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DOVER, Del. (AP) — A Delaware judge has reaffirmed her ruling that Tesla must revoke Elon Musk’s multibillion-dollar pay package Chancellor Kathaleen St. Jude McCormick on Monday denied a request by attorneys for Musk and Tesla’s corporate directors to vacate her ruling earlier this year requiring the company to rescind the unprecedented pay package. McCormick also rejected an equally unprecedented and massive fee request by plaintiff attorneys , who argued that they were entitled to legal fees in the form of Tesla stock valued at more than $5 billion. The judge said the attorneys were entitled to a fee award of $345 million. The rulings came in a lawsuit filed by a Tesla stockholder who challenged Musk’s 2018 compensation package. McCormick concluded in January that Musk engineered the landmark pay package in sham negotiations with directors who were not independent. The compensation package initially carried a potential maximum value of about $56 billion, but that sum has fluctuated over the years based on Tesla’s stock price. Following the court ruling, Tesla shareholders met in June and ratified Musk’s 2018 pay package for a second time, again by an overwhelming margin. Defense attorneys then argued that the second vote makes clear that Tesla shareholders, with full knowledge of the flaws in the 2018 process that McCormick pointed out, were adamant that Musk is entitled to the pay package. They asked the judge to vacate her order directing Tesla to rescind the pay package. McCormick, who seemed skeptical of the defense arguments during an August hearing, said in Monday’s ruling that those arguments were fatally flawed. “The large and talented group of defense firms got creative with the ratification argument, but their unprecedented theories go against multiple strains of settled law,” McCormick wrote in a 103-page opinion. The judge noted, among other things, that a stockholder vote standing alone cannot ratify a conflicted-controller transaction. “Even if a stockholder vote could have a ratifying effect, it could not do so here due to multiple, material misstatements in the proxy statement,” she added. Meanwhile, McCormick found that the $5.6 billion fee request by the shareholder’s attorneys, which at one time approached $7 billion based on Tesla’s trading price, went too far. “In a case about excessive compensation, that was a bold ask,” McCormick wrote. Attorneys for the Tesla shareholder argue that their work resulted in the “massive” benefit of returning shares to Tesla that otherwise would have gone to Musk and diluted the stock held by other Tesla investors. They value that benefit at $51.4 billion, using the difference between the stock price at the time of McCormick’s January ruling and the strike price of some 304 million stock options granted to Musk. While finding that the methodology used to calculate the fee request was sound, the judge noted that the Delaware’s Supreme Court has noted that fee award guidelines “must yield to the greater policy concern of preventing windfalls to counsel.” “The fee award here must yield in this way, because $5.6 billion is a windfall no matter the methodology used to justify it,” McCormick wrote. A fee award of $345 million, she said, was “an appropriate sum to reward a total victory.” The fee award amounts to almost exactly half the current record $688 million in legal fees awarded in 2008 in litigation stemming from the collapse of Enron.ANNAPOLIS, Md. (AP) — Kaylene Smikle scored 16 points and made a couple key baskets down the stretch to help No. 10 Maryland hold off George Mason 66-56 in a matchup of unbeatens Saturday at the Navy Classic. The Terrapins (7-0) led by just two when Smikle stole the ball and made a layup while being fouled. The free throw pushed the lead to 58-53. Then a putback by Smikle put Maryland up by seven. The Terps won despite shooting 13 of 26 on free throws. George Mason (6-1) trailed by 10 at halftime before outscoring Maryland 18-7 in the third quarter. The Patriots' final lead was 49-48 in the fourth after a jumper by Kennedy Harris. Harris led George Mason with 26 points. Maryland is off to its best start since winning its first 12 games in 2018-19. George Mason: The Patriots have lost all nine meetings with Maryland, but it's been more competitive of late. The Terps won 86-77 last year, and this game was more competitive than the final score suggested. Maryland: After a down season by their standards, the Terps are off to a nice start, but the free-throw problems in this game nearly cost them. With the score 55-53, George Mason had a chance to tie, but the Patriots never really recovered after Smikle swiped the ball from Harris and went the other way for a three-point play with 3:08 remaining. Although Maryland was awful at the line, at least the Terps got there. George Mason was only 3 of 8 from the stripe, and the Terps held the Patriots to 32% shooting from the field. George Mason faces Navy in this event Sunday. Maryland takes on Toledo. Get poll alerts and updates on the AP Top 25 throughout the season. Sign up here. AP women’s college basketball: https://apnews.com/hub/ap-top-25-womens-college-basketball-poll and https://apnews.com/hub/womens-college-basketballJacob Holt scores 23 to help Sacramento State beat Stanislaus State 98-47
