BOSTON/NEW YORK May 25 (Reuters) – Amazon.com Inc (AMZN.O) shareholders on Wednesday voted against all investor-led resolutions that challenged the company’s policies – including its use of plastics and certain concealment clauses in contracts – at the company’s annual meeting.
A total of 15 investor resolutions were considered, including one introduced at the meeting. The figure was a record for the retail and cloud computing giant, as socially minded investors scrutinize its treatment of workers. read more
Investors voted for proposals to approve executive compensation, board members and a stock split. read more
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The boost in the number of resolutions, which Amazon recommended investors vote against, comes as tech company shareholders push for more transparency on social issues such as pay equity, workplace culture and safety, and sustainability practices.
The Amazon logo is seen outside its JFK8 distribution center in Staten Island, New York, U.S. November 25, 2020. REUTERS/Brendan McDermid
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Antoine Argouges, CEO of activist investor Tulipshare, said in a statement that the company will continue its push for workers’ rights at Amazon.
“Whilst we are disappointed that our proposal did not pass today, this vote was just the beginning in the fight for workers rights,” Argouges said.
Amazon Chief Executive Andy Jassy defended the company’s record on safety and reviewed steps it has taken to reduce injury rates ranging from new anti-slip shoes to software meant to predict and prevent repetitive stress injuries.
He conceded that injury rates could be affected by the rapid hiring of new workers during the pandemic, including about 300,000 workers in 2021 alone. “When you hire a lot of people, your (injury) rates tend to go up,” he said.
The number of proposals also reflects changes under securities regulators appointed by U.S. President Joe Biden that have made it easier for investors to file proposals and more difficult for companies to convince regulators that these resolutions should not go to a shareholder vote. read more
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Reporting by Ross Kerber in Boston, Arriana McLymore in New York and Eva Mathews in Bengaluru
Additional reporting by Simon Jessop in London
Editing by Peter Henderson and Matthew Lewis
Our Standards: The Thomson Reuters Trust Principles.
Arriana McLymore
Thomson Reuters
Arriana McLymore reports on the business of law, including diversity in the profession, corporate practices, legal education and attorney career life cycles.
May 18 (Reuters) – S&P Dow Jones Indices has removed electric carmaker Tesla Inc (TSLA.O) from its widely-followed S&P 500 ESG Index (.SPXESUP), citing issues including racial discrimination claims and crashes linked to its autopilot vehicles, a move that prompted critical tweets from Tesla CEO Elon Musk on Wednesday.
Other contributing factors to the changes, effective May 2, included Tesla’s lack of published details related to its low carbon strategy or business conduct codes, said Margaret Dorn, the organization’s head of ESG indices for North America, in an interview.
Even though Tesla is contributing to reducing emissions with its electric cars, Dorn said, its issues and lack of disclosures relative to industry peers should raise concerns for investors looking to judge the company across environmental, social and governance (ESG) criteria.
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“You can’t just take a company’s mission statement at face value, you have to look at their practices across all those key dimensions,” she said.
Tesla representatives did not immediately respond to questions. But after the index changes, Tesla CEO Elon Musk tweeted on Wednesday that “ESG is a scam. It has been weaponized by phony social justice warriors.”
The back-and-forth underscores a growing controversy about how to judge corporate ESG performance. Investors concerned about issues like diversity and climate change have poured money into funds using ESG criteria to pick stocks, prompting questions about how effectively the funds promote change or whether they have become too involved in setting policy. read more
S&P Dow Jones Indices is majority-owned by S&P Global Inc. (SPGI.N).
The removal Tesla was among a group of changes made to the S&P 500 ESG Index dating from April 22, according to an announcement. Among the additions to the index at the same time was Twitter Inc (TWTR.N), the social media platform Musk has under agreement to purchase.
Dorn and others did not immediately describe the reasons Twitter was added.
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Reporting by Ross Kerber; Editing by Aurora Ellis
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May 6 (Reuters) – Elon Musk and Twitter Inc (TWTR.N) were sued on Friday by a Florida pension fund seeking to stop Musk from completing his $44 billion takeover of the social media company before 2025.
