billionaire did not provide additional details about the patient.
One of two wildfires threatening Jasper National Park reached the townsite Wednesday night and caused 'significant loss.'
Alberta has called in the Canadian Armed Forces to help assist with the worsening wildfire situation in the province.
U.S. President Joe Biden on Wednesday delivered a solemn call to voters to defend the country's democracy as he laid out in an Oval Office address his decision to drop his bid for reelection and throw his support behind Vice President Kamala Harris.
Staff at a Barrie child care centre say they are frustrated by what they call a local MPP's inadequate response after a car crashed through a window in one of the toddler rooms.
The North American Aerospace Defence Command (Norad) intercepted two Russian and two Chinese bombers flying near Alaska Wednesday in what appears to be the first time the two countries have been intercepted while operating together.
An analyst and an assistant coach with Canada Soccer are being removed from the Canadian Olympic Team and 'sent home immediately,' according to the Canadian Olympic Committee.
After a handful of Australian water polo players tested positive for COVID-19 this week, questions have emerged around how the spread of the disease will be mitigated at the Summer Olympic Games in Paris.
A B.C. man who was hired to help a non-profit build a food hub but instead spent the money on personal expenses – including travel, restaurants, booze and cannabis – has been ordered to pay more than $120,000 in damages.
Two people are dead and two others suffered serious injuries following a shooting that police have described as a 'gun battle' outside a plaza in Scarborough, Ont. early Wednesday morning.
A local First Nations elder and veteran is helping to bring the Ojibwe language to a well-known film for the first time.
A cat who fled her Montreal home nearly a decade ago has been reunited with her family after being found in Ottawa.
A woman in Waterloo, Ont. is out thousands of dollars for a car crash she wasn’t involved in.
A swarm of bees living in a lamppost in Winnipeg’s Sage Creek neighbourhood has found a new home for its hive.
Around 100 acres of Manitoba Crown Land near the Saskatchewan border is being returned to the Métis community.
Nova Scotia is suspending the licensed Cape Breton moose hunt for three years due to what the province is calling a “significant drop” in the population.
A well-known childhood prank known as 'nicky nicky nine doors,' or 'ding dong ditch,' has escalated into a more serious game that could lead to charges for some Surrey, B.C. teens.
It's been more than a month since their good friend was seriously hurt in an accident and two teens from Riverview, N.B., are still having a hard time dealing with it.
Halifax bridges have collected thousands of coins from around the world.