LUKE LITTLER left Ritchie Edhouse applauding him after he pulled off a genius moment in the Players Championship. The darts sensation was taking on Edhouse in the finals of the tournament and was in great form yet again. Littler , 17, won the tie 6-2 in a crushing defeat to his opponent. The teenager managed to hit an incredible six 180s and averaged 105.3 throughout the game. He also missed a double 12 to complete a nine-darter in the match. But it was his checkout in the fifth leg that saw Edhouse step back and applaud. READ MORE ON DARTS With 120 left to go, Littler hit a 20 and then two bulls-eyes in a row to win the leg. Cameras caught Edhouse's astonished reaction as he paid respect to the impressive youngster. Fans were also left amazed by Littler's continued flashes of brilliance at the oche on social media. One posted: "Double bullseye. Littler is insane." Most read in Darts CASINO SPECIAL - BEST CASINO WELCOME OFFERS A second wrote: "That is outrageous from Luke Littler!" A third commented: "The Nuke is something else." LUKE LITTLER has taken the darts world by storm since exploding onto the scene at the PDC World Championship at the beginning of the year. The Nuke reached the final on his Ally Pally debut at just 16 years of age - smashing records along the way. He has then gone on to win a host of PDC events and the Premier League title - which he claimed at the O2 Arena by beating world champion Luke Humphries in May . He also finished his first season in the World Series as the No1 ranked player . He has joined Jude Bellingham on the Forbes 30 Under 30 Europe list . And the teenage titan even had to snub an invite from the WWE. The Sun exclusively revealed that Littler is plotting to create a fitness empire. He is also cashing in away from the Oche thanks to an Instagram side hustle. And he's even the face of a brand new cereal. But he is newly single after splitting from girlfriend Eloise Milburn following a 10-month relationship. Check out all of our latest Luke Littler stories . A fourth said: "What a geeza man." Another added: "Luke Littler just took out 120 going 20, Bull, Bull. Filthy." Meanwhile, the tournament has not been a success for Chris Dobey. The ace was defeated by Nathan Aspinall 6-2 on Friday evening. He took to social media to apologise to his fans f or the "s*** show" he put on . BELOW is a list of Darts world champions by year. The list does not include winners from the pre-Professional Darts Corporation (PDC) era or BDO world champions. That means Raymond van Barneveld, for example, is only listed once - Barney also won four BDO titles - and none of Eric Bristow's five BDO titles are included. 1994 - Dennis Priestley 1995 - Phil Taylor 1996 - Phil Taylor (2) 1997 - Phil Taylor (3) 1998 - Phil Taylor (4) 1999 - Phil Taylor (5) 2000 - Phil Taylor (6) 2001 - Phil Taylor (7) 2002 - Phil Taylor (8) 2003 - John Part 2004 - Phil Taylor (9) 2005 - Phil Taylor (10) 2006 - Phil Taylor (11) 2007 - Raymond van Barneveld 2008 - John Part (2) 2009 - Phil Taylor (12) 2010 - Phil Taylor (13) 2011 - Adrian Lewis 2012 - Adrian Lewis (2) 2013 - Phil Taylor (14) 2014 - Michael van Gerwen 2015 - Gary Anderson 2016 - Gary Anderson (2) 2017 - Michael van Gerwen (2) 2018 - Rob Cross 2019 - Michael van Gerwen (3) 2020 - Peter Wright 2021 - Gerwyn Price 2022 - Peter Wright (2) 2023 - Michael Smith 2024 - Luke Humphries Most World Titles 14 - Phil Taylor 3 - Michael van Gerwen 2 - John Part, Adrian Lewis, Gary Anderson, Peter Wright 1 - Dennis Priestley, Raymond van Barneveld, Rob Cross, Gerwyn Price, Michael Smith, Luke HumphriesSuspended soccer coach Bev Priestman has broken her silence, saying she hopes something positive comes out of the ongoing Canadian drone-spying scandal. “I hope out of a really tough situation, this is a turning point for our game,” she wrote in an Instagram post via her verified account. “There has been a standard and precedent set now, irrespective of gender, tournament or associated revenues that will hopefully clean up our game.” She did not address her role in the affair in the six-paragraph post. Priestman, assistant coach Jasmine Mander and analyst Joey Lombardi are all serving one-year FIFA bans for their role in the scandal, which saw the Canada women’s team use a drone to spy on two New Zealand training sessions at the Olympics. Canada Soccer says the three won’t be back in the wake of the recent independent report into the scandal. Lombardi is already gone, having resigned his position after the Olympics. “The findings of the independent investigator reveal that the incident itself was a symptom of a difficult and unacceptable past culture within the national teams,” Canada Soccer chief executive officer and general secretary Kevin Blue and president and board chair Peter Augruso said in a statement when the report was released earlier this month. Canada Soccer continues to investigate the roots of the spying scandal and has initiated a disciplinary process against former men’s and women’s coach John Herdman, currently coach of Toronto FC. The governing body has said it “has initiated a proceeding with respect to Mr. Herdman under its Disciplinary Code.” Herdman did not speak to Sonia Regenbogen, who wrote the report. Priestman signed a new contract in January that runs through the 2027 FIFA Women’s World Cup. The 38-year-old Priestman took over the Canadian women on Nov. 