HACKERS STEAL $6.3 BILLION FROM BINANCE IN RECORD CRYPTO HEIST. (PHOTO).

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 Hackers steal $6.3 billion from Binance in record Crypto Heist Hackers have stolen $6.3 billion from Binance, the world’s largest cryptocurrency exchange, in the biggest crypto heist in human history. “This was a complex attack, and we are doing all we can in coordination with law enforcement to resolve it,” Binance said in a post about the breach, which has shaken the cryptocurrency market. The cryptocurrency exchange said on Friday that deposits were unaffected and that it was working with partners to freeze some of the affected assets, with about $3 billion located so far. Withdrawals have been suspended for the next day. Binance did not mention the status of the remaining $3.3 billion, but said it will cover all losses. The cryptocurrency exchange said on Friday that deposits were unaffected and that it was working with partners to freeze some of the affected assets, with about $3 billion located so far. Withdrawals have been suspended for the next day. Binance did not mention...
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TESLA CEO ELON MUSK WINS $55 BILLION COMPENSATION PACKAGE IN DELAWARE COURT RULING. (PHOTO).

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 Tesla CEO Elon Musk wins $55 billion compensation package in Delaware court ruling

Elon Musk, already the world’s richest person, secured a massive financial victory Friday when the Delaware Supreme Court overturned a prior ruling that had stripped him of a $55 billion pay package awarded by Tesla in 2018 as an incentive to grow the company.

The reversal not only adds to Musk’s current fortune of $679 billion but also validates his long-standing assertion that the Delaware court overstepped its authority when Chancellor Kathaleen St. Jude McCormick rescinded the package in January 2024 following a lawsuit from a Tesla shareholder. Tesla did not immediately comment.

The 2024 ruling had angered Musk enough to prompt him to reincorporate Tesla in Texas, creating pressure on the board to reassure their CEO. Shareholders later voted to reinstate the pay package, which had been valued at $44.9 billion during the second vote 18 months ago.

Musk’s compensation story continued this year with a new pay package that could reach $1 trillion if he boosts Tesla’s market value from $1.6 trillion to $8.5 trillion over the next decade, a plan shareholders approved last month.

When the 2018 package was first created, Tesla’s market value was between $50 billion and $75 billion, and the company was still grappling with production challenges and cash flow concerns. Over time, improved manufacturing and strong sales helped Tesla meet the performance targets tied to Musk’s payout.

McCormick had originally ruled the package was improperly structured, citing a board too closely aligned with Musk, including evidence from his 2022 testimony. The Delaware Supreme Court, in a 49-page decision, found multiple errors in that ruling, restored the 2018 compensation package, and awarded Tesla $1 in nominal damages.


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