In a proposed class action filed in Delaware Chancery Court, the Orlando Police Pension Fund said Delaware law forbade a quick merger because Musk had agreements with other big Twitter shareholders, including his financial adviser Morgan Stanley (MS.N) and Twitter founder Jack Dorsey, to support the buyout.
The fund said those agreements made Musk, who owns 9.6% of Twitter, the effective “owner” of more than 15% of the company’s shares. It said that required delaying the merger by three years unless two-thirds of shares not “owned” by him granted approval.
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Morgan Stanley owns about 8.8% of Twitter shares and Dorsey owns 2.4%.
Musk hopes to complete his $54.20 per share Twitter takeover this year, in one of the world’s largest leveraged buyouts.
He also runs electric car company Tesla Inc (TSLA.O), leads The Boring Co and SpaceX, and is the world’s richest person according to Forbes magazine.
Twitter and its board, including Dorsey and Chief Executive Parag Agrawal, were also named as defendants.
Twitter declined to comment. Lawyers for Musk and the Florida fund did not immediately respond to requests for comment.
The lawsuit also seeks to declare that Twitter directors breached their fiduciary duties, and recoup legal fees and costs. It did not make clear how shareholders believed they might be harmed if the merger closed on schedule.
On Thursday, Musk said he had raised around $7 billion, including from sovereign wealth funds and friends in Silicon Valley, to help fund a takeover. read more
Musk had no financing lined up when he announced plans to buy Twitter last month.
Some of the new investors appear to share interests with Musk, a self-described free speech absolutist who could change how the San Francisco-based company moderates content.
Florida’s state pension fund also invests in Twitter, and Governor Ron DeSantis said this week it could make a $15 million to $20 million profit if Musk completed his buyout.
In afternoon trading, Twitter shares were down 60 cents at $49.76.
The case is Orlando Police Pension Fund v Twitter Inc et al, Delaware Chancery Court, No. 2022-0396.
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Reporting by Jonathan Stempel in New York
Editing by Howard Goller and Mark Potter
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NEW YORK, April 25 (Reuters) – Elon Musk clinched a deal to buy Twitter Inc (TWTR.N) for $44 billion cash on Monday in a transaction that will shift control of the social media platform populated by millions of users and global leaders to the world’s richest person.
It is a seminal moment for the 16-year-old company that emerged as one of the world’s most influential public squares and now faces a string of challenges.
Discussions over the deal, which last week appeared uncertain, accelerated over the weekend after Musk wooed Twitter shareholders with financing details of his offer.
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Under pressure, Twitter started negotiating with Musk to buy the company at the proposed $54.20 per share price. read more
“Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated,” Musk said in a statement.
Twitter’s shares were up about 6% following the news.
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Reporting by Greg Roumeliotis in New York, additional reporting by Krystal Hu;
Editing by Mark Potter and Matthew Lewis
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April 20 (Reuters) – Elon Musk will not be subjected to a “gag order” preventing him from discussing a lawsuit claiming he defrauded Tesla Inc (TSLA.O) shareholders by tweeting in 2018 about taking his electric car company private, a federal judge ruled on Wednesday.
U.S. District Judge Edward Chen in San Francisco agreed with Musk and Tesla that the proposed temporary restraining order appeared overbroad because it prevented Musk from speaking to “anyone” about the case.
Chen also found no proof that letting Musk, the world’s richest person according to Forbes, talk publicly posed a “clear and present danger” or “serious and imminent threat” to a trial.
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But the judge also said he plans to tell jurors at the scheduled January 2023 trial he had already ruled that Musk’s tweets were false, and made with sufficient knowledge they were false.
Shareholders sued over losses resulting from volatility in Tesla’s shares after Musk tweeted on Aug. 7, 2018, that he had “funding secured” to potentially take Tesla private at $420 per share, and that “investor support is confirmed.”
Nicholas Porritt, a lawyer for the shareholders, in an email said he was pleased that jurors will be instructed that the tweets “were false and were made fraudulently by Elon Musk.” He said the primary remaining issue is the amount of damages owed.