1, 2020, and was initially appointed “through the next quadrennial.” She had been working on a rolling contract — until the new deal. “It has and will continue to take some time to process, heal, find the right words and step back into a public setting but I felt I should say something irrespective of ongoing circumstances,” Priestman wrote. In addition to the suspensions, FIFA docked the Canadian women six points in the group stage at the Olympics and fined Canada Soccer 200,000 Swiss francs ($312,815). Despite that, defending champion Canada still managed to make the knockout round before losing a penalty shootout to Germany in the quarterfinals. “I know that amazing group was ready to reach the top again this summer, but in many ways what they did was even more special under such difficult circumstances,” Priestman wrote. She also thanked those who had reached out to her. “You continue to help me through some dark days,” she said. Canadian under-20 coach Cindy Tye has been named interim coach for the sixth-ranked Canadians’ upcoming friendlies in Spain against Iceland and South Korea.
Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Monday in a surprise announcement. Two company executives, David Zinsner and Michelle Johnston Holthaus, will act as interim co-CEOs while the company searches for a replacement for Gelsinger, who also stepped down from the company’s board. The departure of Gelsinger, whose career spanned more than 40 years, underscores the turmoil at Intel. The company was once a dominant force in the semiconductor industry but has been eclipsed by rival Nvidia, which has cornered the market for chips that run artificial intelligence systems. Gelsinger started at Intel in 1979 and was its first chief technology officer. He returned to the company as chief executive in 2021. Gelsinger said his exit was “bittersweet as this company has been my life for the bulk of my working career,” he said in a statement. “I can look back with pride at all that we have accomplished together. It has been a challenging year for all of us as we have made tough but necessary decisions to position Intel for the current market dynamics.” Zinsner is executive vice president and chief financial officer at Intel. Holthaus was appointed to the newly created position of CEO of Intel Products, which includes the client computing, data center and AI groups. Frank Yeary, independent chair of Intel’s board, will become interim executive chair. “Pat spent his formative years at Intel, then returned at a critical time for the company in 2021,” Yeary said in a statement. “As a leader, Pat helped launch and revitalize process manufacturing by investing in state-of-the-art semiconductor manufacturing, while working tirelessly to drive innovation throughout the company.” Gelsinger’s departure comes as Intel’s financial woes have been piling up. The company posted a $16.6 billion loss and halted its dividend in the most recent quarter, and its shares have fallen by about 60% since he took over as CEO. Gelsinger announced plans in August to slash 15% of its huge workforce — or about 15,000 jobs — as part of cost-cutting efforts to to save $10 billion in 2025. Nvidia’s ascendance, meanwhile, was cemented earlier this month when it replaced Intel on the Dow Jones Industrial Average. Unlike some of rivals, Intel manufactures chips in addition to designing them. Under Gelsinger, the company has been working to build up its foundry business making semiconductors in the U.S. designed by other firms, in a bid to compete with rivals such as market leader Taiwan Semiconductor Manufacturing Co. or TSMC. Intel has benefited from tens of billions of dollars that the administration has pledged to support construction of U.S. chip foundries and reduce reliance on Asian suppliers, which Washington sees as a security weakness. After taking over as CEO, Gelsinger unveiled plans to build a $20 billion chipmaking facility in central Ohio, and poured billions more into expanding in Europe, where leaders were also worried about dependence on Asia. The Biden administration had said it would give Intel up to $8.5 billion in federal funding for semiconductor plants around the country, but last week it trimmed that amount, according to three people familiar with the grant who spoke on the condition of anonymity. Shares of the Santa Clara, California, company, were up less than 1% in afternoon trading after being up more than 5% earlier in the day. ___ AP Business Writer Kelvin Chan contributed to this report from London. Closing arguments began on Monday in the trial of a Intel CEO Pat Gelsinger has retired, the struggling chipmaker said Marie Dageville and her husband Benoit Dageville became billionaires overnight Travelers who waited until the last day to make their
