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Time of India
2 days ago
- Automotive
- Time of India
'Make Elon Musk work 40-plus hours and....': Tesla's 12 biggest shareholders send letter to Tesla board with list of 'Dos and Don'ts'
Elon Musk is returning to Tesla, and the company's biggest share holders have some 'do's and don't' for the CEO and company Tesla's major shareholders controlling 7.9 million shares have sent an urgent letter to board chair Robyn Denholm, demanding immediate action to address what they call a "crisis" at the electric vehicle maker. The coalition, including pension funds, the American Federation of Teachers, and state treasurers from New York, Oregon, and Illinois, issued four specific demands to refocus CEO Elon Musk's attention on Tesla amid declining sales and plummeting brand reputation. The shareholders blame Tesla's troubles on Musk's divided attention between the company and outside ventures, particularly his recently concluded role at the Department of Government Efficiency (DOGE) under the Trump administration. Mandate minimum 40-hour work week commitment for Elon Musk The investors want Tesla's board to require Musk to work at least 40 hours per week at the company as a condition of any new compensation package. This demand comes as Tesla's stock has fallen 12% this year while the Nasdaq declined only 1%. The shareholders noted that Tesla's European sales plunged nearly 50% in April compared to the previous year, and global EV sales declined in the first quarter. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like เริ่มแล้ว! ตลาด USDJPY อยู่ในช่วงขาขึ้นกว่าเดิม IC Markets สมัคร Undo Establish clear CEO succession planning The letter demands a formal succession plan identifying emergency replacements for Musk should he become unavailable or lose interest in Tesla. "We believe the company's current disclosure regarding the CEO succession plan does not assure investors that the Board is adequately prepared," the shareholders wrote, emphasizing the need for qualified leadership continuity. Limit directors' external business commitments Shareholders called for stringent policies restricting Tesla board members' involvement in other companies. They propose limiting executive directors to one additional board position and one executive role at another company, arguing this would ensure adequate time dedication to Tesla's oversight and management. Appoint truly independent board members The coalition demanded at least one "truly independent" director with no personal ties to existing board members. They criticized the recent appointment of former Chipotle CFO Jack Hartung, noting his son-in-law works at Tesla and his previous association with Kimbal Musk, Elon's brother who serves on Tesla's board. The shareholders attributed Tesla's reputation crisis partly to Musk's political activities, including nearly $300 million in pro-Trump donations and endorsement of Germany's far-right AfD party. Tesla has dropped from 8th to 95th place in the Axios Harris Poll of America's most admired brands. Musk announced earlier this week that his DOGE tenure had ended and pledged to focus more intensively on his businesses, including Tesla, SpaceX, and xAI. However, investors remain skeptical, with Illinois State Treasurer Michael Frerichs questioning whether Musk has learned from his mistakes or will continue prioritizing other ventures over Tesla's urgent needs. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Time of India
3 days ago
- Entertainment
- Time of India
Taylor Swift takes down music giants while Travis Kelce watches the empire grow
Taylor Swift takes down music giants while Travis Kelce watches the empire grow (Image Source: Getty Images) Taylor Swift has taken back control of her music. On Friday, she told fans that she now owns her original recordings. These are the same songs that were sold without her approval in 2019. Back then, a company called Big Machine was bought in a big business deal. As part of that deal, Taylor Swift's music masters were sold. This upset her, so she decided to re-record her old albums. Now, she owns those original versions again. Taylor Swift buys back her masters from Shamrock Capital Taylor Swift shared the news on her website. She bought her master's from Shamrock Capital, a company based in Los Angeles. It was started by Roy E. Disney, the nephew of Walt Disney. She did not say how much she paid. But reports say Shamrock Capital bought her music in 2020 for over $300 million. In her message, Taylor Swift said, 'I can't thank you enough for helping to reunite me with this art that I have dedicated my life to, but have never owned until now.' She also wrote, 'The best things that have ever been mine … finally actually are.' These words show how much this moment means to her. Now Taylor Swift owns her album art, music videos, concert films, photos, and even songs that were never released. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo This is a huge step in her career. She has worked for years to get here. Her fans, known as Swifties, are celebrating with her. Also Read: Taylor Swift Steps Out In NYC As Fans Read Into Her Reaction To AMAs "Snub" And Blake Lively Drama While Travis Kelce Gears Up For NFL Season Taylor Swift's long battle for ownership is finally over This all started when music manager Scooter Braun bought Big Machine Label Group in 2019. That company owned Taylor's first six albums. Braun's company sold those rights to Shamrock in 2020. Taylor Swift was upset because she was never asked if she wanted to buy her music first. In response, she began re-recording all of her old albums so that fans could listen to versions she owned. So far, she has re-released Fearless, Red, Speak Now, and 1989 with the label 'Taylor's Version.' Fans supported her through it all. Now, she no longer needs to re-record. She finally has her original work back in her hands. Taylor Swift now owns the masters of her first six albums. This comes after years of fighting for her music. She bought them back from Shamrock Capital, a company that got them from Scooter Braun. Taylor thanked her fans for their support. She also said this is the first time she truly owns the art she worked so hard on. This moment is important not just for Taylor Swift but for all artists. It shows the power of fighting for your rights. Taylor Swift has won a long and personal battle, and now, her music finally belongs to her.