Lawyers for Musk and Tesla did not immediately respond to requests for comment.
The April 15 request for a gag order came one day after Musk told the TED conference in Vancouver that he had lined up funding to privatize Tesla, but the U.S. Securities and Exchange Commission sued him for fraud anyway over his tweeting. read more
Musk and Tesla said the proposed gag order “evokes a level of censorship” that could not be reconciled with the U.S. Constitution’s guarantee of free speech.
They also said an order could block Musk from communicating with Tesla shareholders, discussing his proposal to buy Twitter Inc (TWTR.N), and trying to end his consent decree with the SEC, which requires Tesla lawyers to vet some of his tweets.
Musk has said he would never lie to shareholders. He has offered to buy Twitter for $54.20 per share.
The case is In re Tesla Inc Securities Litigation, U.S. District Court, Northern District of California, No. 18-04865.
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Reporting by Jonathan Stempel in New York; Additional reporting by Hyunjoo Jin in San Francisco; Editing by Will Dunham, Bernard Orr
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NEW YORK, April 12 (Reuters) – Elon Musk was sued on Tuesday by former Twitter Inc (TWTR.N) shareholders who claim they missed out on the recent run-up in its stock price because he waited too long to disclose a 9.2% stake in the social media company.
In a proposed class action filed in Manhattan federal court, the shareholders said Musk, the chief executive of electric car company Tesla Inc (TSLA.O), made “materially false and misleading statements and omissions” by failing to reveal he had invested in Twitter by March 24 as required under federal law.
Twitter shares rose 27% on April 4, to $49.97 from $39.31, after Musk disclosed his stake, which investors viewed as a vote of confidence from the world’s richest person in San Francisco-based Twitter.
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Former shareholders led by Marc Rasella said the delayed disclosure let Musk buy more Twitter shares at lower prices, while defrauding them into selling at “artificially deflated” prices.
The lawsuit seeks unspecified compensatory and punitive damages.
A lawyer for Musk had no immediate comment. Tesla is not a defendant.
Elon Musk attends the opening ceremony of the new Tesla Gigafactory for electric cars in Gruenheide, Germany, March 22, 2022. Patrick Pleul/Pool via REUTERS
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U.S. securities law requires investors to disclose within 10 days when they have acquired 5% of a company, which in Musk’s case would have been March 24. read more
Twitter announced on April 5 that Musk would join its board of directors, but this week said he had decided not to. read more
By not joining the board, Musk, a prolific Twitter user, can keep buying shares without being bound by his agreement with the company to limit his stake to 14.9%.
Some analysts have suggested Musk could push Twitter to make changes, or even pursue an unsolicited bid for the company.
Rasella said he sold 35 Twitter shares for $1,373, or an average price of $39.23, between March 25 and 29. Musk is worth $265.1 billion, according to Forbes magazine.
The case is Rasella v Musk, U.S. District Court, Southern District of New York, No. 22-03026.
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Reporting by Jonathan Stempel in New York; editing by Richard Pullin
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Follows SEC backing for vote after guidance change
Filed by retail activist platform Tulipshare
LONDON, April 7 (Reuters) – Amazon.com Inc. (AMZN.O), the world’s biggest retailer, will face a shareholder vote calling for an independent audit of its treatment of warehouse workers after the top U.S. securities regulator turned down the company’s request to skip the resolution.
The decision means Amazon investors will get to vote on the issue for the first time, proponents said, taking advantage of guidance from the U.S. Securities and Exchange Commission in November that made it more supportive of votes on significant social issues. read more
Founded by billionaire Jeff Bezos, Amazon has drawn increasing criticism in recent years for its treatment of workers, including claims of poor working conditions at its warehouses and its attempts to block workers unionising. read more
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With investors globally pushing companies to look after their workforce as part of an increased focus on social issues, London-based retail investor activist platform Tulipshare helped file a resolution seeking to shine a light on Amazon’s practices.