LOS ANGELES--(BUSINESS WIRE)--Dec 22, 2024-- Faraday Future Intelligent Electric Inc. (Nasdaq: FFIE) (“FF”, “Faraday Future”, or “Company”), a California-based technology company specializing in artificial intelligence electric vehicles (AIEV), announced that it has secured approximately $30 million in cash financing commitments. The funds will be used to accelerate the Company’s growth and the development of Faraday X (FX), FF’s strategy of launching affordable high performance AIEV equipped vehicles with cutting edge technology, filling the U.S. market gap in this segment, and for general corporate purposes. Targeting the mainstream EV market in the U.S., FF is expected to have its first two FX prototype mules arrive in Los Angeles later this month, with product development and testing scheduled to begin at FF’s manufacturing facility in Hanford, CA. As part of their delivery journey, the two prototype mules will stop in Las Vegas from January 5 to 7, 2025, where the Company will provide updates on its FX strategy. The $30 million financing commitment includes a pre-funded $7.5 million, which was received in the fourth quarter of this year, and $22.5 million in new cash commitments (the “Financing”), structured in the form of unsecured convertible notes (“Convertible Notes”) and warrants to acquire additional shares of the Company’s common stock (“Warrants”). The conversion price for the Convertible Notes and exercise price for the Warrants are $1.16 and $1.392 per share, respectively, subject to adjustment as set forth therein. The shares of common stock underlying the Convertible Notes and Warrants issued in the Financing are currently unregistered, subject to trading restrictions, and not immediately tradable. The Financing is subject to customary closing conditions. For additional information regarding the material terms relating to the Financing, please see the Company’s Form 8-K to be filed with the SEC on December 23, 2024. “The new funding lays a solid foundation for both FF and its new brand as the Company approaches the end of 2024 and enters the new year,” said Matthias Aydt, Global CEO of FF “I am optimistic about the opportunities that this new funding will bring, including supporting the ongoing production of our FF 91 2.0 and the growth of the FX brand,” Aydt explained. “We are pleased to have supported FF in successfully completing this round of financing,” said Jerry Wang, President of FF Global Partners and Head of Corporate Development, FFIE (Consultant), “We are enthusiastic about the promising opportunities ahead for the FX brand, and we firmly believe in FF's ability to execute its strategy effectively and deliver significant value in the process.” The Convertible Notes, along with the Warrants, were offered and sold in a transaction exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”), pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D of the Securities Act and in reliance on similar exemptions under applicable state laws. Accordingly, the Convertible Notes, Warrants and underlying shares of common stock issuable upon conversion of the Convertible Notes and exercise of the Warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Securities Act and such applicable state securities laws. The Company has agreed to file one or more registration statements with the Securities and Exchange Commission registering the resale of the shares of common stock issuable upon conversion of the Convertible Notes and exercise of the Warrants issued in connection with the Financing. This press release does not constitute an offer to sell or the solicitation of an offer to buy the convertible notes, nor shall it constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful prior to registration or qualification under the securities laws of any such jurisdiction. ABOUT FARADAY FUTURE Faraday Future is the pioneer of the Ultimate AI TechLuxury market amidst the global trend of EVs. Luxury is just one of the key factors reflecting FF’s achievements in reshaping the EV industry. The company is dedicated to establishing an ever-evolving, interactive in-car software and operating system powered by artificial intelligence and user-generated data, optimizing the experience for each individual within an ecosystem of worldwide users who are also contributors to the innovative FF model. FORWARD LOOKING STATEMENTS This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, which include statements regarding the closing of the Convertible Notes financing, the Faraday X (FX) strategy and plans for the FX brand, the delivery of two prototype mules, and anticipated use of funds from the Convertible Notes financing, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include, among others: that the closing of the Financing could be delayed or not occur at all; the timing for the two prototype mules to clear U.S. customs; the Company’s ability to continue as a going concern and improve its liquidity and financial position; the Company’s ability to pay its outstanding obligations; the Company's ability to remediate its material weaknesses in internal control over financial reporting and the risks related to the restatement of previously issued consolidated financial statements; the Company’s limited operating history and the significant barriers to growth it faces; the Company’s history of losses and expectation of continued losses; the success of the Company’s payroll expense reduction plan; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the Company’s ability to cover future warrant claims; the success of other competing manufacturers; the performance and security of the Company’s vehicles; current and potential litigation involving the Company; the Company’s ability to receive funds from, satisfy the conditions precedent of and close on the various financings described elsewhere by the Company; the result of future financing efforts, the failure of any