Time of India
3 days ago
- Business
- Time of India
'Next Victory: H-1B scam': MAGA now rallies behind Steve Bannon after China visa crackdown
US crackdown on Chinese students' visa is seen as a victory of the Bannon camp. Donald Trump's former aide Steve Bannon shot to the centerstage Friday as the Trump administration's recent visa decisions were seen as a victory of the Bannon camp. Bannon, an avid hater of the H-1B visa programs that allows US companies to hire foreign talent, quickly reacted to the accolades, as he wrote, "Next Victory: H1B Visa Scam". A POLITICO report gave the verdict that it was the Bannon camp's win over the tech camp as Secretary of State Marco Rubio announced that the administration would now revoke the visas of Chinese students. The Silicon Valley camp would definitely not like this decision as 70 per cent of Silicon Valley's highly educated tech employees are from overseas and China supplies more than any country except India, the report said noting how silent the tech industry is on this major policy change -- though very little has been shared by Rubio. Meta, Google, Microsoft and NVidia formally declined to comment to POLITICO and it said Tesla, Amazon and Apple did not respond to its emails. "The visa move looks like another win for the Bannon wing," the report gave its verdict. What Steve Bannon thinks about H-1B Steve Bannon has openly called the H-1B program a scam. Openly declaring a war against Elon Musk, he called for an end to the program. Bannon thinks H-1B is a scam of the highest order that deprives Americans of their jobs. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo Reacting to the USCIS's latest approval of over 120,000 H-1B applications for 2026, Steve Bannon said it's outrageous at a time when AI is posing a threat to US jobs. "The number of H-1Bs we need this year is ZERO. Everyone issued one should go home, and every billet should be filled by an American," Bannon said. The recent layoffs announced by companies, including Walmart, have been linked to the H-1B and US tech workers are demanding H-1B ban.
Time of India
3 days ago
- Business
- Time of India
Panchkula MC approves Rs 17cr development works in finance committee meeting
1 2 3 Panchkula: The Finance and Contract Committee of the municipal corporation met on Friday under the chairmanship of mayor Kulbhushan Goyal, during which 11 out of 19 agendas were approved. Key development works worth over Rs 17 crore received the green light in the presence of municipal commissioner Aparajita and joint commissioner Gagan Chauhan. Among the major decisions, the committee approved revised park maintenance rates, increasing the amount given to park development committees from Rs 4.4 to Rs 4.62 per square metre, reflecting a 5% hike to improve upkeep and services. The long-pending tender for work at the Old Age Home was also approved. It was decided that 80 beds would be reserved for senior citizens and 80 for critically ill patients, with first aid facilities available on-site. An NGO will be entrusted with operations, covering 50% of the bed costs, while the MC will bear 5% of the remaining costs. Previously set room rates — Rs 3,500 for non-AC and Rs 5,000 for AC rooms — will remain unchanged. However, the meal rate was increased from Rs 100 to Rs 250 to ensure nutritious food and fruit for residents. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo In ward 11, Sector 11, the budget for the community centre and multipurpose hall was re-approved, with a tender worth Rs 4.93 crore sanctioned for the project. The mayor said some proposals have been sent back for review and will be presented in the next committee meeting. Other approvals Rs 10.68 lakh for installing water coolers, water purifiers, and iron frames in various areas Rs 1.75 crore for stormwater line and road repairs in the New Housing Board Colony, ward 8, Sector 19 Rs 1.64 crore for resurfacing internal roads in Mansa Devi Complex, Sector 5 Rs 2.41 crore for remaining B and C roads in sectors 8, 9, 10 (ward 4). Rs 2.18 crore for strengthening roads and parking areas in Sectors 7 and 16 (ward 3). Rs 1.97 crore for remaining road work in ward 13, Sector 21 Rs 57.37 lakh for resurfacing roads in sectors 17 and 18
Time of India
3 days ago
- Business
- Time of India
BMC plans to make permission must for digging bore wells
1 2 3 4 Bhubaneswar: In an unprecedented move, corporators of Bhubaneswar Municipal Corporation (BMC) on Friday advocated for mandatory permission of the civic body to dig bore wells within city limits. The demand, which arose at the corporation meeting, aims to check erratic site selection for bore wells and haphazard digging by residents, agencies and realtors that leads to depletion of groundwater. The corporators also decided that rainwater harvesting for individual houses and apartments will be made mandatory, BMC officials said. BMC mayor Sulochana Das said a standard operating procedure (SOP) will be drawn up soon to establish clear principles for segregating areas where and how many bore wells will be allowed to be dug. "The SOP on bore well digging will be incorporated into the building plan approval gradually. The SOP will clearly state the carrying capacity of which places have been exhausted, and digging should not be carried out. We don't want a situation like Bengaluru. There are instances where, for every 1,000 people, there are more than 100 bore wells. In apartments and individual houses, the location of the bore well is also important. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo At times, the neighbour doesn't know that another bore well is coming up just a metre or two away. This is not a healthy practice as groundwater is depleting," she said. Majority of the corporators endorsed the new SOP to be incorporated into the building plan approval. "In another sitting, further opinions of corporators will be elicited on how to proceed with the guidelines and what aspects should be addressed to make it development-, environment- and people-friendly," the mayor added. Recently, BMC planned to construct 10 mega water harvesting structures in the city to recharge groundwater. Work will be completed before next monsoon, BMC officials said. The civic body will take guidance from the National Institute of Urban Affairs (NIUA). The ministry of housing and urban affairs (MoHUA) has provided funds to BMC to spend Rs 5 lakh on each water harvesting structure. BMC has identified the places where the structures will be established. BMC officials a list of low sustainable zones has been prepared where high interventions in terms of constructing artificial recharge structures have been recommended by the ministry following the National Remote Sensing Centre's survey of groundwater levels in Bhubaneswar.