Specifically, the proposal – filed under the name of a Tulipshare investor, Thomas Dadashi Tazehozi – asked the company to commission an independent audit and report on working conditions at the company.
While Amazon asked the SEC to let them refuse to put the resolution to a vote, claiming the issue relates to ordinary business operations, an April 6 letter from the SEC disagreed.
“In our view, the Tazehozi Proposal transcends ordinary business matters,” said the letter seen by Reuters.
Amazon declined to comment on the SEC response when contacted by Reuters. An annual general meeting of shareholders is scheduled for May 25.
A separate shareholder resolution seeking an audit on workplace health and safety submitted to the company by investors including the Domini Impact Equity Fund was not backed by the regulator, though.
Noting that the second resolution was “substantially duplicative” of the first, the SEC said there was some basis for the company’s request that it be allowed to skip the vote, and it would not recommend enforcement action if Amazon were to do so.
Last week some 55% of workers who cast a ballot at a warehouse in the New York City borough of Staten Island voted to form the first U.S. union at Amazon.
In its objection filed with the National Labor Relations Board, Amazon on Thursday accused the union, called the Amazon Labor Union, of threatening to act against staff unless they voted for organising. An attorney for the union called the assertion “really absurd.” read more
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Reporting by Simon Jessop, additional reporting by Ross Kerber; Editing by Mark Porter
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Concerns center around Twitter’s ability to moderate content
Fear Musk’s views on moderation may allow trolling to flourish
Twitter management, employees make daily decisions -spokesperson
April 7 (Reuters) – News of Tesla (TSLA.O) Chief Executive Elon Musk taking a board seat at Twitter (TWTR.N) has some Twitter employees panicking over the future of the social media firm’s ability to moderate content, company insiders told Reuters.
Within hours of the surprise disclosure this week that Musk, a self-described “free speech absolutist,” acquired enough shares to become the top Twitter shareholder, political conservatives began flooding social media with calls for the return of Donald Trump. The former U.S. president was banned from Facebook and Twitter after the Jan 6. Capitol riot over concerns around incitement of violence.
“Now that @ElonMusk is Twitter’s largest shareholder, it’s time to lift the political censorship. Oh… and BRING BACK TRUMP!,” tweeted Republican Congresswoman Lauren Boebert on Monday.
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Despite Twitter’s reiteration this week that the board does not make policy decisions, four Twitter employees who spoke with Reuters said they were concerned about Musk’s ability to influence the company’s policies on abusive users and harmful content.
With Musk on the board, the employees said his views on moderation could weaken years-long efforts to make Twitter a place of healthy discourse, and might allow trolling and mob attacks to flourish.
In the wake of Trump’s ban from Facebook and Twitter, the billionaire tweeted that many people would be unhappy with U.S. tech companies acting “as the de facto arbiter of free speech.”
MUSK’S INTENTIONS
Musk has not articulated what he wants to do as a new board member but he has telegraphed his intentions with his Twitter activity. A week before Musk disclosed a 9.1% stake in Twitter, he polled his 80 million followers on whether the site adhered to the principle of free speech, and the majority voted ‘no.’
The employees, who asked not to be named for fear of retribution, point to Musk’s history of using Twitter to attack critics. In 2018, Musk came under fire for accusing a British diver who had helped rescue children trapped in a cave in Thailand of being a pedophile.
Musk won a defamation case brought by the diver in 2019.
When asked for comment, a Twitter spokesperson repeated a statement from Tuesday that the board “plays an important advisory and feedback role across the entirety of our service,” but daily operations and decisions are made by Twitter’s management and employees.
“Twitter is committed to impartiality in the development and enforcement of its policies and rules,” the spokesperson said.
Some employees that Reuters spoke to were not so sure about the company’s commitment to this.
“I find it hard to believe (the board) doesn’t have influence,” said one employee. “If that’s the case, why would Elon want a board seat?”
But other employees Reuters spoke to said that Musk’s involvement could help quicken the pace of new feature and product launches, and provide a fresh perspective as an active user of Twitter.
Neither Tesla nor Musk responded to requests for comment.