of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s indebtedness; the Company’s ability to cover future warranty claims; the Company’s ability to use its “at-the-market” program; insurance coverage; general economic and market conditions impacting demand for the Company’s products; potential negative impacts of a reverse stock split; potential cost, headcount and salary reduction actions may not be sufficient or may not achieve their expected results; circumstances outside of the Company's control, such as natural disasters, climate change, health epidemics and pandemics, terrorist attacks, and civil unrest; risks related to the Company's operations in China; the success of the Company's remedial measures taken in response to the Special Committee findings; the Company’s dependence on its suppliers and contract manufacturer; the Company's ability to develop and protect its technologies; the Company's ability to protect against cybersecurity risks; and the ability of the Company to attract and retain employees, any adverse developments in existing legal proceedings or the initiation of new legal proceedings, and volatility of the Company’s stock price. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Form 10-K filed with the SEC on May 28, 2024, as amended on May 30, 2024, and June 24, 2024, as updated by the “Risk Factors” section of the Company’s first quarter 2024 Form 10-Q filed with the SEC on July 30, 2024, and other documents filed by the Company from time to time with the SEC. View source version on businesswire.com : https://www.businesswire.com/news/home/20241222966710/en/ CONTACT: Investors (English):ir@faradayfuture.com Investors (Chinese):cn-ir@faradayfuture.com Media:john.schilling@ff.com KEYWORD: CALIFORNIA UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: LUXURY ALTERNATIVE VEHICLES/FUELS TECHNOLOGY EV/ELECTRIC VEHICLES AUTOMOTIVE AUTOMOTIVE MANUFACTURING SOFTWARE MANUFACTURING RETAIL ARTIFICIAL INTELLIGENCE SOURCE: Faraday Future Intelligent Electric Inc. Copyright Business Wire 2024. PUB: 12/22/2024 05:11 PM/DISC: 12/22/2024 05:09 PM http://www.businesswire.com/news/home/20241222966710/en
If you've been keeping track of automotive news in the past year or so, you know that U.S. Automaker Chrysler is in a tough spot. Its parent company, Stellantis, continues to face serious financial struggles, and while Stellantis claims that it has no plans to kill off or sell Chrysler, one has to imagine that could change if times continue to be tough for the company. Of course, this is hardly the first time Chrysler itself has faced such troubles, with the brand narrowly surviving the 2008 financial crisis through a merger with Fiat. However, when the company faced financial troubles in the early 1980s, Chrysler was ultimately able to save itself by releasing a successful run of new cars that were essentially based on the same platform. Those vehicles would be dubbed K-Cars in Chrysler's marketing materials, with the company boasting that the vehicles were the product of years of development, as well as a rash of technological advancements and some serious design ingenuity. Upon their 1981 release, gearheads and everyday consumers alike were no doubt curious about what the K in K-Cars actually stood for. More than 40 years later, many people still do not know what that K actually stands for, and we'd wager that one and all will be a touch disappointed to learn it doesn't really stand for anything. Instead, K is just the letter designation assigned by Chrysler to the platform on which the vehicles were built. [Featured image by IFCAR via Wikimedia Commons | Cropped and scaled | Public Domain] For a point of reference, the platform and vehicles that directly preceded K-Cars in the Chrysler lineup were called L-Cars. Despite the ' alphabetical designations, the K-Car was far from a step backward for Chrysler, with the company and then boss, Lee Iacocca, instead eyeing the vehicles as a necessary pivot from the smaller L-Car towards a line of fuel-efficient, front-wheel drive mid-size builds that focused on performance and comfort. Over its production run, the K-Car platform would prove both inexpensive to make and incredibly versatile, with Chrysler shaping and reshaping it for more than a decade to produce builds of every shape and size across several of its then subsidiaries, including Dodge and the now defunct Plymouth badge . When the platform debuted in 1981, there were just a pair of options available on the K-Car platform in the Plymouth Reliant and the Dodge Aries. Once those vehicles hit showroom floors, both builds were popular with consumers, reportedly accounting for 36% of vehicles sold under the greater Chrysler shingle. Those sales figures continued to grow over the ensuing years and eventually led Chrysler back from the brink of financial ruin. Emboldened by the success of the K-Car, bosses at Chrysler Corporation continued to lean on the platform in several other builds, including the Chrysler Le Baron, the Dodge 400 and 600 models, and even the revival-ready Chrysler Executive Limousine . The K-Car platform also served as the base for the O.G. Dodge Caravan. Successes aside, Chrysler eventually moved on from the platform in the mid-1990s, with the turbo-charged Dodge Spirit and Plymouth Acclaim closing out the line in 1995.None
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