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Tesla shareholders oppose $7 billion legal fee request | The Express Tribune

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Tesla shareholders will appear in court on Monday to argue that an unprecedented request for more than $7 billion in attorneys’ fees to be paid by the company is “outlandish,” the latest twist in a legal showdown over Musk’s $56 billion pay package.

The record fee request was made by investor Richard Tornetta on behalf of three law firms that represented him, including Bernstein Litowitz Berger & Grossmann. Tornetta owned nine shares of Tesla when he sued over Musk’s pay package of stock options in 2018, a legal battle he ultimately won in January when the package was voided.

The fee equals around $7.2 billion at Tesla’s Friday’s stock price and amounts to a rate of roughly $370,000 for every hour worked by the 37 lawyers, associates and paralegals, some of whom normally bill as little as $275 an hour, according to court documents submitted Tornetta’s lawyers.

“The legal fees appear exceedingly disproportionate and outlandish,” Nathan Chiu, a Tesla shareholder from New Jersey, wrote to Chancellor Kathaleen McCormick in March, according to a court filing.

Chiu, the California Public Employees’ Retirement System and more than 8,000 Tesla stockholders have flooded the Delaware Chancery Court with some 1,500 letters and objections over the fee, according to court documents.

A hearing scheduled for Monday was moved from McCormick’s usual courtroom to the largest in the building to accommodate the 47 attorneys from 19 law firms appearing in the case, as well potential stockholders.

Tornetta’s lawyers argue they deserve the fee as a cut of the benefit they say they conveyed to Tesla when a judge voided Musk’s pay package, which returned to Tesla around 266 million shares reserved for the stock options. That stock would be worth about $67 billion at Friday’s price of $251.82 per share.

Tornetta’s attorneys said it is the largest judgment ever awarded by an American court, excluding punitive damages. They argued they should receive a fee equal to 11% of that judgment, a percentage that is arguably conservative by Delaware legal precedent. They asked to be paid in the form of 29 million Tesla shares.

Record Fee Request

While federal courts tend to lower the fee as a percentage of judgments or settlements as they get bigger, Delaware courts have gone the opposite way, awarding a larger percentage as an incentive for attorneys to push for a bigger recovery.

Tornetta’s legal team said they would have been justified asking for up to 33% of the value of Musk’s pay package.

The fee request vastly outstrips the current record fee in shareholder litigation of $688 million in an Enron class action, according to Stanford Law School.

The Musk case took a dramatic turn when Tesla shareholders in June voted to ratify Musk’s pay, which Tesla has argued corrected the flaws in the 2018 process that McCormick identified in her ruling.

The company argues that Musk’s pay package has been restored and that Tornetta’s legal victory has been transformed into a loss. As a result, the case conveyed no benefit to Tesla and the shareholder lawyers should receive as little as $13.6 million, Tesla said.

Some of the shareholders who have opposed the request wrote form letters to the judge, but a few have hired attorneys to file formal objections to the fee, including Amy Steffens, a pilot, and Kurt Panouses, an attorney who specializes in representing lottery winners.

McCormick may take weeks or months to rule. The Delaware Supreme Court is currently considering a $267 million fee request in a shareholder class action involving Dell Technologies and that decision could provide fee guidance.

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SpaceX achieves unprecedented feat in commercial space travel | The Express Tribune

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WASHINGTON:

Two astronauts, a billionaire and an engineer, completed the first private spacewalk in orbit on Thursday outside a SpaceX capsule. They wore a new type of spacesuit in a high-risk feat once limited to astronauts from government space agencies.

As part of the Polaris Dawn mission, the astronauts each spent about 10 minutes outside the Crew Dragon capsule, tethered for safety, while their two crewmates remained inside. The mission, led by Elon Musk’s SpaceX, further pushed the boundaries of private space travel.

Jared Isaacman, a pilot and founder of Shift4, was the first to exit, followed by SpaceX engineer Sarah Gillis. Meanwhile, their crewmates Scott Poteet and Anna Menon observed from inside the capsule. Orbiting about 450 miles (730 km) above Earth, the entire spacewalk lasted one hour and 46 minutes.

Isaacman, who also funded the Polaris mission, previously financed his Inspiration4 flight with SpaceX in 2021. The mission, streamed live on SpaceX’s website, tested new equipment, including slimmer spacesuits and a procedure to fully depressurise the Crew Dragon cabin – technology that Musk aims to refine for future private missions to Mars.

After re-entering the spacecraft, Isaacman commented on Earth’s beauty, as seen from space. This mission was one of the riskiest for SpaceX, the only private company capable of regularly sending people into orbit and back.

Before the spacewalk at around 10:52 GMT, the capsule was completely depressurised, with the astronauts relying on their SpaceX-designed spacesuits for oxygen via an umbilical connection to the capsule. Isaacman, 41, and Gillis, 30, tested the suits’ flexibility and provided feedback to improve future designs.

The mission aimed to push the limits of private companies in space, with ground teams at SpaceX’s California headquarters monitoring the hatch’s closure and carrying out safety checks as the astronauts returned inside.

The spacewalk procedure echoed that of the first US spacewalk in 1965, which involved depressurising the capsule and tethering a spacesuited astronaut to it. NASA Administrator Bill Nelson hailed the mission as a “giant leap forward” for the commercial space industry and NASA’s goal of building a sustainable US space economy.

While Isaacman has not revealed the mission’s cost, it is expected to run into hundreds of millions, with Crew Dragon seats typically costing around $55 million each.