Twitter’s board figures prominently in discussions within Twitter, more so than at other tech companies, one employee said. That is because unlike Meta Platforms Inc, where founder and CEO Mark Zuckerberg controls the company through a dual class share structure, Twitter only has a single class of shares, making it more vulnerable to activists like Musk. Teams within Twitter often consider how to communicate a strategy or decision to the board, for instance, the employee said.
On Thursday, Musk tweeted an image from 2018 of him smoking weed on the Joe Rogan podcast on Spotify, with the text: “Twitter’s next board meeting is going to be lit.”
TRUMP’S RETURN?
One employee familiar with the company’s operations said there were no current plans to reinstate Trump. A Twitter spokesperson said there were no plans to reverse any policy decisions.
But a veteran auto analyst who covers Musk’s operating style at Tesla said such a decision may only be a matter of time.
“If Donald Trump was actually rich, he would have liked to have done the same thing but he couldn’t afford it. So Elon is doing what Trump would have liked to have done,” said Guidehouse Insights analyst Sam Abuelsamid.
“I wouldn’t be surprised” if Twitter restores Trump’s account now that Elon owns nearly 10% of the company,” he said.
Longer term, employees said Musk’s involvement may change Twitter’s corporate culture, which they say currently values inclusivity. Musk has faced widespread criticism for posting memes that mocked transgender people and efforts to stem the spread of COVID-19, and for comparing some world leaders to Hitler.
Several employees were alarmed by the warm welcome Musk received from Twitter CEO Parag Agrawal and cofounder Jack Dorsey, which prompted them to hit the job market this week.
“Some people are dusting off their resumes,” one person said. “I don’t want to work for somebody (like Musk).”
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Reporting by Sheila Dang in Dallas; additional reporting by Hyunjoo Jin in San Francisco; Editing by Kenneth Li, Aurora Ellis and Bernadette Baum
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April 4 (Reuters) – Tesla Inc (TSLA.O) boss Elon Musk on Monday disclosed a 9.2% stake in Twitter Inc (TWTR.N), worth nearly $3 billion, making him the micro-blogging site’s largest shareholder and triggering a rise of more than 27% in the company’s shares.
Musk’s move, revealed in a regulatory filing, comes on the heels of his tweet that he was giving “serious thought” to building a new social media platform, while questioning Twitter’s commitment to free speech.
He also started a poll asking Twitter users if they want an edit button, a long-awaited feature on which the social media platform has been working. It was followed by Chief Executive Parag Agrawal urging users to “vote carefully”.
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Within two hours of starting the poll, more than 1.1 million users voted, with over 75% of them backing an edit option.
Last week, in another poll, Musk had asked if Twitter alogrithm should be open source. More than 82% of the users said yes, while former CEO Jack Dorsey said, “the choice of which algorithm to use (or not) should be open to everyone.”
A prolific Twitter user, Musk has over 80 million followers since joining the site in 2009 and has used the platform to make several announcements, including teasing a go-private deal for Tesla that landed him in hot water with regulators.
Of late, however, the world’s richest person has been critical of the social media platform and its policies, and recently ran a Twitter poll asking users if they believed the platform adheres to the principle of free speech, to which over 70% voted “no.” read more
In December, Musk put out a meme that compared CEO Agrawal with Soviet dictator Joseph Stalin and showed Jack Dorsey as a his close associate who was later on executed.
Twitter’s latest quarterly results and lower-than-expected user additions have raised doubts about its growth prospects, even as it pursues big projects such as audio chat rooms and newsletters to end long-running stagnation.
“It does send a message to Twitter … having a meaningful stake in the company will keep them on their toes, because that passive stake could very quickly become an active stake,” said Thomas Hayes, managing member at Great Hill Capital LLC.
Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, U.S., June 13, 2019. REUTERS/Mike Blake
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Musk – who, according to Forbes, has a net worth of about $300 billion – has been reducing his stake in Tesla since November, when he said he would offload 10% of his holding in the electric-car maker. He has already sold $16.4 billion worth of shares since then.
