Business news in brief
By The Associated Press
Judge reaffirms ruling that invalidated pay package for Musk
DOVER, Del. | A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package. The judge on Monday also rejected an equally unprecedented and massive fee request by plaintiff attorneys.
The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package that carried a potential value of $56 billion.
The judge ruled in January that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. Tesla shareholders then voted for a second time to ratify Musk’s 2018 pay package, but the judge refused to revisit her initial ruling.
Supreme Court doesn’t seem convinced in flavored vapes case
WASHINGTON | A majority of Supreme Court justices didn’t seem convinced Monday that federal regulators misled companies before refusing to allow them to sell sweet-flavored vaping products following a surge in teen e-cigarette use.
The conservative-majority court did raise questions about the Food and Drug Administration crackdown that included denials of more than a million nicotine products formulated to taste like fruit, dessert or candy. Teen vaping use has since dropped to its lowest level in a decade, but the agency could change its approach after the inauguration next month of President-elect Donald Trump, who has promised to “save” vaping.
Prosecution makes closing argument in trial for Bob Lee
SAN FRANCISCO | Closing arguments began on Monday in the trial of a tech consultant in the 2023 stabbing death of Cash App founder Bob Lee in San Francisco, an event that shocked the broader tech community whose members mourned the loss of an entrepreneur they called charismatic and kind.
San Francisco prosecutors say Nima Momeni stabbed Lee three times after hearing that Lee’s drug dealer friend plied Momeni’s younger sister with GHB and other drugs and sexually assaulted her.
Defense attorneys will make their closing arguments Tuesday in a trial that started Oct. 14. Prosecutors will then have a chance to respond to the defense’s closing.
—From AP reports