Gillis, who joined SpaceX as an intern in 2015, and Poteet, a retired US Air Force lieutenant colonel, were among the crew, along with SpaceX engineer Anna Menon. Throughout the mission, the spacecraft circled Earth multiple times, reaching altitudes of up to 1,400 km, the farthest humans have travelled in space since Apollo’s final mission in 1972.

Spacewalks have previously been conducted solely by government-trained astronauts. Since the International Space Station (ISS) was established in 2000, there have been around 270 spacewalks, with 16 on China’s Tiangong space station.

The Polaris crew spent two and a half years training, including mission simulations and challenging real-world experiences, to prepare for the mission, according to Poteet.

Currently, a record 19 astronauts are in orbit, including 12 aboard the ISS, after a Russian Soyuz mission transported additional astronauts there on Wednesday. Since 2001, Crew Dragon has completed more than a dozen astronaut missions, primarily for NASA.

The capsule was developed under a NASA programme to create commercial vehicles for transporting astronauts to and from the ISS. Boeing’s Starliner capsule, also part of this programme, launched its first astronauts to the ISS in June but faced difficulties. It returned empty, leaving its crew aboard the station until next year, when a Crew Dragon capsule will retrieve them.

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PS5 Disc Drive is selling out after PS5 Pro announcement | The Express Tribune

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The demand for the PS5 Disc Drive has skyrocketed since the announcement of the PS5 Pro, with online retailers quickly selling out of the popular peripheral.

Gamers eager to ensure they can still play physical media on their next-gen consoles are rushing to purchase the external disc drive required for the new PS5 Pro.

Sony officially revealed the PS5 Pro earlier this week, and with it came the announcement that the console would not include a built-in disc drive.

Instead, players who want to use physical discs will need to buy the external PS5 Disc Drive, a shift that has already sparked a buying frenzy.

At the time of writing, the PS5 Disc Drive has climbed to #16 on Amazon’s best-selling video game products.

Best Buy, one of the major online retailers, has already sold out of the drive, and it is currently unavailable for order. Gamers are still able to find it on other major sites like Target, Walmart, and PlayStation Direct, but these supplies are expected to diminish quickly as well.

This rush to secure the PS5 Disc Drive began when Sony introduced the PS5 Slim in late 2023, which also required an external drive for physical game compatibility. Unlike the original PS5, which featured both disc and digital editions, the Slim removed the option of having a built-in disc drive.

 

 

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US wireless data usage surges to record 100 trillion MB in 2023 | The Express Tribune

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Americans consumed more than 100 trillion megabytes of wireless data in 2023, a 36% rise from the previous year and the largest single-year increase, according to a report from wireless industry association CTIA.

The surge in usage—an increase of 26 trillion MB over 2022—is attributed to the growing adoption of 5G devices and fixed wireless access (FWA) broadband services.

The total number of wireless connections in the US rose to 558 million, representing a 6% growth over 2022. Notably, 40% of wireless connections were 5G-enabled, covering over 330 million US residents.

Additionally, nearly 40% of all wireless devices were connected to 5G, a 34% increase from 2022.

CTIA highlighted that the sector attracted $30 billion in investment in 2023, with total spending on spectrum auctions surpassing $233 billion.

However, the association emphasized the need for Congress to restore the Federal Communications Commission’s (FCC) auction authority to ensure access to mid-band spectrum and meet the growing demand for wireless services.

By the end of 2023, the US had 432,469 active cell sites, a 24% increase since 2018, thanks to siting reforms.

The cost per megabyte of wireless data has dropped by 50% since 2020.

CTIA’s annual survey has tracked the US wireless sector since 1985.

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Black Sun Productions to launch VR game inspired by Kafka’s Metamorphosis | The Express Tribune

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Black Sun Productions, a virtual reality studio, has announced its debut title, Metamorphosis VR, will launch on October 10, 2024.

The narrative inspired by Franz Kafka’s The Metamorphosis will be available for Meta Quest 2 and 3.

This VR game offers a unique and immersive experience, allowing players to step into the surreal world of Kafka’s renowned novella.

Metamorphosis VR is a bold reimagining of the 2020 PC game Metamorphosis, originally developed by Ovid Works and Untold Tales.

The story takes place in early 1900s Vienna, following Gregor Samsa, a traveling salesman who undergoes a shocking transformation into a cockroach.

After a night out, Gregor awakens to discover his metamorphosis and embarks on a strange journey to find a way to return to his human form and save his closest friend.

“We chose Metamorphosis as our debut title for Black Sun because its surreal, Kafkaesque world – some of the richest and most immersive environments imagined – offers a perfect opportunity to bring this extraordinary experience to virtual reality,” said Corbin Chase, CEO of Black Sun Productions, in a statement, as reported by VentureBeat.

“One of VR’s most powerful abilities is how it changes our perspective and sense of scale, and Metamorphosis uniquely combines confusion, bewilderment, wonder and beauty. All imparted by that shift in perspective, it feels like this game was always meant for VR.”

One of the game’s key highlights is its distinct shift in perspective, which allows players to experience Gregor’s new reality as an insect.

Navigating through walls, floorboards, and tight spaces, the player is immersed in a bizarre world filled with bug philosophers, insect crime bosses, and creepy thespians.

The game features over 100 insect characters, each with a unique voice, contributing to an interactive experience.

Fans of Kafka’s original novella and virtual reality enthusiasts eager to explore its surreal world are anticipating the game’s October 10 release on Meta Quest 2 and 3.

 

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