A regulatory filing on Monday showed that Musk owns 73.5 million Twitter shares, which are held by the Elon Musk Revocable Trust, of which he is the sole trustee. Vanguard is Twitter’s second-biggest shareholder, with an 8.79% stake, according to Refinitiv data.
Twitter shares rose 27.1% on Monday to close at $49.97. The stock, which had fallen 38% in the past 12 months through Friday’s close, on Monday added as much as $8.38 billion to its market capitalization, which now stands at $39.3 billion.
BUYOUT?
“Musk’s actual investment is a very small percentage of his wealth and an all-out buyout should not be ruled out,” CFRA Research analyst Angelo Zino wrote in a client note.
The stake in Twitter is more likely to result in positive outcomes for shareholders than negative ones, said Ryan Jacob, chief executive officer of Jacob Asset Management, who said Twitter is one of the fund’s largest holdings.
“If (Musk) decides to take an active position and Twitter goes private, it will probably be at a higher price than it is now,” he said. “If it gets other companies interested (in acquiring Twitter), it’ll probably be at a higher price than right now.”
Musk has previously made early-stage investments in companies, including online payment processor Stripe Inc and artificial intelligence firm Vicarious.
He is also the founder and chief executive officer of SpaceX, and leads brain-chip startup Neuralink and infrastructure firm the Boring Company.
Twitter was the target of activist investor Elliott Management Corp in 2020, when the hedge fund argued the social networking company’s then-boss and co-founder, Jack Dorsey, was paying too little attention to Twitter while also running what was then called Square Inc (SQ.N).
Dorsey, who owns a stake of more than 2% in Twitter, stepped down as CEO and chairman in November last year, handing the reins to company veteran Parag Agrawal.
Meanwhile, Musk and Dorsey have found some common ground in dismissing the so-called Web3, a vague term for a utopian version of the internet that is decentralized. read more
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Reporting by Nivedita Balu, Eva Mathews, Akash Sriram, Praveen Paramasivam and Maria Ponnezhath in Bengaluru;
Additional reporting by Sheila Dang in Dallas and Hyun Joo Jin in San Francisco;
Editing by Anil D’Silva, Matthew Lewis, Rashmi Aich and Arun Koyyur
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March 30 (Reuters) – Intel Corp (INTC.O) Chief Executive Officer Pat Gelsinger earned 1,711 times as much as the average worker at the U.S. chipmaker in just 11 months since he joined in February last year, a regulatory filing showed on Wednesday.
Compared to Gelsinger, former CEO Bob Swan had earned 217 times more than the average Intel employee in 2020.
Gelsinger earned $178.6 million in 2021 with stock awards making up nearly 79% of his total compensation, which was about 698% higher than Swan’s 2020 pay.
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Executive pay has been rising in the United States. Apple Inc (AAPL.O) CEO Tim Cook earned 1,447 times the average employee’s salary at the tech giant in 2021. Shareholders of Apple approved the pay package despite proxy advisory firm Institutional Shareholder Services pushing against it.
Intel has asked shareholders to vote in favor of its executives’ compensation at the annual stockholder’s meeting on May 12. It did not immediately respond to a Reuters request for comment.
After Gelsinger took the reins at Intel, once a world leader in chip-making technology, he unveiled a turnaround strategy for the company to regain its dominance in the semiconductor industry, currently led by Taiwan’s Taiwan Semiconductor Manufacturing Co (2330.TW).
Intel’s shares rose 6.8% last year after declining about 17% the year before as the company faced a manufacturing crisis and struggled with competition. The shares were up 0.3% at $52.41 on Wednesday.
Earlier this month, Intel laid out the first details of a $88 billion investment plan spanning across six European Union countries including a massive investment in Germany. read more
Gelsinger was CEO of VMWare Inc (VMW.N) before he returned to Intel as its top boss. He had spent 30 years at Intel before leaving.
His compensation included one-time new-hire equity awards with a target value of about $110 million, according to the filing.
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Reporting by Chavi Mehta in Bengaluru; Editing by Shinjini Ganguli
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